Ligand Pharmaceuticals Inc (LGND) financials
Ligand Pharmaceuticals revenue and earnings by year
Ligand Pharmaceuticals's revenue was $268 million in the fiscal year to December 31, 2025, up 60.4% from the year before. Net income was $124 million, 46.4% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 10.5% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 268 | 167 | 131 | 196 | 242 | 164 | 120 | 251 | 141 | 109 |
| Revenue growth | 60.4% | 27.3% | -33.1% | -18.8% | 47.7% | 36.0% | -52.2% | 78.2% | 29.5% | — |
| Gross profit | 254 | 156 | 121 | 143 | 179 | 133 | 109 | 245 | 136 | 103 |
| Gross margin | 94.6% | 93.4% | 92.0% | 73.1% | 74.3% | 81.4% | 90.6% | 97.5% | 96.2% | 94.9% |
| Operating income | 41 | -23 | 12 | 3 | 104 | 38 | 807 | 164 | 68 | 44 |
| Operating margin | 15.3% | -13.5% | 9.1% | 1.5% | 43.0% | 22.9% | 671.0% | 65.1% | 48.2% | 40.3% |
| Net income | 124 | -4 | 52 | -33 | 57 | -3 | 629 | 143 | 13 | -2 |
| Net margin | 46.4% | -2.4% | 39.7% | -17.0% | 23.7% | -1.8% | 523.2% | 57.0% | 8.9% | -1.5% |
| Diluted EPS | $6.13 | -$0.22 | $2.94 | -$1.98 | $3.31 | -$0.21 | $29.34 | $5.60 | — | — |
| Free cash flow | 48 | 95 | 46 | 120 | 71 | 51 | -32 | 183 | 84 | 41 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open LGND in Markets.
How Ligand Pharmaceuticals makes money
Revenue by segment in the quarter to September 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Intangible Royalty Assets | $47.4M | 60.2% |
| Filspari | $16.8M | 21.4% |
| Material Sales Captisol | $7.95M | 10.1% |
| Rylaze | $3.53M | 4.5% |
| Miplyffa | $1.68M | 2.1% |
| Teriparatide Injection | $1.32M | 1.7% |
See also: LGND valuation and P/E history · LGND returns
No forecast, no recommendation. This page describes Ligand Pharmaceuticals Inc from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.