Douglas Miehm

John Vandermosten

Matthew Hewitt

Trevor Allred

Joseph Pantginis

Annabel Samimy

Balaji Prasad

Larry Solow

Lawrence Solow

Vishal Balaji

- Ligand Pharmaceuticals operates as a **biopharmaceutical royalty aggregator**, holding **12 major commercial royalty revenue drivers** and a pipeline of **90 partnered programs**.  **[886163_tx_375185_1]** 
- For Q2 2025, total revenue increased **15% to $47.6 million**, with royalties up **57% to $36.4 million**.  **[886163_tx_375185_6]**  Adjusted EPS grew **14% to $1.6 per share**.  **[886163_tx_375185_6]** 
- The company raised its full-year 2025 guidance, now expecting revenue of **$200-$225 million** and adjusted EPS of **$6.7-$7 per share**.  **[886163_tx_375185_6]** 
- Ligand maintains a strong balance sheet with **$245 million in cash and investments** and recently secured a **$460 million convertible note**, bringing deployable capital to approximately **$800 million**.  **[886163_tx_375185_1]** **[886163_tx_375185_6]** 
- Key growth drivers include **Filspari** (9% royalty, FDA decision for FSGS in January 2026)  **[886163_tx_375185_3]** **[886163_tx_375185_7]** , **O2Ver** (3% royalty, acquired by Merck)  **[886163_tx_375185_4]** , and **Palvella's Qtorin Rapamycin** (8-10% tiered royalty, Phase 3 readout early next year).  **[886163_tx_375185_4]**

Ligand Pharmaceuticals Reports Strong Q2 2025 Results and Raises Full-Year Guidance

LIGAND PHARMACEUTICALS (LGND)