LGND

MKT CAP:$5B

Ligand Pharmaceuticals Incorporated

Market Cap

$5B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$228.48+$38.37 (+20.18%)

Apr 23, 2026

Company Details

Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, focuses on developing or acquiring technologies that help pharmaceutical companies to discover and develop medicines worldwide. Its commercial programs include Kyprolis and E...

CEO

Todd C. Davis

IPO Date

Nov 18, 1992

Website

www.ligand.com

Key Metrics TTM

Revenue

$268M

+60.4% YoY

Net Income

$124M

EPS (Diluted)

$5.83

Free Cash Flow

$49M

Revenue / Share

$12.68

Gross Margin

97.5%

Operating Margin

17.6%

Net Margin

46.4%

FCF Margin

18.2%

P/S

17.0x

P/E

36.7x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 27, 2026

$268M+60.4%EPS $6.13

Q4 2025

Feb 27, 2026

$60M+39.4%EPS $2.12

Q3 2025

Nov 7, 2025

$115M+122.8%EPS $5.68

Q2 2025

Aug 8, 2025

$48M+14.7%EPS $0.24

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$70M	$58M	$11M
Q1 21	$55M	$47M	$5M
Q2 21	$85M	$54M	$46M
Q3 21	$65M	$53M	$16M
Q3 22	$59M	$45M	$12M
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

Valuation

Quarter	P/S	P/E
Q4 20	24.5x	—
Q1 21	21.9x	116.4x
Q2 21	18.2x	95.4x
Q3 21	16.6x	66.9x
Q3 22	17.3x	72.6x
Q2 23	19.4x	96.9x
Q3 23	24.9x	743.4x
Q4 23	31.2x	430.6x
Q1 24	38.6x	47.4x
Q2 24	34.2x	108.4x
Q3 24	30.0x	101.0x
Q4 24	27.3x	—
Q1 25	25.2x	—
Q2 25	24.4x	—
Q3 25	18.2x	94.0x
Q4 25	17.0x	36.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	$537.0K	-$4M
Q1 21	$11M	$7M
Q2 21	$20M	$16M
Q3 21	$20M	$18M
Q3 22	$20M	$15M
Q2 23	-$82.0K	-$285.0K
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

Quarter	CapEx
Q4 20	$4M
Q1 21	$3M
Q2 21	$5M
Q3 21	$2M
Q3 22	$5M
Q2 23	$203.0K
Q3 23	$487.0K
Q4 23	$417.0K
Q1 24	$105.0K
Q2 24	$2M
Q3 24	$14M
Q4 24	$712.0K
Q1 25	$214.0K
Q2 25	$214.0K
Q3 25	$15.0K
Q4 25	$9.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	+159.2%	+58.1%
Q1 21	+66.3%	+71.7%
Q2 21	+104.4%	+13.4%
Q3 21	+54.9%	+28.9%
Q3 22	-15.4%	-20.2%
Q2 23	-52.2%	-43.8%
Q3 23	-61.2%	-23.5%
Q4 23	-56.7%	-36.0%
Q1 24	-47.7%	-40.3%
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
Q4 20	$10M	14.3%
Q1 21	$8M	15.2%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q3 22	$13M	21.3%
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
Q4 20	$22M	$30M
Q1 21	$18M	$13M
Q2 21	$16M	$15M
Q3 21	$17M	$13M
Q3 22	$9M	$15M
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 22	$15M	$189M	$204M
Q2 22	$5M	$143M	$148M
Q3 22	$4M	$117M	$121M
Q4 22	$45M	$167M	$212M
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

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	17M	+3.7%	-3.2%
Q1 21	17M	+3.4%	+4.3%
Q2 21	17M	-0.4%	+2.9%
Q3 21	17M	-0.2%	+6.6%
Q3 22	17M	-0.1%	+2.7%
Q2 23	18M	+3.5%	+2.8%
Q3 23	17M	-2.0%	+1.2%
Q4 23	18M	+1.7%	+3.1%
Q1 24	18M	+2.5%	+5.8%
Q2 24	18M	-0.5%	+1.7%
Q3 24	18M	+2.2%	+6.0%
Q4 24	19M	+3.0%	+7.3%
Q1 25	19M	+1.1%	+5.9%
Q2 25	20M	+3.8%	+10.5%
Q3 25	20M	+1.2%	+9.5%
Q4 25	21M	+4.8%	+11.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$451.5K	155
Q1 21	$355.8K	155
Q2 21	$546.3K	155
Q3 21	$418.3K	155
Q3 22	$384.6K	154
Q2 23	$346.9K	76
Q3 23	$432.5K	76
Q4 23	$484.5K	58
Q1 24	$534.1K	58
Q2 24	$716.1K	58
Q3 24	$893.3K	58
Q4 24	$629.6K	68
Q1 25	$666.7K	68
Q2 25	$700.4K	68
Q3 25	$2M	68
Q4 25	$1M	47

Revenue / Employee