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Ligand Pharmaceuticals Incorporated (LGND) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

HEALTHCARE · BIOTECHNOLOGY · DATA UPDATED 2026-08-16

Ligand Pharmaceuticals Incorporated (LGND) operates in the BIOTECHNOLOGY industry and is headquartered in Jupiter, United States with about 47 employees. Its market capitalization is roughly $6 billion. In the fiscal year ended 2025-12-31, LGND reported $268M in revenue and $124M in net income.

Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, develops and licenses biopharmaceutical assets worldwide.

Interactive charts & full statements → Open the LGND valuation workbench →

LGND Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$291M	$268M	$167M	$131M	$196M	$242M	$164M	$120M	$251M	$141M	$109M	$72M	$65M	$49M	$31M	$30M	$24M	$39M	$27M	$13M	$141M
Gross Profit	$286M	$261M	$156M	$96M	$143M	$179M	$133M	$109M	$245M	$136M	$103M	$66M	$55M	$43M	$28M	$25M	$24M	$24M	$27M	$13M	$118M
Gross Margin %	98.6%	97.5%	93.4%	73.3%	73.1%	74.3%	81.4%	90.6%	97.5%	96.2%	94.9%	91.9%	85.8%	88.3%	88.5%	83.7%	100.0%	60.9%	100.0%	100.0%	83.9%
Operating Income (EBIT)	$101M	$47M	($23M)	$12M	$3M	$104M	$38M	$807M	$164M	$68M	$44M	$27M	$20M	$15M	$1M	($1M)	($29M)	($10M)	($97M)	($60M)	($169M)
Operating Margin %	34.7%	17.6%	-13.5%	9.1%	1.6%	43.0%	22.9%	671.0%	65.1%	48.2%	40.3%	38.0%	30.4%	30.5%	1.8%	-2.3%	-124.5%	-25.6%	-356.1%	-466.7%	-119.7%
Net Income	$197M	$124M	($4M)	$52M	($33M)	$57M	($3M)	$629M	$143M	$13M	($2M)	$257M	$12M	$11M	($1M)	$10M	($13M)	($2M)	($98M)	$282M	($32M)
Net Margin %	67.9%	46.4%	-2.4%	39.7%	-17.0%	23.7%	-1.8%	523.2%	57.0%	8.9%	-1.5%	357.8%	18.6%	23.3%	-1.7%	33.9%	-53.2%	-5.0%	-359.2%	2184.6%	-22.5%
EBITDA	$274M	$193M	$41M	$101M	$81M	$143M	$57M	$876M	$238M	$81M	$55M	$30M	$23M	$21M	$4M	$2M	($13M)	($6M)	($96M)	($50M)	($62M)
Earnings Per Share (EPS)	$9.48	$6.13	$-0.22	$2.94	$-1.98	$3.31	$-0.18	$31.85	$5.96	$0.53	$-0.08	$12.12	$0.56	$0.55	$-0.03	$0.52	$-0.64	$-0.10	$-6.16	$17.22	$-2.36
Shares Outstanding (M)	22M	20M	18M	18M	17M	17M	16M	20M	24M	23M	21M	21M	21M	21M	20M	20M	20M	19M	16M	16M	13M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

LGND Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$64M	$52M	$60M	$115M	$48M	$45M	$43M	$52M
Gross Profit	$60M	$50M	$86M	$91M	$45M	$40M	$40M	$39M
Gross Margin %	95.0%	96.0%	143.6%	78.5%	93.9%	89.3%	93.4%	75.9%
Operating Income (EBIT)	$9M	$17M	$20M	$55M	$8M	($36M)	($10M)	$3M
Operating Margin %	13.5%	33.6%	33.6%	47.6%	17.7%	-79.9%	-22.5%	6.1%
Net Income	$49M	($13M)	$45M	$117M	$5M	($42M)	($31M)	($7M)
Net Margin %	76.2%	-25.8%	75.1%	101.6%	10.2%	-93.6%	-72.6%	-13.8%
EBITDA	$72M	($14M)	$66M	$149M	$21M	($41M)	($30M)	$3M
Earnings Per Share (EPS)	$2.22	$-0.67	$2.12	$5.81	$0.24	$-2.21	$-1.64	$-0.39
Shares Outstanding (M)	22M	20M	21M	20M	20M	19M	19M	18M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

LGND Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$132M	$49M	$97M	$50M	$138M	$79M	$55M	($29M)	$194M	$94M	$63M	$42M	$21M	$21M	$0M	($1M)	($27M)	($34M)	($21M)	($98M)	($139M)
Capital Expenditures (CapEx)	$0M	$0M	$20M	$54M	$18M	$9M	$4M	$3M	$12M	$7M	$28M	$11M	$4M	$5M	$9M	$0M	$0M	$1M	$0M	$0M	$2M
Free Cash Flow (FCF)	$131M	$49M	$77M	($4M)	$120M	$70M	$50M	($32M)	$182M	$86M	$35M	$31M	$16M	$16M	($8M)	($1M)	($27M)	($34M)	($21M)	($98M)	($140M)
FCF Margin %	45.2%	18.2%	46.3%	-3.2%	61.1%	29.0%	30.6%	-26.5%	72.5%	61.2%	31.8%	42.9%	24.9%	32.2%	-27.0%	-4.2%	-115.3%	-88.1%	-77.3%	-761.3%	-99.5%
Dividends Paid	—	—	—	—	$5M	$15M	$3M	$3M	—	$0M	$0M	$0M	$0M	$0M	$0M	$0M	—	—	—	$253M	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

LGND Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$24M	$49M	$46M	$13M	$16M	($26M)	$28M	$37M
Capital Expenditures (CapEx)	$0M	$0M	$0M	$0M	$0M	$0M	$1M	$14M
Free Cash Flow (FCF)	$24M	$48M	$46M	$13M	$16M	($26M)	$28M	$22M
FCF Margin %	37.7%	93.7%	76.8%	11.3%	32.7%	-56.8%	64.8%	43.0%

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

LGND Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$2.2B	$1.6B	$942M	$787M	$763M	$1.3B	$1.4B	$1.5B	$1.3B	$671M	$602M	$534M	$258M	$105M	$104M	$122M	$76M	$114M	$171M	$173M	$326M
Cash & Cash Equivalents	$1.0B	$175M	$72M	$23M	$45M	$20M	$48M	$72M	$718M	$202M	$141M	$200M	$167M	$16M	$12M	$7M	$3M	$16M	$29M	$77M	$158M
Total Liabilities	$1.2B	$543M	$111M	$86M	$165M	$476M	$653M	$728M	$700M	$252M	$231M	$230M	$234M	$55M	$78M	$114M	$83M	$110M	$182M	$144M	$299M
Total Debt (Short + Long-Term)	$1.1B	$447M	$1M	$0M	$77M	$322M	$451M	$640M	$636M	$243M	$242M	$242M	$3M	$9M	$34M	$30M	$8M	$0M	$6M	$2M	$40M
Total Shareholders' Equity	$968M	$1.0B	$830M	$701M	$597M	$821M	$710M	$767M	$561M	$419M	$371M	$304M	$26M	$50M	$26M	$9M	($7M)	$4M	($10M)	$29M	$27M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive LGND viewer.

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