# Ligand Pharmaceuticals Inc: overview

LGND · Nasdaq · CIK 886163 · [Healthcare](/sectors/healthcare.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/lgnd.md) · [Financials](/companies/lgnd/financials.md) · [Filings](/companies/lgnd/filings.md) · [Insiders](/companies/lgnd/insiders.md)

Latest reported revenue: [$63.7m](/filings/0000886163-26-000044.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 7, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0000886163-26-000044).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [51.8](/filings/0000886163-25-000063.md) | [42.8 d](/filings/0000886163-26-000006.md) | [45.3](/filings/0000886163-26-000034.md) | [47.6](/filings/0000886163-26-000044.md) | [115](/filings/0000886163-25-000063.md) | [59.7 d](/filings/0000886163-26-000006.md) | [51.7](/filings/0000886163-26-000034.md) | [63.7](/filings/0000886163-26-000044.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [6.1%](/filings/0000886163-25-000063.md) | [(22.5%) d](/filings/0000886163-26-000006.md) | [(79.9%)](/filings/0000886163-26-000034.md) | [17.7%](/filings/0000886163-26-000044.md) | [47.6%](/filings/0000886163-25-000063.md) | [23.2% d](/filings/0000886163-26-000006.md) | [33.6%](/filings/0000886163-26-000034.md) | [13.5%](/filings/0000886163-26-000044.md) |
| Net margin | % | [(13.8%)](/filings/0000886163-25-000063.md) | [(72.6%) d](/filings/0000886163-26-000006.md) | [(93.6%)](/filings/0000886163-26-000034.md) | [10.2%](/filings/0000886163-26-000044.md) | [101.6%](/filings/0000886163-25-000063.md) | [75.1% d](/filings/0000886163-26-000006.md) | [(25.8%)](/filings/0000886163-26-000044.md) | [76.2%](/filings/0000886163-26-000044.md) |
| Diluted EPS | $ per share | [(0.39)](/filings/0000886163-25-000063.md) | not reported | [(2.21)](/filings/0000886163-26-000034.md) | [0.24](/filings/0000886163-26-000044.md) | [5.68](/filings/0000886163-25-000063.md) | not reported | [(0.67)](/filings/0000886163-26-000034.md) | [2.22](/filings/0000886163-26-000044.md) |
| Free cash flow | $m | [35.9 d](/filings/0000886163-25-000063.md) | [27.8 d](/filings/0000886163-26-000006.md) | [(25.7)](/filings/0000886163-26-000034.md) | [15.6 d](/filings/0000886163-26-000044.md) | [13.1 d](/filings/0000886163-25-000063.md) | [45.9 d](/filings/0000886163-26-000006.md) | [48.5](/filings/0000886163-26-000034.md) | [24.0 d](/filings/0000886163-26-000044.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [242](/filings/0000886163-24-000009.md) | [196](/filings/0000886163-25-000012.md) | [131](/filings/0000886163-26-000006.md) | [167](/filings/0000886163-26-000006.md) | [268](/filings/0000886163-26-000006.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [43.0%](/filings/0000886163-24-000009.md) | [1.5%](/filings/0000886163-25-000012.md) | [9.1%](/filings/0000886163-26-000006.md) | [(13.5%)](/filings/0000886163-26-000006.md) | [15.3%](/filings/0000886163-26-000006.md) |
| Net margin | % | [23.7%](/filings/0000886163-24-000009.md) | [(17.0%)](/filings/0000886163-25-000012.md) | [39.7%](/filings/0000886163-26-000006.md) | [(2.4%)](/filings/0000886163-26-000006.md) | [46.4%](/filings/0000886163-26-000006.md) |
| Diluted EPS | $ per share | [3.31](/filings/0000886163-24-000009.md) | [(1.98)](/filings/0000886163-25-000012.md) | [2.94](/filings/0000886163-26-000006.md) | [(0.22)](/filings/0000886163-26-000006.md) | [6.13](/filings/0000886163-26-000006.md) |
| Free cash flow | $m | [70.0](/filings/0000886163-24-000009.md) | [120](/filings/0000886163-25-000012.md) | [46.1](/filings/0000886163-26-000006.md) | [95.2](/filings/0000886163-26-000006.md) | [48.9](/filings/0000886163-26-000006.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/lgnd/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $980.2m | 3,100,996 |  | Added +139,073 |
| [Invesco Ltd.](/funds/914208.md) | 2026-06-30 | $379.8m | 1,201,644 |  | Added +378,040 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $359.8m | 1,138,316 |  | Added +38,049 |
| [Jupiter Topco LLC](/funds/2146052.md) | 2026-06-30 | $328.9m | 1,040,578 |  | Not compared |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $275.3m | 870,950 |  | Added +22,861 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $261.3m | 826,539 |  | Added +47,683 |
| [FMR LLC](/funds/315066.md) | 2026-06-30 | $241.1m | 762,827 |  | Added +166,700 |
| [FRANKLIN RESOURCES INC](/funds/38777.md) | 2026-06-30 | $237.7m | 752,044 |  | Added +178,867 |
| [CONGRESS ASSET MANAGEMENT CO](/funds/897378.md) | 2026-06-30 | $208.6m | 659,911 |  | Added +155,274 |
| [JANUS HENDERSON GROUP PLC](/funds/1274173.md) | 2026-03-31 | $201.6m | 1,009,891 |  | Not compared |

## Recent filings

[All 1,609 filings](/companies/lgnd/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-30 | 16:47 ET | [10-Q](/filings/0000886163-26-000060.md) | Quarterly report, period 2026-09-30 | 0000886163-26-000060 |
| 2026-10-29 | 07:14 ET | [8-K](/filings/0000886163-26-000058.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0000886163-26-000058 |
| 2026-09-24 | 07:15 ET | [8-K](/filings/0000886163-26-000054.md) | 7.01 Regulation FD disclosure; 8.01 Other events | 0000886163-26-000054 |
| 2026-09-22 | 07:08 ET | [8-K](/filings/0000886163-26-000050.md) | 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0000886163-26-000050 |
| 2026-09-02 | 16:08 ET | [8-K/A](/filings/0000886163-26-000048.md) | 9.01 Financial statements and exhibits | 0000886163-26-000048 |
| 2026-08-07 | 16:06 ET | [10-Q](/filings/0000886163-26-000044.md) | Quarterly report, period 2026-06-30 | 0000886163-26-000044 |
| 2026-08-06 | 07:05 ET | [8-K](/filings/0000886163-26-000041.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0000886163-26-000041 |
| 2026-07-14 | 09:20 ET | [8-K](/filings/0001193125-26-302660.md) | 1.01 Entry into a material agreement; 2.01 Completion of an acquisition or disposition; 2.03 New direct financial obligation; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001193125-26-302660 |
| 2026-06-25 | 17:00 ET | [8-K](/filings/0001193125-26-282990.md) | 1.01 Entry into a material agreement; 2.03 New direct financial obligation; 3.02 Unregistered sale of equity; 8.01 Other events; 9.01 Financial statements and exhibits | 0001193125-26-282990 |
| 2026-06-22 | 07:11 ET | [8-K](/filings/0001193125-26-276694.md) | 1.01 Entry into a material agreement; 8.01 Other events; 9.01 Financial statements and exhibits | 0001193125-26-276694 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0000886163-26-000006.md), filed Feb 27, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, locked when the 8-K was accepted. It is scored when the 10-Q or 10-K is ingested. [See the target](/leagues/2026q3/targets/a03ac0a5-dbc6-4a9d-915e-ee69787e7358)

## About the filer

- CIK: 886163
- Tickers: LGND, LGNDZ, LGNXZ, LGNYZ, LGNZZ
- Exchange: Nasdaq
- SIC code: 2834 Pharmaceutical Preparations
- State of incorporation: DE
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 30, 2026, 16:58 ET. No prices; not investment advice.