Ligand Pharmaceuticals Incorporated (LGND)

Ligand Pharmaceuticals Financials Overview

Financials in millions USD. Fiscal year is January - December.

Revenue & Profits

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue Revenue Growth	290.54	268.09	167.13	131.31	196.25	241.54
Revenue Growth	54.89%	60.40%	27.28%	-33.09%	-18.75%	47.68%
Gross Profit Gross Profit Growth	235.92	172.36	134.63	96.27	107.34	147.26
Operating Income Operating Income Growth	100.1	47.2	23.02	9.82	3.04	66.25
Net Income Net Income Growth	197.22	124.45	-4.03	52.15	-33.36	57.14
Earnings Per Share EPS Growth	9.19	6.13	-0.22	2.94	-1.98	3.32
EPS Growth	-	-	-	-	-	-

Revenue by Segment

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue from Intangible Royalty Assets Revenue from Intangible Royalty Assets Growth	151.16	132.53	95.33	83.91	72.53	48.93
Income from Financial Royalty Assets Income from Financial Royalty Assets Growth	36.95	28.47	13.44	1.05	0.39	-
Captisol Captisol Growth	35.1	40.21	30.88	28.37	104.5	164.25
Contract Revenue and Income Contract Revenue and Income Growth	67.34	66.87	27.48	17.98	18.84	-
Revenue (Total) Revenue (Total) Growth	290.54	268.09	167.13	131.31	196.25	241.54

Cash & Debt

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Investments Cash & Investments Growth	1,358	733.52	256.17	170.31	211.87	341.11
Total Debt Total Debt Growth	1,131	451.54	7.15	6.18	87.75	324.44
Net Cash (Debt) Net Cash Growth	226.31	281.98	249.01	164.13	124.12	16.66
Net Cash Growth	-5.42%	13.24%	51.72%	32.23%	644.83%	-
Net Cash Per Share Net Cash Per Share Growth	10.56	13.89	13.61	9.24	7.36	0.97

Cash Flow & CapEx

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Cash Flow Operating Cash Flow Growth	131.71	49.36	97.05	49.58	137.85	78.8
Capital Expenditures CapEx Growth	-0.28	-0.45	-1.82	-3.52	-12.35	-8.76
Free Cash Flow Free Cash Flow Growth	131.44	48.91	95.23	46.06	125.5	70.04
Free Cash Flow Growth	145.13%	-48.64%	106.76%	-63.30%	79.19%	39.72%

Margins

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Gross Margin	81.20%	64.29%	80.55%	73.31%	54.70%	60.97%
Operating Margin	34.45%	17.61%	13.77%	7.48%	1.55%	27.43%
Pretax Margin	81.90%	59.29%	1.51%	48.48%	18.35%	29.89%
Profit Margin	67.88%	46.42%	-2.41%	39.72%	-17.00%	23.66%
FCF Margin	45.24%	18.24%	56.98%	35.07%	63.95%	29.00%

Valuation

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 20, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PE Ratio	30.84	29.90	-	23.88	-	45.18
Forward PE	41.13	35.20	53.58	35.07	298.37	298.37
P/FCF Ratio	43.00	76.09	21.26	27.04	8.99	36.86
PS Ratio	19.45	13.88	12.11	9.48	5.75	10.69

Data Sources: S&P Global Market Intelligence and Fiscal.ai Last updated: Aug 7, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company. Revenue segment data is provided by Fiscal.ai.

Update frequency:

Quarterly

Last checked:

Sep 20, 2026

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