Ligand Pharmaceuticals Incorporated (LGND) Financial Statements & Analysis

Ligand Pharmaceuticals Incorporated (LGND) Income Statement

Ligand Pharmaceuticals Incorporated reported revenue of $268.09M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 60.4% from $167.13M a year earlier. Net income was $124.45M, a net margin of 46.4%. Gross margin was 94.6% and operating margin 15.3%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $63.69M, up 33.7% from the same quarter a year earlier.

Ligand Pharmaceuticals Incorporated Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

Ligand Pharmaceuticals Incorporated income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	268.09	167.13	131.31	196.25	241.54	163.56	120.28	251.45	141.10
Cost of Revenue	95.73	11.07	35.05	52.83	62.18	30.42	11.35	6.34	5.37
Gross Profit	253.54	156.06	120.80	143.42	179.37	133.14	108.94	245.12	135.74
Operating Expenses
Research & Development	81.18	21.43	24.54	36.08	32.11	40.50	55.91	27.86	26.89
Selling, General & Administrative	92.45	78.65	52.79	70.06	46.79	60.01	41.88	37.73	28.65
Operating Expenses	212.54	133.04	110.98	140.38	75.52	95.64	-698.14	81.39	67.66
Operating Income	41.00	23.02	9.82	3.04	103.85	37.50	807.08	163.73	68.08
Other Income/Expense
Interest Income	13.66	8.06	7.71	2.05	0.89	8.08	28.43	14.00	0.00
Interest Expense	4.72	3.04	-0.66	1.80	19.62	27.42	35.75	48.28	11.40
Other Income/Expense	126.90	-25.52	58.77	32.97	-31.65	-36.21	-10.44	9.60	-10.85
Income
Income Before Tax	158.96	2.52	63.66	36.01	72.21	1.29	796.64	173.33	57.23
Income Tax Expense	-34.51	6.55	-9.84	41.23	-4.15	-5.31	167.34	30.01	44.68
Net Income	124.45	-4.03	52.15	-33.36	57.14	-2.99	629.30	143.32	12.56
Net Income - Continuous Operations	124.45	-4.03	53.82	-33.36	57.14	-2.99	629.30	143.32	12.56
Net Income - Discontinued Operations	-	-	-1.67	-28.14	-19.22	-	-	-	-
EBITDA	80.97	40.79	46.34	81.20	142.77	56.67	876.12	238.30	81.15
EBIT	47.20	5.56	9.82	37.81	91.82	41.09	-	-	-
Depreciation & Amortization	33.78	32.96	36.52	43.39	50.95	27.97	43.73	16.69	12.52
Earnings Per Share
Basic EPS	6.00	-	3.00	-2.00	3.00	-	33.00	6.00	1.00
Diluted EPS	6.00	-	3.00	-2.00	3.00	-	32.00	6.00	1.00
Basic Shares Outstanding	19.34	18.29	17.30	16.87	16.63	16.19	19.00	24.05	21.03
Diluted Shares Outstanding	20.29	18.29	17.76	16.87	17.25	16.19	19.76	24.07	23.48

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Ligand Pharmaceuticals Incorporated Financial Statements

What was Ligand Pharmaceuticals Incorporated's revenue in fiscal 2025?

Ligand Pharmaceuticals Incorporated reported revenue of $268.09M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 60.4% from $167.13M a year earlier.

Is Ligand Pharmaceuticals Incorporated profitable?

Yes. Ligand Pharmaceuticals Incorporated earned net income of $124.45M in fiscal 2025, a net margin of 46.4%. In fiscal 2024 it lost $4.03M.

What is Ligand Pharmaceuticals Incorporated's operating margin?

Ligand Pharmaceuticals Incorporated's operating income was $41.00M on revenue of $268.09M in fiscal 2025, an operating margin of 15.3%, compared with 13.8% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition