NASDAQ : LGND

Ligand Pharmaceuticals Incorporated — Financial statements

Healthcare · Biotechnology · United States

Last price 317.33 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 6.33B

Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports

Financial statements

Ligand Pharmaceuticals Incorporated (LGND) reported revenue of 253.83M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.

Income statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Revenue253.83M268.09M167.13M131.31M196.25M241.54M
Cost of Revenue35.22M95.73M32.50M35.05M88.91M94.28M
Gross Profit218.60M172.36M134.63M96.27M107.34M147.26M
Selling, General & Admin147.60M92.45M78.65M52.79M70.06M46.79M
Amortization of Goodwill & Intangibles34.49M32.71M32.96M33.65M34.24M34.22M
Operating Expenses182.10M125.16M111.61M86.44M104.30M81.01M
Operating Income36.51M47.20M23.02M9.82M3.04M66.25M
Interest Expense-8.18M-4.71M-3.04M-656.00K-1.80M-19.62M
Interest & Investment Income25.84M13.66M8.05M7.71M2.05M886.00K
Earnings From Equity Investments90.67M90.67M-48.60M-1.80M
Other Non Operating Income (Expenses)5.34M-89.00K-21.37M98.00K-5.00K-347.00K
EBT Excluding Unusual Items150.18M146.72M-41.93M15.17M3.28M47.17M
Gain (Loss) on Sale of Investments-91.25M18.43M75.02M46.37M28.54M-5.26M
Gain (Loss) on Sale of Assets2.12M
Asset Writedown-6.20M-6.20M-30.57M
Other Unusual Items4.19M30.30M
Pretax Income52.73M158.96M2.52M63.66M36.01M72.20M
Income Tax Expense1.27M34.51M6.55M9.84M41.23M-4.15M
Earnings From Continuing Operations51.46M124.45M-4.03M53.82M-5.22M76.35M
Earnings From Discontinued Operations-1.67M-28.14M-19.21M
Net Income to Company51.46M124.45M-4.03M52.15M-33.36M57.14M
Net Income51.46M124.45M-4.03M52.15M-33.36M57.14M
Net Income to Common51.46M124.45M-4.03M52.15M-33.36M57.14M
Shares Outstanding (Basic)19.79M19.34M18.29M17.30M16.87M16.63M
Shares Outstanding (Diluted)21.53M20.29M18.29M17.76M16.87M17.25M
EPS (Basic)2.606.44-0.223.02-1.983.44
EPS (Diluted)2.396.13-0.222.94-1.983.32
Free Cash Flow90.63M48.91M95.23M46.06M125.50M70.04M
Free Cash Flow Per Share4.212.415.212.597.444.06
Gross Margin86.12%64.29%80.55%73.31%54.70%60.97%
Operating Margin14.38%17.61%13.77%7.48%1.55%27.43%
Profit Margin20.27%46.42%-2.41%39.72%-17.00%23.66%
Free Cash Flow Margin35.70%18.24%56.98%35.07%63.95%29.00%
EBITDA71.48M80.97M58.26M46.34M41.35M117.20M
EBITDA Margin28.16%30.20%34.86%35.29%21.07%48.52%
D&A For EBITDA34.97M33.77M35.24M36.52M38.32M50.95M
EBIT36.51M47.20M23.02M9.82M3.04M66.25M
EBIT Margin14.38%17.61%13.77%7.48%1.55%27.43%
Effective Tax Rate2.41%21.71%260.13%15.46%114.49%
Revenue as Reported253.83M268.09M167.13M131.31M196.25M241.54M

Balance sheet

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Cash & Equivalents55.96M174.93M72.31M22.95M45.01M19.52M
Short-Term Investments391.44M558.59M183.86M147.35M166.86M321.59M
Cash & Short-Term Investments447.39M733.52M256.17M170.31M211.87M341.11M
Accounts Receivable110.72M82.39M48.40M32.92M30.42M85.45M
Other Receivables24.30M1.45M4.07M6.39M4.61M6.19M
Receivables135.01M83.84M52.47M39.31M35.04M91.65M
Inventory14.51M9.13M14.11M23.97M13.29M27.33M
Prepaid Expenses1.18M1.13M
Restricted Cash4.11M
Other Current Assets7.21M5.79M8.81M2.66M2.27M4.67M
Total Current Assets608.23M832.27M331.56M237.43M263.60M464.75M
Property, Plant & Equipment20.51M7.22M9.67M25.06M27.49M32.60M
Long-Term Investments142.92M167.95M10.91M49.32M3.00M
Goodwill207.86M101.54M105.25M103.37M105.67M105.67M
Other Intangible Assets302.04M225.44M266.65M299.61M352.64M386.80M
Long-Term Accounts Receivable772.62M196.88M185.02M62.29M
Long-Term Deferred Tax Assets104.12M8.35M72.00K214.00K8.53M35.73M
Other Long-Term Assets79.16M20.99M32.64M9.92M1.74M272.03M
Total Assets2.24B1.56B941.77M787.22M762.67M1.30B
Accounts Payable4.09M3.24M5.23M2.43M5.31M8.40M
Accrued Expenses33.29M29.08M25.53M10.09M13.30M12.40M
Current Portion of Long-Term Debt448.31M76.69M
Current Portion of Leases4.56M1.12M1.29M410.00K715.00K1.41M
Current Income Taxes Payable2.75M1.24M1.20M
Current Unearned Revenue1.22M355.00K654.00K
Other Current Liabilities7.58M2.77M3.86M2.63M2.43M18.80M
Total Current Liabilities500.57M37.45M37.11M16.78M98.81M41.66M
Long-Term Debt679.91M446.19M320.72M
Long-Term Leases21.43M4.23M5.86M5.77M10.34M2.31M
Long-Term Unearned Revenue18.18M15.14M44.00K
Long-Term Deferred Tax Liabilities22.40M36.02M32.52M31.62M30.61M30.86M
Other Long-Term Liabilities51.39M19.54M17.65M16.98M25.37M80.88M
Total Liabilities1.28B543.42M111.33M86.30M165.18M476.43M
Common Stock20.00K20.00K20.00K18.00K17.00K17.00K
Additional Paid-In Capital403.54M400.65M337.38M198.70M147.59M372.97M
Retained Earnings554.77M608.09M498.98M503.02M450.86M449.09M
Comprehensive Income & Other3.44M8.46M-5.94M-817.00K-984.00K-917.00K
Shareholders' Equity961.76M1.02B830.44M700.91M597.49M821.16M
Total Liabilities & Equity2.24B1.56B941.77M787.22M762.67M1.30B
Total Debt1.15B451.54M7.15M6.18M87.75M324.44M
Net Cash (Debt)-706.81M281.98M249.01M164.12M124.12M16.66M
Net Cash Per Share-32.8213.8913.619.247.360.97
Filing Date Shares Outstanding20.00M19.94M19.26M17.71M17.08M16.85M
Total Common Shares Outstanding20.00M19.77M19.11M17.56M16.95M16.77M
Working Capital107.67M794.82M294.45M220.65M164.79M423.09M
Book Value Per Share48.0951.4443.4639.9235.2548.97
Tangible Book Value451.86M690.23M458.54M297.94M139.18M328.69M
Tangible Book Value Per Share22.5934.9124.0016.978.2119.60
Machinery7.78M15.16M14.34M
Construction In Progress4.12M
Leasehold Improvements10.36M7.45M5.26M

Cash flow statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Net Income51.46M124.45M-4.03M52.15M-33.36M57.14M
Depreciation & Amortization34.97M33.77M35.24M36.52M38.32M50.95M
Other Amortization6.67M3.21M2.61M1.98M6.25M21.53M
Loss (Gain) From Sale of Assets-2.12M
Asset Writedown & Restructuring Costs6.20M6.20M30.57M924.00K
Loss (Gain) From Sale of Investments-4.75M-167.13M-34.63M-47.68M-28.52M4.11M
Loss (Gain) on Equity Investments7.01M1.83M
Stock-Based Compensation56.70M46.85M41.09M25.74M50.88M38.78M
Other Operating Activities-20.80M14.67M-166.00K14.64M16.54M-36.70M
Change in Accounts Receivable-25.80M-21.74M-6.46M-2.60M55.32M-28.62M
Change in Inventory-2.61M4.99M9.62M-10.87M12.06M-427.00K
Change in Accounts Payable8.91M5.88M13.90M-4.70M-3.34M2.81M
Change in Unearned Revenue-4.00K-578.00K-1.31M419.00K-6.28M-17.87M
Change in Income Taxes-22.25M2.67M2.31M-1.78M1.58M-3.98M
Change in Other Net Operating Assets2.34M-3.89M1.29M-14.87M6.34M-8.93M
Operating Cash Flow91.03M49.36M97.05M49.58M137.85M78.80M
Capital Expenditures-405.00K-452.00K-1.82M-3.52M-12.35M-8.76M
Cash Acquisitions-782.85M-10.40M
Divestitures-8.09M-8.09M
Sale (Purchase) of Intangibles494.00K
Investment in Securities159.87M-349.73M-136.08M52.15M182.41M40.01M
Other Investing Activities-37.85M-19.05M-5.77M-49.91M-6.44M-1.22M
Investing Cash Flow-669.33M-377.32M-143.66M-11.68M163.62M30.52M
Long-Term Debt Issued460.00M
Long-Term Debt Repaid-113.28M-25.00K-76.90M-261.00M-164.95M
Net Debt Issued (Repaid)504.18M346.72M-25.00K-76.90M-261.00M-164.95M
Issuance of Common Stock31.18M47.50M102.73M22.45M3.23M33.76M
Repurchase of Common Stock-82.45M-24.60M-5.14M-4.55M-8.24M-6.02M
Other Financing Activities91.79M58.60M-426.00K-949.00K-9.98M-558.00K
Financing Cash Flow544.69M428.22M97.14M-59.95M-275.99M-137.76M
Foreign Exchange Rate Adjustments-2.38M2.36M-1.17M
Net Cash Flow-35.98M102.62M49.35M-22.05M25.48M-28.44M
Free Cash Flow90.63M48.91M95.23M46.06M125.50M70.04M
Free Cash Flow Margin35.70%18.24%56.98%35.07%63.95%29.00%
Free Cash Flow Per Share4.212.415.212.597.444.06
Levered Free Cash Flow62.45M87.09M100.78M46.03M136.93M37.03M
Unlevered Free Cash Flow63.45M88.76M102.20M46.20M137.33M32.60M
Cash Interest Paid2.46M321.00K263.00K288.00K1.43M3.03M
Cash Income Tax Paid8.07M7.80M19.21M8.77M11.64M3.72M
Change in Working Capital-39.41M-12.66M19.36M-34.40M65.68M-57.00M

Ratios

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Market Capitalization6.46B3.72B2.02B1.25B1.13B2.58B
Enterprise Value7.16B3.51B1.81B1.06B1.12B2.59B
Last Close Price322.75189.07107.1571.4266.8099.67
PE Ratio134.9629.9023.8845.18
Forward PE44.6835.2053.5835.07298.37298.37
PS Ratio25.4313.8812.119.485.7510.69
PB Ratio6.713.662.441.781.893.14
P/TBV Ratio14.295.394.424.188.117.85
P/FCF Ratio71.2476.0921.2627.048.9936.86
P/OCF Ratio70.9275.3920.8625.128.1932.76
PEG Ratio1.832.423.572.3423.4218.19
EV/Sales Ratio28.2213.0810.848.085.7110.72
EV/EBITDA Ratio100.2143.3231.1122.9027.1122.09
EV/EBIT Ratio196.2074.3278.73108.04369.1139.07
EV/FCF Ratio79.0371.7219.0323.048.9336.96
Debt / Equity Ratio1.200.440.010.010.150.40
Debt / EBITDA Ratio16.015.520.120.132.092.74
Debt / FCF Ratio12.749.230.070.130.704.63
Net Debt / Equity Ratio0.73-0.28-0.30-0.23-0.21-0.02
Net Debt / EBITDA Ratio9.89-3.48-4.27-3.54-3.00-0.14
Net Debt / FCF Ratio7.80-5.77-2.62-3.56-0.99-0.24
Asset Turnover0.140.210.190.170.190.18
Inventory Turnover2.678.241.711.884.383.50
Quick Ratio1.1621.838.3212.492.5010.39
Current Ratio1.2222.238.9314.152.6711.15
Return on Equity (ROE)5.38%13.47%-0.53%8.29%-0.74%9.98%
Return on Assets (ROA)1.23%2.36%1.66%0.79%0.18%3.11%
Return on Invested Capital (ROIC)2.96%5.61%-6.59%1.64%-0.07%8.50%
Return on Capital Employed (ROCE)2.10%3.10%2.50%1.30%0.50%5.30%
Earnings Yield0.74%3.34%-0.20%4.19%-2.96%2.21%
FCF Yield1.40%1.31%4.70%3.70%11.12%2.71%
Buyback Yield / Dilution-10.50%-10.96%-3.00%-5.27%2.19%-2.50%