For the twelve months ended Sep 30, 2026, Ligand Pharmaceuticals Incorporated reported $253.83M of revenue and $51.46M of net income.
LGND revenue was $78.75M in fiscal Q3 2026 (ended Sep 30, 2026), down 31.8% from a year earlier and up 23.6% from the prior quarter. For the full fiscal 2025 it was $268.09M, up 60.4% from fiscal 2024. Compound annual growth was +10.4% over 5 years and +14.1% over 10 years. It rose in 7 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.
LGND net income was -$28.48M in fiscal Q3 2026 (ended Sep 30, 2026), compared with $117.27M a year earlier. For the full fiscal 2025 it was $124.45M, compared with -$4.03M in fiscal 2024. Compound annual growth was -5.9% over 10 years.
LGND diluted EPS was -$1.43 in fiscal Q3 2026 (ended Sep 30, 2026), compared with $5.68 a year earlier. For the full fiscal 2025 it was $6.13, compared with -$0.22 in fiscal 2024. Compound annual growth was -5.5% over 10 years.
LGND free cash flow was -$27.73M in fiscal Q3 2026 (ended Sep 30, 2026), compared with $13.07M a year earlier. For the full fiscal 2025 it was $48.91M, down 48.6% from fiscal 2024. Compound annual growth was -0.5% over 5 years and +1.6% over 10 years. It rose in 3 of the last 5 fiscal years.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $268.09M | $167.13M | $131.31M | $196.25M | $241.54M | $163.56M | $120.28M | $251.45M | $141.10M | $108.97M |
| Cost of revenue | - | - | - | - | - | - | - | $6.34M | $5.37M | $5.57M |
| Gross profit | - | - | - | - | - | - | - | $245.12M | $135.74M | $103.40M |
| Research and development | $81.18M | $21.43M | $24.54M | $36.08M | $32.10M | $40.50M | $55.91M | $27.86M | $26.89M | $21.22M |
| Selling, general and admin | $92.45M | $78.65M | $52.79M | $70.06M | $46.79M | $60.01M | $41.88M | $37.73M | $28.65M | $27.65M |
| Operating income | $41.00M | -$22.61M | $11.94M | $3.04M | $103.85M | $37.50M | $807.08M | $163.73M | $68.08M | $43.88M |
| Interest expense | $4.71M | $3.04M | $656.0K | $1.80M | $19.62M | $27.41M | $35.74M | $48.28M | $13.46M | $12.84M |
| Pre-tax income | $158.96M | $2.52M | $63.66M | $36.01M | $72.20M | $1.29M | $796.64M | $173.33M | $57.23M | $7.96M |
| Income tax | $34.51M | $6.55M | $9.84M | $41.23M | -$4.15M | -$5.31M | $167.34M | $30.01M | $44.67M | $10.33M |
| Net income | $124.45M | -$4.03M | $52.15M | -$33.36M | $57.14M | -$2.98M | $629.30M | $143.32M | $12.56M | -$1.64M |
| EPS, basic | $6.44 | -$0.22 | $3.02 | -$1.98 | $3.44 | -$0.18 | $33.13 | $6.77 | $0.60 | -$0.08 |
| EPS, diluted | $6.13 | -$0.22 | $2.94 | -$1.98 | $3.31 | -$0.18 | $31.85 | $5.96 | $0.53 | -$0.08 |
| Diluted shares | 20.3M | 18.3M | 17.8M | 16.9M | 17.2M | 16.8M | 19.8M | 24.1M | 23.5M | 20.8M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $174.93M | $72.31M | $22.95M | $45.01M | $19.52M | $47.96M | $72.27M | $119.78M | $20.62M | $18.75M |
| Short-term investments | $558.59M | $183.86M | $147.35M | $166.86M | $321.59M | $363.57M | $998.32M | $601.22M | $181.04M | $122.30M |
| Receivables | $59.60M | $38.38M | $32.92M | $30.42M | $85.45M | $56.85M | $30.39M | $55.85M | $25.60M | $14.70M |
| Inventory | $9.13M | $14.11M | $23.97M | $13.29M | $27.33M | $26.49M | $7.30M | $7.12M | $4.37M | $1.92M |
| Current assets | $832.27M | $331.56M | $237.43M | $263.60M | $464.75M | $500.56M | $1.12B | $870.54M | $237.02M | $163.05M |
| Goodwill | $101.54M | $105.25M | $103.37M | $0 | $105.67M | $189.66M | $95.23M | $86.65M | $85.96M | $72.21M |
| Total assets | $1.56B | $941.77M | $787.22M | $762.67M | $1.30B | $1.36B | $1.49B | $1.26B | $671.02M | $601.59M |
| Current liabilities | $37.45M | $37.11M | $16.78M | $98.81M | $41.66M | $100.11M | $17.00M | $82.25M | $238.87M | $227.13M |
| Total liabilities | $543.42M | $111.33M | $86.30M | $165.18M | $476.43M | $652.76M | $727.68M | $699.89M | $252.37M | $230.73M |
| Shareholders' equity | $1.02B | $830.44M | $700.91M | $597.49M | $821.16M | $709.52M | $767.23M | $560.91M | $399.79M | $341.29M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $49.36M | $97.05M | $49.58M | $137.85M | $78.80M | $54.59M | -$29.34M | $194.06M | $88.57M | $60.73M |
| Capital expenditures | $452.0K | $1.82M | $3.52M | $17.92M | $8.76M | $4.46M | $2.55M | $887.0K | $2.16M | $1.85M |
| Free cash flow | $48.91M | $95.23M | $46.06M | $119.93M | $70.04M | $50.13M | -$31.89M | $193.17M | $86.41M | $58.88M |
| Investing cash flow | -$377.32M | -$143.66M | -$11.68M | $163.62M | $30.52M | $231.65M | $466.92M | -$423.27M | -$79.18M | -$134.41M |
| Financing cash flow | $428.22M | $97.14M | -$59.95M | -$275.99M | -$137.76M | -$310.55M | -$485.17M | $328.58M | -$7.52M | -$4.99M |
| Share repurchases | $15.00M | $0 | $0 | $0 | $0 | $78.00M | $453.05M | $122.87M | $1.97M | $3.90M |
| Stock-based compensation | $46.85M | $41.09M | $25.74M | $60.28M | $38.78M | $30.73M | $24.52M | $20.85M | $24.91M | $18.89M |
| Depreciation and amortization | $33.77M | $35.24M | $36.52M | $51.53M | $51.07M | $25.69M | $18.36M | $12.78M | $10.96M | $11.29M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 60.4% | 27.3% | -33.1% | -18.8% | 47.7% | 36.0% | -52.2% | 78.2% | 29.5% | 51.5% |
| Net income growth, YoY | - | - | - | - | - | - | 339.1% | 1041.5% | - | - |
| EPS growth, YoY | - | - | - | - | - | - | 434.4% | 1024.5% | - | - |
| Gross margin | - | - | - | - | - | - | - | 97.5% | 96.2% | 94.9% |
| Operating margin | 15.3% | -13.5% | 9.1% | 1.5% | 43.0% | 22.9% | 671.0% | 65.1% | 48.2% | 40.3% |
| Net margin | 46.4% | -2.4% | 39.7% | -17.0% | 23.7% | -1.8% | 523.2% | 57.0% | 8.9% | -1.5% |
| Free cash flow margin | 18.2% | 57.0% | 35.1% | 61.1% | 29.0% | 30.6% | -26.5% | 76.8% | 61.2% | 54.0% |
| Return on equity | 12.2% | -0.5% | 7.4% | -5.6% | 7.0% | -0.4% | 82.0% | 25.6% | 3.1% | -0.5% |
| Return on assets | 8.0% | -0.4% | 6.6% | -4.4% | 4.4% | -0.2% | 42.1% | 11.4% | 1.9% | -0.3% |
| Current ratio | 22.23 | 8.93 | 14.15 | 2.67 | 11.15 | 5.00 | 66.09 | 10.58 | 0.99 | 0.72 |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $78.75M | $63.69M | $51.72M | $59.67M | $115.46M | $47.63M | $45.33M | $42.81M | $51.81M | $41.53M | $30.98M | $28.10M |
| Research and development | $2.77M | $14.67M | $2.15M | $3.51M | $21.02M | $6.57M | $50.09M | $4.42M | $5.67M | $5.35M | $5.97M | $5.49M |
| Selling, general and admin | $72.62M | $29.12M | $20.84M | $25.03M | $28.45M | $20.18M | $18.80M | $25.61M | $24.48M | $17.62M | $10.95M | $15.99M |
| Operating income | -$15.76M | $8.59M | $17.37M | $15.32M | $55.39M | $8.44M | -$36.22M | -$9.64M | $3.14M | -$19.10M | $2.99M | -$3.36M |
| Interest expense | $2.90M | $1.75M | $1.75M | $1.78M | $910.0K | $1.15M | $867.0K | $883.0K | $741.0K | $1.27M | $141.0K | $131.0K |
| Pre-tax income | -$44.09M | $64.30M | -$24.26M | $56.78M | $141.14M | $11.22M | -$50.18M | -$39.20M | -$6.34M | -$65.39M | $113.45M | $17.10M |
| Income tax | -$15.61M | $15.80M | -$10.91M | $12.00M | $23.86M | $6.38M | -$7.73M | -$8.11M | $833.0K | -$13.48M | $27.31M | -$1.09M |
| Net income | -$28.48M | $48.51M | -$13.35M | $44.78M | $117.27M | $4.85M | -$42.45M | -$31.09M | -$7.17M | -$51.91M | $86.14M | $18.19M |
| EPS, basic | -$1.43 | $2.42 | -$0.67 | $2.41 | $5.99 | $0.25 | -$2.21 | -$1.81 | -$0.39 | -$2.88 | $4.86 | $1.02 |
| EPS, diluted | -$1.43 | $2.22 | -$0.67 | $2.42 | $5.68 | $0.24 | -$2.21 | -$1.70 | -$0.39 | -$2.88 | $4.75 | $1.07 |
| Diluted shares | 20.0M | 21.8M | 19.9M | - | 20.6M | 19.9M | 19.2M | - | 18.4M | 18.0M | 18.1M | - |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $55.96M | $1.01B | $115.08M | $174.93M | $139.38M | $67.67M | $47.99M | $72.31M | $63.62M | $18.14M | $50.09M | $22.95M |
| Short-term investments | $391.44M | $351.06M | $664.33M | $558.59M | $525.15M | $177.35M | $160.91M | $183.86M | $156.02M | $208.79M | $260.50M | $147.35M |
| Receivables | $83.22M | $67.01M | $53.38M | $59.60M | $57.56M | $41.29M | $38.49M | $38.38M | $34.32M | $37.48M | $28.43M | $32.92M |
| Inventory | $14.51M | $10.26M | $13.27M | $9.13M | $11.90M | $15.49M | $14.61M | $14.11M | $16.74M | $18.67M | $21.34M | $23.97M |
| Current assets | $608.23M | $1.46B | $865.41M | $832.27M | $753.92M | $352.94M | $309.32M | $331.56M | $309.39M | $312.26M | $368.91M | $237.43M |
| Goodwill | $207.86M | $101.54M | $101.54M | $101.54M | $101.54M | $101.54M | $101.54M | $105.25M | $105.25M | $105.25M | $105.25M | $103.37M |
| Total assets | $2.24B | $2.19B | $1.53B | $1.56B | $1.48B | $948.60M | $905.43M | $941.77M | $954.87M | $866.40M | $913.87M | $787.22M |
| Current liabilities | $500.57M | $46.74M | $40.67M | $37.45M | $30.54M | $64.73M | $58.68M | $37.11M | $24.77M | $18.57M | $17.82M | $16.78M |
| Short-term debt | $448.31M | - | - | - | - | - | - | - | - | - | - | - |
| Long-term debt | $679.91M | - | - | - | - | - | - | - | - | - | - | - |
| Total debt | $1.13B | $1.13B | - | - | - | - | - | - | - | - | - | - |
| Total liabilities | $1.28B | $1.22B | $534.78M | $543.42M | $526.60M | $120.08M | $109.90M | $111.33M | $113.69M | $91.21M | $107.35M | $86.30M |
| Shareholders' equity | $961.76M | $967.52M | $997.32M | $1.02B | $950.17M | $827.31M | $795.59M | $830.44M | $841.18M | $775.20M | $806.52M | $700.91M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$27.59M | $24.02M | $48.69M | $45.91M | $13.09M | $15.80M | -$25.45M | $28.47M | $36.53M | $13.31M | $18.73M | $8.06M |
| Capital expenditures | $142.0K | $26.0K | $228.0K | $9.0K | $15.0K | $214.0K | $214.0K | $712.0K | $596.0K | $408.0K | $105.0K | $417.0K |
| Free cash flow | -$27.73M | $23.99M | $48.46M | $45.91M | $13.07M | $15.59M | -$25.66M | $27.76M | $35.93M | $12.91M | $18.63M | $7.65M |
| Investing cash flow | -$877.99M | $321.12M | -$94.35M | -$18.10M | -$353.44M | -$10.67M | $4.89M | -$38.62M | -$46.51M | -$54.76M | -$3.77M | -$10.28M |
| Financing cash flow | $4.06M | $546.43M | -$14.13M | $8.33M | $409.64M | $14.99M | -$4.75M | $20.39M | $55.08M | $9.49M | $12.18M | $5.32M |
| Share repurchases | $0 | - | - | $0 | $15.00M | - | - | $0 | - | - | - | - |
| Stock-based compensation | $18.18M | $13.65M | $10.60M | $14.27M | $14.75M | $10.00M | $7.84M | $7.52M | $15.17M | $11.06M | $7.33M | $5.72M |
| Depreciation and amortization | $10.32M | $8.21M | $8.22M | $8.21M | $8.27M | $8.52M | $8.77M | $8.63M | $8.99M | $8.85M | $8.77M | $8.92M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | -31.8% | 33.7% | 14.1% | 39.4% | 122.8% | 14.7% | 46.3% | 52.4% | 57.6% | 57.5% | -29.6% | -44.2% |
| Net income growth, YoY | - | 900.8% | - | - | - | - | - | - | - | - | 105.3% | - |
| EPS growth, YoY | - | 825.0% | - | - | - | - | - | - | - | - | 103.9% | - |
| Operating margin | -20.0% | 13.5% | 33.6% | 25.7% | 48.0% | 17.7% | -79.9% | -22.5% | 6.1% | -46.0% | 9.6% | -11.9% |
| Net margin | -36.2% | 76.2% | -25.8% | 75.1% | 101.6% | 10.2% | -93.6% | -72.6% | -13.8% | -125.0% | 278.1% | 64.7% |
| Free cash flow margin | -35.2% | 37.7% | 93.7% | 76.9% | 11.3% | 32.7% | -56.6% | 64.8% | 69.4% | 31.1% | 60.1% | 27.2% |
| Current ratio | 1.22 | 31.18 | 21.28 | 22.23 | 24.69 | 5.45 | 5.27 | 8.93 | 12.49 | 16.82 | 20.70 | 14.15 |
| Debt to equity | 1.17 | 1.16 | - | - | - | - | - | - | - | - | - | - |
Source: XBRL data Ligand Pharmaceuticals Incorporated files with the SEC, latest filing dated Oct 30, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| LGND | $253.83M | +1.0% | $51.46M | 20.3% | $6.12B |
| LLY | $86.46B | +45.5% | $27.58B | 31.9% | $1.27T |
| JNJ | $99.33B | +7.8% | $16.09B | 16.2% | $664.95B |
| ABBV | $66.01B | +10.7% | $10.34B | 15.7% | $514.92B |
| MRK | $67.38B | +4.9% | $2.45B | 3.6% | $361.71B |
| NVS | $54.53B | +8.4% | $13.98B | 25.6% | $310.17B |
| AZN | $58.74B | +8.6% | $10.22B | 17.4% | $289.10B |
| ABT | $48.23B | +10.0% | $4.70B | 9.7% | $190.39B |
| NVO | DKK 309.06B | +6.4% | DKK 102.43B | 33.1% | $178.51B |