Skip to content
MARKETS / NASDAQ / LGND
NASDAQ · PHARMACEUTICAL PREPARATIONS · LARGE CAP

Ligand Pharmaceuticals Inc. LGND

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$268.1M
▲ 60.4% YoY
$124.5M
$48.9M
▼ 48.6% YoY
In brief

What this company does

The company invests in and structures royalty interests in mid- to late-stage development and commercial biopharmaceutical products, generating long-duration, non-dilutive cash flows supported by a lean corporate cost structure. Its revenue is generated primarily from royalties on sales of products commercialized by its partners, supplemented by Captisol material sales and contract revenue from license fees and milestone payments. It has 12 major commercial-stage royalty assets comprising the majority of its royalty revenue, and maintains a portfolio of more than 90 additional commercial and development-stage programs. As of December 31, 2025, it had 47 full-time employees, of whom seven were involved directly in scientific research and development activities. In addition to its royalty investment activities, it operates two infrastructure-light, royalty-generating platform technologies, Captisol and NITRICIL. Captisol is a patent-protected, chemically modified cyclodextrin with a structure designed to optimize the solubility and stability of drugs. NITRICIL enables tunable dosing through an adjustable drug release profile, allowing for proprietary formulations targeting a broad range of indications.

Written from the business description in LIGAND PHARMACEUTICALS INC's annual report to the U.S. Securities and Exchange Commission, filed 27 February 2026. Every sentence was checked against that document before publication.

Growth
USD 268.1M
Revenue, FY2025 · full 17-year series below
Revenue $M Net income $M
FY2025 · Revenue 268.1 · Net income 124.5
250.0M500.0M200920112013201520172019202120232025
Compound annual growth
+11.0%
+10.4%
+14.1%
+17.6%
−5.9%
−5.5%
−27.5%
+43.3%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +10.4% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
46 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 15.3% · Net 46.4%
200%400%600%-50%-100%200920112013201520172019202120232025
ROE
FY2025 · ROE 13.5%
200%400%200920112013201520172019202120232025

Each USD of equity produced 13 cents of profit this year.

Cash & shareholders
USD 15.0M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 48.9
80M160M-20M200920112013201520172019202120232025
Net buybacks $M Dividends $M
FY2025 · Dividends — · Net buybacks 15.0
200M400M201020122014201620182020202220242025

USD 15.0M in buybacks — 12% of the year's profit went back to shareholders.

Total assetsUSD 1.6B
EquityUSD 1.0B
CashUSD 174.9M
Current ratio22.23×

Equity funds 65% of total assets.

The 17-year record
17 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B0.30.20.10.20.20.20.10.30.10.10.10.10.00.00.00.00.0
Operating income $B0.0−0.00.00.00.10.00.80.20.10.00.00.00.00.0−0.0−0.0−0.0
EBITDA $B0.10.00.00.10.20.10.80.20.10.10.00.00.00.00.0−0.0−0.0
Income tax $B0.00.00.00.0−0.0−0.00.20.00.00.0−0.20.00.0−0.0−0.0−0.0−0.0
Net income $B0.1−0.00.1−0.00.1−0.00.60.10.0−0.00.20.00.0−0.00.0−0.0−0.0
Free cash flow $B0.00.10.00.10.10.1−0.00.20.10.10.00.00.0−0.0−0.0−0.0−0.0
EPS, diluted $6.13−0.222.94−1.983.31−0.1831.855.960.53−0.0810.830.560.55−0.030.49−0.53−0.10
Dividend / sh $·················
Payout %·················
ROE %13.5−0.58.0−4.77.5−0.494.829.83.4−0.6174.431.730.0−3.0582.6·−52.0
Shares out B0.020.020.020.020.020.020.020.020.020.020.020.020.020.020.02··

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 67 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 20 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityPharmaceutical Preparations
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2007

Share this section

Download image