Ligand Pharmaceuticals Incorporated LGND R2K

Healthcare · Biotechnology · United States

https://www.ligand.com

Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, develops and licenses biopharmaceutical assets worldwide. It offers Pradefovir, Posaconazole, Voriconazole, CAPVAXIVE, NOXAFIL, MenFive, and ZELSUVMI for infectious disease; EVOMELA and KYPROLIS for multiple myeloma; FILSPARI for the treatment of immunoglobulin a nephropathy; PNEUMOSIL, a pneumococcal conjugate vaccine to help fight against pneumococcal pneumonia in children; and QARZIBA to treat neuroblastoma. The company also provides Teriparatide injection product for osteoporosis; RYLAZE, a recombinant erwinia asparaginase for acute lymphoblastic leukemia or lymphoblastic lymphoma in adult and pediatric patients; TZIELD, a CD3-directed antibody indicated to delay the onset of Stage 3 type 1 diabetes in adults and children aged 8 years and older with Stage 2 T1D; and VAXNEUVANCE for the prevention of invasive disease caused by streptococcus pneumoniae serotypes. In addition, it offers Duavee for menopause; Frovatriptan to treat Neurology; FYCOMPA and SESQUIENT for CNS; MEKINIST for cardiology; Nexterone, a captisol-enabled formulation of amiodarone; VEKLURY, an antiviral treatment for COVID-19; and Viviant for osteoporosis. Further, the company develops ACLX-002, Ciforadenant, UGN-301, Viright, MB07133, BOT/BAL, and Lasofoxifene for oncology; Ensifentrine for respiratory disease; QTORIN for rare disease; Sparsentan for kidney disease; VK2809 for hepatology; ANEB-001 for acute cannabinoid intoxication; Reproxalap for opthamology; VK0214 for Rare Disease; and VK5211 for musculoskeletal disorder. The company was incorporated in 1987 and is based in Jupiter, Florida.

Market & Price

Market Cap

$4.65B

Current Price

$231.96

High / Low (52W)

$241.79 / $101.64

Beta

1.07

Valuation

Stock P/E

30.20

Industry PE

23.65

Forward P/E

20.50

PEG Ratio

1.53

Book Value

$49.79

Price to Book

4.66

P/S

16.94

EV/EBITDA

32.14

Dividend Yield

Profitability & Returns

ROCE

10.75%

ROE

17.13%

ROA

5.19%

Profit Margin

55.95%

Op Margin

33.58%

EPS (Latest Qtr)

$-0.67

EPS (TTM)

$7.68

Balance Sheet & Liquidity

Debt/Equity

0.45

Quick Ratio

20.81

Current Ratio

21.28

Debt

$451.98M

Total Assets

$1.56B

Current Assets

$832.27M

Working Capital

$794.82M

Ownership

Promoter Holding

2.40%

Chg in Prom Hold

0.01%

FII / Inst Holding

106.33%

Chg in FII Hold

-0.01%

Financial Snapshot

Enterprise Value

$4.32B

Total Revenue (TTM)

$274.48M

EBITDA

$134.45M

Free Cash Flow

$142.11M

Operating Cash Flow

$123.50M

Shares Outstanding

20.04M

Gross Margin

83.16%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

10.96%

Profit 5Y

157.68%

Revenue (YoY)

14.10%

Earnings (YoY)

PROS

Excellent profit margin of 55.9%.
Compounding revenue at 11.0% over 5 years.
Profit CAGR of 157.7% over 5 years.
Generates positive free cash flow.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

No notable concerns flagged.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Healthcare).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	LGND Ligand Pharmaceuticals Incorporated R2K	231.96	30.20	$4.65B	-	10.75%	17.13%	10.96%	157.68%
2	LLY Eli Lilly and Company SPX	1,105.00	39.21	$985.37B	0.63%	38.44%	107.46%	31.69%	48.96%
3	JNJ Johnson & Johnson SPX	225.33	26.11	$542.42B	2.38%	23.13%	26.42%	5.60%	14.32%
4	UNH UnitedHealth Group Incorporated SPX	380.31	28.66	$345.38B	2.32%	9.60%	12.18%	11.35%	-15.69%
5	MRK Merck & Co., Inc. SPX	118.72	33.44	$293.22B	2.86%	20.66%	18.94%	3.12%	7.93%
6	TMO Thermo Fisher Scientific Inc. SPX	492.51	27.11	$183.03B	0.38%	9.17%	13.52%	-0.27%	-1.19%
7	AMGN Amgen Inc. NDXSPX	336.79	23.42	$181.77B	2.99%	18.02%	101.32%	11.77%	5.58%
8	GILD Gilead Sciences, Inc. NDXSPX	134.43	18.29	$166.90B	2.44%	22.92%	43.36%	2.57%	22.83%
9	ISRG Intuitive Surgical, Inc. NDXSPXAI	424.64	51.53	$150.39B	-	15.96%	17.23%	17.39%	29.26%

Quarterly Results

Figures in USD.

Metric	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	-	56.16M	90.04M	45.66M	59.59M	56.16M	90.04M	45.66M	59.59M	43.48M	24.99M	24.81M	27.00M	33.16M	41.42M	41.85M	69.99M	46.59M	78.85M	59.69M	56.40M	36.52M	50.13M	59.22M	50.38M	43.98M	26.37M	32.87M	30.98M	41.53M	-	-	45.33M	47.63M	115.46M	59.67M	51.72M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4.85M	2.91M	3.80M	2.99M	3.27M
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	40.48M	44.72M	111.66M	56.67M	48.45M
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	77.14M	35.00M	57.56M	36.63M	31.08M
Operating Income	15.10M	3.97M	5.47M	-	10.22M	13.02M	16.49M	-	37.04M	70.17M	23.36M	-	826.54M	-4.13M	-5.16M	-	3.79M	7.10M	3.75M	-	4.71M	45.74M	15.71M	-	2.13M	8.66M	12.34M	-	14.21M	-1.98M	3.08M	2.99M	-19.10M	-	-	-36.66M	9.72M	54.10M	20.04M	17.37M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-40.54M	20.90M	150.32M	66.78M	-14.30M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	867.00K	1.15M	910.00K	1.78M	1.75M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-50.18M	11.22M	141.14M	56.78M	-24.26M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-7.73M	6.38M	23.86M	12.00M	-10.91M
Net Income	6.61M	-6.17M	1.05M	-3.12M	45.28M	73.16M	67.36M	-42.48M	45.28M	73.16M	67.36M	-42.48M	666.34M	-14.42M	-15.25M	-7.37M	-24.13M	22.09M	-6.70M	5.76M	18.11M	30.73M	13.72M	-5.42M	-15.38M	-895.00K	404.00K	-17.48M	41.95M	2.29M	-10.27M	86.14M	-51.91M	-	-	-42.45M	4.85M	117.27M	44.78M	-13.35M
Diluted EPS	0.30	-0.30	0.05	0.15	1.83	2.99	2.80	-2.02	1.83	2.99	2.80	-2.02	31.32	-0.74	-0.81	-0.43	-1.46	1.32	-0.42	0.35	1.05	1.79	0.80	-	-0.91	-0.05	0.02	-	2.33	0.13	-0.59	4.75	-2.88	-	-	-2.21	0.24	5.68	2.12	-0.67
R&D Expense	4.00M	4.91M	5.90M	-	8.67M	4.82M	4.76M	-	7.41M	6.13M	5.48M	-	11.29M	12.21M	13.74M	-	11.89M	12.73M	12.85M	-	9.05M	7.48M	7.43M	8.15M	9.18M	8.47M	9.24M	9.20M	6.66M	6.85M	5.53M	5.97M	5.35M	5.67M	-	50.09M	6.57M	21.02M	-	2.15M

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	-	-	-	-	-	-	108.97M	141.10M	251.45M	120.28M	163.56M	-	196.25M	131.31M	167.13M	268.09M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	52.83M	10.51M	11.07M	14.55M
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	143.42M	120.80M	156.06M	253.54M
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	140.38M	110.98M	133.04M	206.34M
Operating Income	-9.97M	-29.30M	-878.00K	193.00K	14.94M	19.63M	27.33M	43.88M	68.08M	163.73M	807.08M	37.50M	-	3.04M	9.82M	23.02M	47.20M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	89.34M	100.84M	40.79M	197.45M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	1.80M	656.00K	3.04M	4.71M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	36.01M	63.66M	2.52M	158.96M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	41.23M	9.84M	6.55M	34.51M
Net Income	-1.95M	-10.37M	9.71M	-527.00K	11.42M	12.02M	229.82M	-1.64M	12.56M	143.32M	629.30M	-2.98M	-	-33.36M	52.15M	-4.03M	124.45M
Diluted EPS	-	-	0.49	-0.03	0.55	0.56	10.83	-0.08	0.53	5.96	31.85	-0.18	-	-1.98	2.94	-0.22	6.13
R&D Expense	39.87M	22.07M	10.29M	10.79M	9.27M	9.75M	11.01M	21.22M	26.89M	27.86M	55.91M	40.50M	32.10M	36.08M	24.54M	21.43M	81.18M

Compounded Sales Growth

5 Years:	10.96%
1 Year:	14.10%

Compounded Profit Growth

5 Years:	157.68%
1 Year:	-

Stock Price Performance

1 Year:	+126.99%
6 Months:	+13.97%
3 Months:	+16.97%
1 Month:	+3.16%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	-	75.56M	120.58M	104.26M	104.71M	258.03M	503.06M	601.59M	671.02M	1.26B	1.49B	1.36B	-	762.67M	787.22M	941.77M	1.56B
Current Assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	263.60M	237.43M	331.56M	832.27M
Cash & Equivalents	28.75M	16.03M	3.35M	7.04M	12.38M	11.64M	160.20M	97.43M	18.75M	20.62M	117.16M	71.54M	47.62M	-	45.01M	22.95M	72.31M	174.93M
Inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	13.29M	23.97M	14.11M	9.13M
Receivables	-	-	-	-	-	-	-	-	-	-	-	-	-	-	30.42M	32.92M	38.38M	59.60M
Total Liabilities	-	-	72.06M	104.05M	77.78M	55.10M	233.62M	226.15M	230.73M	252.37M	699.89M	727.68M	652.76M	-	165.18M	86.30M	111.33M	543.42M
Current Liabilities	-	-	33.49M	43.64M	35.44M	28.94M	22.78M	222.82M	227.13M	238.87M	82.25M	17.00M	100.11M	-	98.81M	16.78M	37.11M	37.45M
Long Term Debt	-	-	-	-	27.50M	-	-	-	-	-	-	-	-	320.72M	-	-	-	446.19M
Total Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	87.75M	6.17M	7.08M	451.49M
Total Equity	-10.37M	3.74M	-4.85M	8.19M	26.48M	49.61M	26.32M	237.28M	341.29M	399.79M	560.91M	767.23M	709.52M	-	597.49M	700.91M	830.44M	1.02B
Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-	-	-	-	16.95M	17.56M	19.11M	19.77M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	-33.80M	-27.07M	-1.17M	161.00K	20.69M	20.57M	41.73M	60.73M	88.57M	194.06M	-29.34M	54.59M	-	137.85M	49.58M	97.05M	49.36M
Investing Cash Flow	24.77M	14.54M	-25.13M	1.26M	-4.97M	-2.03M	-112.86M	-134.41M	-79.18M	-423.27M	466.92M	231.65M	-	163.62M	-11.68M	-143.66M	-377.32M
Financing Cash Flow	-3.69M	-159.00K	30.00M	3.92M	-16.46M	130.03M	8.36M	-4.99M	-7.52M	328.58M	-485.17M	-310.55M	-	-275.99M	-59.95M	97.14M	428.22M
Capital Expenditure	-522.00K	-70.00K	-78.00K	-595.00K	-377.00K	-6.00K	-93.00K	-1.85M	-2.16M	-887.00K	-2.55M	-4.46M	-	-17.92M	-53.85M	-19.64M	-11.31M
Free Cash Flow	-34.32M	-27.14M	-1.25M	-434.00K	20.31M	20.56M	41.63M	58.88M	86.41M	193.17M	-31.89M	50.13M	-	119.93M	-4.27M	77.41M	38.05M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-	-	-	-	25.48M	-22.05M	50.52M	100.26M
Share Buybacks	-	91.00K	55.00K	0	0	67.95M	489.00K	3.90M	1.97M	122.87M	453.05M	78.00M	0	0	0	0	15.00M

Ratios (Annual)

Figures in %.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	73.1%	92.0%	93.4%	94.6%
Operating Margin %	-	-	-	-	-	-	-	40.3%	48.2%	65.1%	671.0%	22.9%	-	1.5%	7.5%	13.8%	17.6%
Net Margin %	-	-	-	-	-	-	-	-1.5%	8.9%	57.0%	523.2%	-1.8%	-	-17.0%	39.7%	-2.4%	46.4%
ROE %	-52.0%	213.9%	118.7%	-2.0%	23.0%	45.7%	96.9%	-0.5%	3.1%	25.6%	82.0%	-0.4%	-	-5.6%	7.4%	-0.5%	12.2%
ROCE %	-	-69.7%	-1.1%	0.3%	19.7%	8.3%	9.8%	11.7%	15.8%	13.9%	54.6%	3.0%	-	0.5%	1.3%	2.5%	3.1%

Shareholding Pattern

Insiders

2.40%

Institutions

106.33%

Public Float

108.94%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Blackrock Inc.	14.78%	2.96M	$687.05M
2	Vanguard Portfolio Management LLC	5.49%	1.10M	$255.22M
3	Janus Henderson Group PLC	5.04%	1.01M	$234.25M
4	Vanguard Capital Management LLC	4.23%	848.09K	$196.72M
5	Invesco Ltd.	4.11%	823.60K	$191.04M
6	State Street Corporation	3.89%	778.86K	$180.66M
7	FMR, LLC	2.97%	596.13K	$138.28M
8	Franklin Resources, Inc.	2.86%	573.18K	$132.95M
9	Nomura Asset Management International Inc	2.86%	573.31K	$132.99M
10	Chicago Capital, LLC	2.80%	561.67K	$130.29M

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LGND · Healthcare