FY2025 · ended Dec 31, 2025 · Revenue $268.09M, +60.4% YoY · Filed Feb 27, 2026
Ligand Pharmaceuticals Incorporated (LGND) files with the SEC under industry code 2834, Pharmaceutical Preparations. In fiscal 2025, which ended Dec 31, 2025, it reported revenue of $268.1 million and net income of $124.5 million. Free cash flow was $48.9 million. As of Sep 30, 2026 it held $447.4 million in cash and investments and $1.2 billion in total debt.
Revenue (TTM)
$253.83M
+1.0% vs year-ago TTM
Net income (TTM)
$51.46M
+5.9% vs year-ago TTM
Operating cash flow (TTM)
$91.03M
+185.2% vs year-ago TTM
Free cash flow (TTM)
$90.63M
+194.6% vs year-ago TTM
EPS (TTM)
$2.39
-4.1% vs year-ago TTM
Dividend per share
$2.50
Shares outstanding
19.94M
+3.6% vs prior year
Net cash
$-706.81M
as of Sep 30, 2026
Operating margin
10.2%
FY 2026
Company profile
- Industry
- Pharmaceutical Preparations (SIC 2834)
- Listed as
- LGND (Nasdaq), LGNDZ (OTC), LGNXZ (OTC), LGNYZ (OTC), LGNZZ (OTC)
- Fiscal year ends
- December 31
- Incorporated in
- DE
- Headquarters
- San Diego, CA
- SEC filer status
- Large accelerated filer
- SEC CIK
- 886163
- Former names
- LIGAND PHARMACEUTICALS (until Sep 13, 1994)
Other Pharmaceutical Preparations companies
- ELI LILLY & Co LLY
- Johnson & Johnson JNJ
- AbbVie Inc. ABBV
- Merck & Co., Inc. MRK
- Novartis AG NVS
- Astrazeneca PLC AZN
- Abbott Laboratories ABT
- Novo Nordisk A S NVO
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 31, 2025 |
FY 2024 Dec 31, 2024 |
FY 2023 Dec 31, 2023 |
FY 2022 Dec 31, 2022 |
FY 2021 Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $268.1M | $167.1M | $131.3M | $196.2M | $241.5M |
| Operating income | $41.0M | -$22.6M | $11.9M | $3.0M | $103.9M |
| Net income | $124.5M | -$4.0M | $52.2M | -$33.4M | $57.1M |
| Diluted EPS | $6.13 | -$0.22 | $2.94 | -$1.98 | $3.31 |
| Operating cash flow | $49.4M | $97.0M | $49.6M | $137.8M | $78.8M |
| Free cash flow | $48.9M | $95.2M | $46.1M | $119.9M | $70.0M |
| Total assets | $1.6B | $941.8M | $787.2M | $762.7M | $1.3B |
| Total liabilities | $543.4M | $111.3M | $86.3M | $165.2M | $476.4M |
| Stockholders' equity | $1.0B | $830.4M | $700.9M | $597.5M | $821.2M |
| Cash and investments | $733.5M | $256.2M | $170.3M | $211.9M | $341.1M |
| Total debt | $5.4M | $7.2M | $6.2M | $11.1M | $17.7M |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 10-Q | Quarterly report | Oct 30, 2026 | Sep 30, 2026 |
| 8-K |
Current report
Results of operations
|
Oct 29, 2026 | Oct 29, 2026 |
| 8-K |
Current report
Regulation FD disclosure, Other events
|
Sep 24, 2026 | Sep 24, 2026 |
| 8-K |
Current report
Regulation FD disclosure
|
Sep 22, 2026 | Sep 22, 2026 |
| 8-K/A | Amended current report | Sep 2, 2026 | Jul 14, 2026 |
| 10-Q | Quarterly report | Aug 7, 2026 | Jun 30, 2026 |
All 1000 Ligand Pharmaceuticals Incorporated SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.