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.
DM
Douglas Miehm
RBC Capital Markets
4 questions for LGND
Also covers: ACB, AUPH, BHC +2 more
JV
John Vandermosten
Zacks Small Cap Research
4 questions for LGND
Also covers: ACHV, BIOR, BLRX +10 more
MH
Matthew Hewitt
Craig-Hallum Capital Group LLC
4 questions for LGND
Also covers: ACET, APYX, BHST +21 more
TA
Trevor Allred
Oppenheimer & Co. Inc.
4 questions for LGND
Also covers: BBIO, CASI, VRDN
Joseph Pantginis
H.C. Wainwright & Co.
2 questions for LGND
Also covers: ARMP, BCDA, BLRX +15 more
Annabel Samimy
Stifel Financial Corp.
1 question for LGND
Also covers: ALT, APLS, CARA +14 more
BP
Balaji Prasad
Barclays
1 question for LGND
Also covers: ALVO, AMRX, ELAN +7 more
LS
Larry Solow
CJS Securities
1 question for LGND
Also covers: ARCB, BTSG, CDRE +14 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 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
Ligand Pharmaceuticals Highlights Royalty Aggregation Strategy and Raised 2025 Guidance
LGND
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Ligand Pharmaceuticals operates as a royalty aggregator, managing a diversified portfolio of over 100 partnerships, including 12 major commercial-stage royalty streams and approximately 90 pipeline assets.
- For Q3 2025, the company reported total revenue of $87 million, a 68% increase year-over-year, and royalties of $47 million, a 47% increase year-over-year.
- Ligand has raised its full-year 2025 guidance, with total revenue now projected between $225 million-$235 million and adjusted EPS between $7.40-$7.65.
- The company maintains a strong financial position with $665 million in cash and investments and over $1 billion in deployable capital, supported by a recent $460 million convertible debt transaction.
- Ligand anticipates its royalty receipts to achieve a 22% CAGR over the next five years, fueled by existing commercial programs, development-stage assets, and future investments from its $175 million annual cash generation.
Nov 20, 2025, 7:20 PM
Orchestra BioMed Reports Q3 2025 Financial Results and Business Updates
LGND
Earnings
New Projects/Investments
Convertible Preferred Issuance
- Orchestra BioMed secured $147.6 million in proceeds and committed capital from strategic transactions and equity offerings, including $71.6 million from Medtronic and Ligand, and $30 million from Terumo, extending its cash runway into Q4 2027.
- For the third quarter ended September 30, 2025, the company reported $0.9 million in revenue and a net loss of $20.8 million, or $0.40 per share.
- The company initiated patient enrollments in the Virtue® Sirolimus AngioInfusion™ Balloon (Virtue SAB) trial and implemented FDA-approved protocol enhancements for the BACKBEAT global pivotal study, with enrollment completion targeted for mid-2027 and mid-2026, respectively. Strategic collaborations were also expanded with Medtronic and a new agreement was established with Terumo.
Nov 10, 2025, 9:10 PM
Pelthos Therapeutics acquires Xepi and secures $18 million in convertible notes financing
LGND
M&A
Debt Issuance
New Projects/Investments
- Pelthos Therapeutics Inc. acquired the U.S. commercialization rights to Xepi® (ozenoxacin) Cream, 1%, an FDA-approved topical treatment for impetigo, for an upfront payment of $4.2 million to Biofrontera and Ferrer. The company intends to re-launch Xepi in late 2026.
- Pelthos closed an $18 million private convertible notes financing with existing investors, including Ligand Pharmaceuticals Incorporated. The proceeds will be used to acquire and re-launch Xepi, accelerate the commercialization of ZELSUVMI, and for general working capital purposes.
Nov 7, 2025, 1:00 PM
Ligand Reports Strong Q3 2025 Results and Raises Full-Year Guidance
LGND
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Ligand reported strong Q3 2025 financial results, with adjusted core revenue growing 68% year over year to $86.9 million and adjusted EPS increasing 68% to $3.09.
- The company raised its full-year 2025 guidance for the second time, now expecting core revenue between $225-$235 million and adjusted EPS between $7.40-$7.65.
- Royalty revenue grew 47% year over year to $46.6 million, primarily driven by the strong performance of Merck's Ohtuvayre and Capvaxive, and Travere's Filspari, which is now the largest royalty-generating asset.
- Ligand completed a $460 million convertible debt financing, contributing to approximately $1 billion in deployable capital, and recognized a $53 million gain from the deconsolidation of Pelthos.
Nov 6, 2025, 1:30 PM
Ligand Reports Strong Q3 2025 Financial Performance and Raises Full-Year Guidance
LGND
Earnings
Guidance Update
New Projects/Investments
- Ligand reported robust Q3 2025 financial results, with Total Core Revenue growing 68% to $86.9M and Adjusted Diluted EPS increasing 68% to $3.09 compared to Q3 2024.
- The company raised its full-year 2025 guidance for Core Revenue to $225M-$235M and Adjusted EPS to $7.40-$7.65 per diluted share.
- Key royalty assets like Ohtuvayre, Filspari, and Capvaxive drove Q3 2025 royalty revenue up 47% to $46.6M.
- Ligand maintains a strong capital position with $665M in cash and investments and approximately $1B in deployable capital as of September 30, 2025, following $121M committed across 5 investments in 2025.
Nov 6, 2025, 1:30 PM
Quarterly earnings call transcripts for LIGAND PHARMACEUTICALS.
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