Ligand Pharmaceuticals Incorporated logo

Ligand Pharmaceuticals Incorporated

LGND

NASDAQHealthcareBiotechnology

Latest quote

$280.18

−$6.11 · -2.13%

Aug 24, 4:00 PM ET

After-hours

$280.18

$0.00 · 0.00%

Aug 24, 7:30 PM ET

LGND company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Buy

Favorable setup — positive multi-factor alignment

Valuation

74

Undervalued

Momentum

65

Gaining

Sentiment

57

Mixed

Risk resilience

73

Moderate Risk

Full GoAI research

Thesis, catalysts, evidence, and risk analysis.

View full GoAI research

AI-generated, informational only, and not investment advice.

Company profile

Company website

Ligand Pharmaceuticals Incorporated operates as a biopharmaceutical entity, primarily engaged in sourcing and advancing technologies to empower pharmaceutical companies globally in their efforts to discover and develop novel therapeutic solutions. Its diverse portfolio of commercialized products addresses a wide range of medical conditions. For hematologic malignancies, these include Kyprolis and Evomela, both targeting multiple myeloma, as well as Rylaze, a treatment for acute lymphoblastic leukemia and lymphoblastic lymphoma in both adult and pediatric patients. In the realm of infectious diseases, Ligand offers Veklury for moderate to severe COVID-19, Vaxneuvance for preventing invasive Streptococcus pneumoniae disease, and Pneumosil, a pneumococcal conjugate vaccine designed to protect children from pneumonia. Bone health solutions comprise Teriparatide injection for osteoporosis and Duavee for postmenopausal osteoporosis. Other key offerings include Zulresso, a Captisol-enabled formulation of brexanolone for postpartum depression; Nexterone, a Captisol-enabled amiodarone; and Noxafil-IV, a Captisol-enabled posaconazole for intravenous administration. The company’s comprehensive product lineup further extends to the Aziyo portfolio, featuring pericardial repair and CanGaroo envelope extracellular matrix products; Exemptia for autoimmune disorders; Vivitra for breast cancer; Bryxta and Zybev for a variety of indications; and Minnebro for managing hypertension. Beyond its own commercialized products, Ligand Pharmaceuticals collaborates with partners on numerous programs currently undergoing clinical development, targeting conditions such as cancer, seizure disorders, diabetes, cardiovascular ailments, muscle wasting, hepatic and renal diseases, and various other serious illnesses. The company also directly supplies Captisol materials, a proprietary technology frequently integrated into many of its drug formulations. Established in 1987, Ligand Pharmaceuticals is headquartered in Emeryville, California.

Industry
Biotechnology
Sector
Healthcare
Headquarters
US
CEO
Todd C. Davis
Listed since
Nov 18, 1992
Employees
47

Market position

Day range

Current $280.18

52-week range

Current $280.18

Open
$286.27
Previous close
$286.29
Volume
158.23K
0.5× average
Average volume
314.53K
Average daily volume
Market cap
5.62B USD
Beta
0.98
Market reference 1
50-day average
$294.71
-4.93% below average
200-day average
$228.71
+22.51% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
3.93B USD
P/E (TTM)
27.99×
P/B (TTM)
5.81×
P/S (TTM)
19.33×
EV / EBITDA
20.41×
Earnings yield
3.40%
Free cash flow yield
1.34%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
98.58%
Operating margin
34.74%
Net margin
67.88%
Return on equity
12.23%
Return on assets
7.97%
Return on invested capital
2.42%

Financial health

Debt / equity
1.17×
Current ratio
22.23×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends109%63%17%-28%Gross margin, FY2021: 74.26%Gross margin, FY2022: 73.08%Gross margin, FY2023: 73.31%Gross margin, FY2024: 93.37%Gross margin, FY2025: 97.54%Operating margin, FY2021: 42.99%Operating margin, FY2022: 1.55%Operating margin, FY2023: 9.09%Operating margin, FY2024: -13.53%Operating margin, FY2025: 17.61%Net margin, FY2021: 23.66%Net margin, FY2022: -17.00%Net margin, FY2023: 39.72%Net margin, FY2024: -2.41%Net margin, FY2025: 46.42%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 74.26%. Gross margin FY2022 73.08%. Gross margin FY2023 73.31%. Gross margin FY2024 93.37%. Gross margin FY2025 97.54%. Operating margin FY2021 42.99%. Operating margin FY2022 1.55%. Operating margin FY2023 9.09%. Operating margin FY2024 -13.53%. Operating margin FY2025 17.61%. Net margin FY2021 23.66%. Net margin FY2022 -17.00%. Net margin FY2023 39.72%. Net margin FY2024 -2.41%. Net margin FY2025 46.42%.

Income trends

Revenue

268.09M USD+60.40%

Operating income

47.2M USD+69.81M USD

Net income

124.45M USD+128.49M USD
Income trends across reported periods298.23M USD177.65M USD57.07M USD−63.51M USDRevenue, FY2021: 241.54M USDRevenue, FY2022: 196.25M USDRevenue, FY2023: 131.31M USDRevenue, FY2024: 167.13M USDRevenue, FY2025: 268.09M USDOperating income, FY2021: 103.85M USDOperating income, FY2022: 3.04M USDOperating income, FY2023: 11.94M USDOperating income, FY2024: −22.61M USDOperating income, FY2025: 47.2M USDNet income, FY2021: 57.14M USDNet income, FY2022: −33.36M USDNet income, FY2023: 52.15M USDNet income, FY2024: −4.03M USDNet income, FY2025: 124.45M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 241.54M USD. Revenue FY2022 196.25M USD. Revenue FY2023 131.31M USD. Revenue FY2024 167.13M USD. Revenue FY2025 268.09M USD. Operating income FY2021 103.85M USD. Operating income FY2022 3.04M USD. Operating income FY2023 11.94M USD. Operating income FY2024 −22.61M USD. Operating income FY2025 47.2M USD. Net income FY2021 57.14M USD. Net income FY2022 −33.36M USD. Net income FY2023 52.15M USD. Net income FY2024 −4.03M USD. Net income FY2025 124.45M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue268.09M USD167.13M USD131.31M USD196.25M USD241.54M USD
Cost of goods sold6.59M USD11.07M USD35.05M USD52.83M USD62.18M USD
Gross profit261.5M USD156.06M USD96.27M USD143.42M USD179.37M USD
Research and development81.18M USD21.43M USD24.54M USD36.08M USD32.11M USD
Selling, general, and administrative92.45M USD78.65M USD52.79M USD70.06M USD46.79M USD
Operating expenses214.3M USD178.67M USD84.32M USD140.38M USD75.52M USD
Interest income13.66M USD8.06M USD7.71M USD2.05M USD886K USD
Interest expense4.72M USD3.04M USD656K USD1.8M USD19.62M USD
Depreciation and amortization33.78M USD35.24M USD36.52M USD43.39M USD50.95M USD
Operating income47.2M USD−22.61M USD11.94M USD3.04M USD103.85M USD
Net income124.45M USD−4.03M USD52.15M USD−33.36M USD57.14M USD

Company facts updated Aug 25, 2026.

Earnings

EPS beat rate
73%
8 beats, 3 misses, 0 met estimates
Average EPS surprise
-7.23%
11 comparable reports
Latest EPS result
2.37
Estimate 2.01 · Beat by 17.91%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates3.471.64-0.19-2.02Q1 '25MissQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26MissQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 27, 2025: actual -1.64, estimate 1.37, surprise -219.71%, Miss. Q2 2025, reported May 8, 2025: actual 1.33, estimate 1.21, surprise +9.92%, Beat. Q3 2025, reported Aug 7, 2025: actual 1.6, estimate 1.42, surprise +12.68%, Beat. Q4 2025, reported Nov 6, 2025: actual 3.09, estimate 1.97, surprise +56.85%, Beat. Q1 2026, reported Feb 26, 2026: actual 2.02, estimate 1.46, surprise +38.36%, Beat. Q2 2026, reported May 14, 2026: actual 1.63, estimate 1.84, surprise -11.41%, Miss. Q3 2026, reported Aug 6, 2026: actual 2.37, estimate 2.01, surprise +17.91%, Beat. Q4 2026, reported Nov 5, 2026: actual —, estimate 2.3, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates121.6M92.03M62.47M32.9MQ1 '25BeatQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26MissQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 27, 2025: actual 42.81M USD, estimate 39.03M USD, surprise +9.70%, Beat. Q2 2025, reported May 8, 2025: actual 45.33M USD, estimate 38.71M USD, surprise +17.11%, Beat. Q3 2025, reported Aug 7, 2025: actual 47.63M USD, estimate 43.87M USD, surprise +8.57%, Beat. Q4 2025, reported Nov 6, 2025: actual 115.46M USD, estimate 58.74M USD, surprise +96.55%, Beat. Q1 2026, reported Feb 26, 2026: actual 59.67M USD, estimate 55.59M USD, surprise +7.33%, Beat. Q2 2026, reported May 14, 2026: actual 51.72M USD, estimate 59.1M USD, surprise -12.48%, Miss. Q3 2026, reported Aug 6, 2026: actual 63.69M USD, estimate 61.3M USD, surprise +3.90%, Beat. Q4 2026, reported Nov 5, 2026: actual —, estimate 78.09M USD, surprise —, Comparison unavailable.

LGND news

LGND peers

ETFs holding LGND

Funds reporting this stock among their holdings, ordered by reported position size.

Continue in GoAI

Research LGND

research.disclaimer