LGND (Ligand Pharmaceuticals Incorporated) Stock Financials & Earnings | Market Cap Arena

LGND (Ligand Pharmaceuticals Incorporated) Stock Financials & Earnings | Market Cap Arena

LGNDLigand Pharmaceuticals Incorporated

Mkt Cap$4B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Revenue (TTM)$268M

Net Income (TTM)$124M

EPS (TTM)$5.83

Free Cash Flow (TTM)$49M

Gross Margin97.5%

Op. Margin17.6%

Net Margin46.4%

FCF Margin18.2%

P/S Ratio (TTM)15.9x

P/E Ratio (TTM)34.2x

YoY Rev Growth+60.4%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$44M	$40M	$14M
Q2 23	$26M	$25M	-$2M
Q3 23	$33M	$29M	$3M
Q4 23	$28M	$26M	-$3M
Q1 24	$31M	$20M	$3M
Q2 24	$42M	$57M	-$19M
Q3 24	$52M	$39M	$3M
Q4 24	$43M	$40M	-$10M
Q1 25	$45M	$40M	-$36M
Q2 25	$48M	$45M	$8M
Q3 25	$115M	$91M	$55M
Q4 25	$60M	$86M	$20M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	23.6x	177.5x
Q2 23	27.2x	156.7x
Q3 23	32.7x	258.2x
Q4 23	32.4x	81.6x
Q1 24	36.0x	44.2x
Q2 24	31.9x	101.0x
Q3 24	27.9x	94.1x
Q4 24	25.5x	—
Q1 25	23.5x	—
Q2 25	22.7x	—
Q3 25	16.9x	87.6x
Q4 25	15.9x	34.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$34M	$32M
Q2 23	-$82K	-$285K
Q3 23	$8M	$7M
Q4 23	$7M	$7M
Q1 24	$19M	$19M
Q2 24	$13M	$11M
Q3 24	$37M	$22M
Q4 24	$28M	$28M
Q1 25	-$26M	-$26M
Q2 25	$16M	$16M
Q3 25	$13M	$13M
Q4 25	$46M	$46M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$2M
Q2 23	$203K
Q3 23	$487K
Q4 23	$417K
Q1 24	$105K
Q2 24	$2M
Q3 24	$14M
Q4 24	$712K
Q1 25	$214K
Q2 25	$214K
Q3 25	$15K
Q4 25	$9K

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+20.4%	-13.4%
Q2 23	-47.4%	-31.6%
Q3 23	-44.5%	-36.5%
Q4 23	+3.9%	+111.6%
Q1 24	-29.6%	-6.0%
Q2 24	+57.5%	+113.9%
Q3 24	+57.6%	+63.4%
Q4 24	+52.4%	+66.7%
Q1 25	+46.3%	+191.4%
Q2 25	+14.7%	-35.4%
Q3 25	+122.8%	+24.4%
Q4 25	+39.4%	-24.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$0	0.0%
Q2 23	$7M	27.3%
Q3 23	$7M	20.9%
Q4 23	$0	0.0%
Q1 24	$7M	23.7%
Q2 24	$11M	26.6%
Q3 24	$26M	50.6%
Q4 24	$8M	17.6%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$15M	12.8%
Q4 25	$14M	23.9%

OpEx Breakdown

Quarter	R&D	G&A
Q1 23	$7M	$11M
Q2 23	$7M	$11M
Q3 23	$6M	$15M
Q4 23	$5M	$16M
Q1 24	$6M	$11M
Q2 24	$5M	$18M
Q3 24	$6M	$24M
Q4 24	$4M	$26M
Q1 25	$50M	$19M
Q2 25	$7M	$20M
Q3 25	$21M	$28M
Q4 25	$4M	$25M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$283M	$0	$283M
Q2 23	$28M	$191M	$219M
Q3 23	$19M	$171M	$191M
Q4 23	$23M	$147M	$170M
Q1 24	$50M	$261M	$311M
Q2 24	$18M	$209M	$227M
Q3 24	$64M	$156M	$220M
Q4 24	$72M	$184M	$256M
Q1 25	$48M	$161M	$209M
Q2 25	$68M	$188M	$255M
Q3 25	$139M	$525M	$665M
Q4 25	$175M	$559M	$734M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	18M	+6.4%
Q2 23	18M	-1.4%
Q3 23	17M	-2.0%
Q4 23	18M	+1.7%
Q1 24	18M	+2.5%
Q2 24	18M	-0.5%
Q3 24	18M	+2.2%
Q4 24	19M	+3.0%
Q1 25	19M	+1.1%
Q2 25	20M	+3.8%
Q3 25	20M	+1.2%
Q4 25	21M	+4.8%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$3M	19
FY 15	$3M	21
FY 16	$5M	22
FY 17	$4M	39
FY 18	$2M	116
FY 19	$1M	115
FY 20	$1M	155
FY 21	$2M	154
FY 22	$3M	76
FY 23	$2M	58
FY 24	$2M	68
FY 25	$6M	47