Earnings summaries and quarterly performance for LIGAND PHARMACEUTICALS.
Executive leadership at LIGAND PHARMACEUTICALS.
Board of directors at LIGAND PHARMACEUTICALS.
Research analysts who have asked questions during LIGAND PHARMACEUTICALS earnings calls.
JV
John Vandermosten
Zacks Small Cap Research
6 questions for LGND
Also covers: ACHV, BIOR, BLRX +10 more
TA
Trevor Allred
Oppenheimer & Co. Inc.
6 questions for LGND
Also covers: BBIO, CASI, VRDN
DM
Douglas Miehm
RBC Capital Markets
4 questions for LGND
Also covers: ACB, AUPH, BHC +2 more
MH
Matthew Hewitt
Craig-Hallum Capital Group LLC
4 questions for LGND
Also covers: ACET, APYX, BHST +21 more
Annabel Samimy
Stifel Financial Corp.
3 questions for LGND
Also covers: ALT, APLS, CARA +14 more
Joseph Pantginis
H.C. Wainwright & Co.
3 questions for LGND
Also covers: ARMP, BCDA, BLRX +15 more
JK
Joohwan Kim
Canaccord Genuity
2 questions for LGND
Also covers: ARCT
MH
Matt Hewitt
Craig-Hallum Capital Group
2 questions for LGND
Also covers: BLFS, CSBR, MRVI +6 more
PL
Pete Lucas
CJS Securities
2 questions for LGND
Also covers: HEI, LNTH, STVN
BP
Balaji Prasad
Barclays
1 question for LGND
Also covers: ALVO, AMRX, ELAN +7 more
JP
Joe Pantginis
H.C. Wainwright
1 question for LGND
Also covers: BLRX, CYTK
LS
Larry Solow
CJS Securities
1 question for LGND
Also covers: ARCB, BTSG, CDRE +16 more
LS
Lawrence Solow
CJS Securities, Inc.
1 question for LGND
Also covers: BTSG, CDRE, CLH +13 more
VB
Vishal Balaji
Barclays
1 question for LGND
Recent press releases and 8-K filings for LGND.
Ligand Pharmaceuticals Reports Strong Full-Year 2025 Financial Performance and Reaffirms 2026 Guidance
LGND
Earnings
Guidance Update
New Projects/Investments
- Ligand Pharmaceuticals reported strong full-year 2025 financial results, with total GAAP revenue of $268 million and core adjusted diluted EPS increasing 42% to $8.13. Royalty revenue grew 48% year-over-year to $161 million.
- For Q4 2025, total revenue was $59.7 million, a 39% increase year-over-year, and royalty revenue was $50.5 million, up 45%. Adjusted net income for the quarter was $42.7 million or $2.02 per diluted share.
- The company reaffirmed its full-year 2026 financial guidance, projecting adjusted EPS of $8-$9 per share and total revenue of $245 million-$285 million, with royalty revenue expected to be $200 million-$225 million.
- Key drivers for royalty growth in 2025 and expected in 2026 include FILSPARI, Ohtuvayre, CAPVAXIVE, and ZELSUVMI.
- Ligand ended 2025 with a strong balance sheet, including $734 million in cash equivalents and over $1 billion in deployable capital. Strategic updates include positive Phase 3 data for Palvella's QTORIN rapamycin and participation in a $90 million PIPE for Leona Bio's Lasofoxifene, which has potential annual royalties of $80 million.
1 day ago
Ligand Pharmaceuticals Reports Strong 2025 Financial Results and Provides 2026 Guidance
LGND
Earnings
Guidance Update
New Projects/Investments
- Ligand Pharmaceuticals reported exceptional financial performance in 2025, with full-year adjusted EPS exceeding original guidance by over 30% and full-year royalty revenue growing 48% over the prior year.
- The company ended 2025 with a strong balance sheet, including $734 million in cash equivalents and short-term investments, and over $1 billion in deployable capital.
- For 2026, Ligand reaffirmed its financial guidance, projecting adjusted EPS of $8-$9 per share and total revenue of $245 million-$285 million, with royalty revenue expected to be $200 million-$225 million.
- Significant pipeline progress was highlighted, including positive Phase 3 data for Palvella's QTORIN rapamycin in microcystic lymphatic malformations, with an NDA submission planned for the second half of 2026 and potential peak annual royalties of $100 million-$300 million.
- The company also noted the successful re-partnering of Lasofoxifene with Leona Bio, involving a $90 million PIPE from Ligand, and continued strong commercial performance from products like FILSPARI and Ohtuvayre.
1 day ago
Ligand Pharmaceuticals Reports Strong Q4 and Full-Year 2025 Results, Issues 2026 Guidance
LGND
Earnings
Guidance Update
New Projects/Investments
- Ligand Pharmaceuticals reported full-year 2025 core adjusted EPS of $8.13, a 42% increase over 2024, and total core revenue of $239.5 million, up 43% from 2024, driven by a 48% increase in royalties to $161.0 million.
- For 2026, the company provided guidance expecting royalty revenue between $200 million and $225 million and adjusted core EPS between $8.00 and $9.00.
- Key growth drivers include Filspari, with an FSGS PDUFA date of April 13, 2026, Ohtuvayre, which reported $178 million in partial Q4 2025 sales, and Qtorin Rapamycin, with an NDA submission in microcystic lymphatic malformations (MLM) expected in H2 2026.
- As of December 31, 2025, Ligand had approximately $1 billion in deployable capital, supporting its strategy for continued growth and portfolio expansion.
1 day ago
Ligand Pharmaceuticals Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Guidance
LGND
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Ligand Pharmaceuticals reported strong financial performance for full-year 2025, with adjusted EPS of $8.13, a 42% increase year-over-year, and full-year royalty revenue growing 48% to $161 million. Core revenue for 2025 was $240 million, up 43%.
- For Q4 2025, total revenue increased 39% year-over-year to $59.7 million, with royalty revenue up 45% to $50.5 million. Adjusted net income for the quarter was $42.7 million or $2.02 per diluted share.
- The company provided 2026 guidance, expecting adjusted EPS of $8-$9 per share and total revenue between $245 million-$285 million. Royalty revenue is projected to be $200 million-$225 million, representing 32% growth at the midpoint.
- Key growth drivers in 2025 and for 2026 include FILSPARI, Ohtuvayre, CAPVAXIVE, and ZELSUVMI. Significant pipeline updates include positive Phase III data for Palvella's QTORIN rapamycin and progress with lasofoxifene, which has potential annual royalties of $80 million.
- Ligand ended 2025 with a robust balance sheet, holding $734 million in cash equivalents and short-term investments, and over $1 billion in deployable capital.
1 day ago
Ligand Pharmaceuticals Reports Q4 and Full Year 2025 Financial Results, Reaffirms 2026 Guidance
LGND
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Ligand Pharmaceuticals reported total revenues and income of $59.7 million for the fourth quarter of 2025 and $268.1 million for the full year 2025.
- For the full year 2025, royalty revenue grew by 48% to $161.0 million.
- GAAP net income was $44.8 million ($2.12 per diluted share) for Q4 2025 and $124.5 million ($6.13 per diluted share) for the full year 2025.
- The company reaffirmed its 2026 financial guidance, projecting total revenues of $245-$285 million and adjusted earnings per diluted share of $8.00-$9.00.
- As of December 31, 2025, Ligand had $733.5 million in cash, cash equivalents, and short-term investments.
1 day ago
Ligand Updates Financial Guidance and Long-Term Royalty Outlook
LGND
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Ligand reiterated its 2025 financial guidance, expecting core revenue of $225-$235 million and adjusted earnings per share (EPS) of $7.40-$7.65.
- For 2026, the company projects royalty revenue of $200-$225 million (a 40% increase), total revenue of $245-$285 million, and adjusted core EPS of $8-$9.
- The long-term outlook for royalty receipts has been raised to a 23% compound annual growth rate (CAGR) from 2025 through 2030, an increase from the previous 22%.
- The company has approximately $1 billion in deployable capital and aims to deploy $150-$250 million annually for new investments.
- Key products like Filspari and Ohtuvayre are expected to contribute approximately $200 million in annual royalties by 2030, with Filspari awaiting a January 13th PDUFA date for FSGS expansion.
Dec 9, 2025, 3:30 PM
Ligand Provides 2026 Financial Guidance and Updates Long-Term Strategy
LGND
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Ligand has transitioned to an operationally light, royalty-focused business model, boasting $1 billion in deployable capital and 12 major royalty-generating assets expected to yield over $150 million in 2025 royalty revenue.
- For 2026, the company anticipates Royalty Revenue between $200 million and $225 million, Total Revenue of $245 million to $285 million, and Adjusted Core EPS of $8.00 to $9.00.
- Ligand has updated its long-term outlook, projecting an expected Royalty Receipts Compound Annual Growth Rate (CAGR) of 23% from 2025-2030, primarily driven by the performance of Filspari, Ohtuvayre, and Zelsuvmi.
- The Zelsuvmi launch by Pelthos (in which Ligand holds ~50% ownership and a 13% royalty) reported ~$7 million in net sales for Q3 2025, with strong early uptake observed through October 2025.
- Significant near-term growth is expected from Filspari, which has a PDUFA date of January 13, 2026, for FSGS, alongside contributions from Ohtuvayre, Capvaxive, and Zelsuvmi.
Dec 9, 2025, 3:30 PM
LGND Updates Long-Term Royalty Growth Guidance and Provides 2025-2026 Financial Outlook
LGND
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- LGND is raising its long-term five-year guidance for royalty receipts to a 23% compound annual growth rate (CAGR) from 2025 through 2030, an increase from the previous 22% CAGR.
- For 2025, the company reiterates its financial guidance, expecting core revenue of $225-$235 million and adjusted earnings per share of $7.40-$7.65.
- The 2026 outlook projects royalty revenue of $200-$225 million (a 40% growth), total revenue of $245-$285 million (about 15% growth), and adjusted core EPS of $8-$9 per share (15% growth).
- The company plans to deploy $150-$250 million per year in capital, typically investing $20-$50 million per asset, supported by a recently bolstered balance sheet including a $460 million convertible note financing.
- Strategic initiatives include royalty monetization, project finance, and special situations, exemplified by the Pelthos spinout which resulted in a 13% royalty on Zelsuvmi and approximately 50% equity ownership.
Dec 9, 2025, 3:30 PM
Ligand Pharmaceuticals Provides Business and Financial Update
LGND
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Ligand Pharmaceuticals operates as a royalty aggregator, managing a diversified portfolio of over 100 partnerships with 12 major commercial-stage royalty streams, and expects to generate over $150 million in positive cash flow in 2025.
- For Q3 2025, the company reported total revenue of $87 million, a 68% increase year-over-year, and adjusted EPS of $3.09 per share, also up 68%.
- Ligand has updated its 2025 guidance, projecting total revenue between $225 million and $235 million and adjusted EPS between $7.40 and $7.65 per share.
- The company ended Q3 2025 with $665 million in cash and investments and approximately $1 billion in deployable capital, following a $460 million convertible debt transaction in August.
- Growth is driven by recent product approvals such as Pelthos' ZELSUVMI, Merck's Capvaxive, and Verona's Ohtuvayre, with a long-term outlook for a 22% CAGR in royalty receipts over the next five years.
Nov 20, 2025, 7:20 PM
Ligand Pharmaceuticals Discusses Royalty Aggregation Strategy and Strong Financial Performance
LGND
Guidance Update
Revenue Acceleration/Inflection
New Projects/Investments
- Ligand Pharmaceuticals operates as a royalty aggregator, managing a portfolio of over 100 partnerships with 12 major commercial-stage royalty streams, and expects to generate over $150 million in positive cash flow this year.
- For Q3, the company reported $87 million in total revenue, representing 68% growth over the prior year, and adjusted EPS grew 68% to $3.09 per share.
- Ligand updated its full-year guidance, revising total revenue to a range of $225 million-$235 million and adjusted EPS to $7.40-$7.65 per share.
- The company maintains a strong balance sheet with $665 million of cash and investments, and over $1 billion in deployable capital, including a $200 million line of credit and its investment in Pilthos Therapeutics.
- Ligand anticipates its royalty receipts to meet or exceed a 22% CAGR over the next five years, driven by existing commercial programs and future investments.
Nov 20, 2025, 7:20 PM
Quarterly earnings call transcripts for LIGAND PHARMACEUTICALS.
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