Ligand Pharmaceuticals
Builds biopharmaceutical royalty portfolios and licenses Captisol and NITRICIL drug technologies.
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Profile
Acquires and structures royalty interests in commercial and late-stage biopharmaceutical products, earning primarily from partner product sales. Captisol material sales and Captisol and NITRICIL licensing add revenue, while partners carry most development, regulatory, manufacturing, and commercialization work.
Builds a diversified portfolio of biopharmaceutical royalties by purchasing existing rights, financing late-stage development, and acquiring companies or assets with embedded economics. The recent XOMA Royalty acquisition materially broadened its commercial and development-stage holdings. Royalty income is supplemented by Captisol material sales and license or milestone payments from the Captisol and NITRICIL technology platforms.
Sources opportunities through industry relationships and confidential diligence, then structures royalty purchases, development financing, and special-situation acquisitions. Partners conduct most clinical development, regulatory work, manufacturing, and commercialization, while royalty-bearing products are sold across the United States, Europe, and other regions.
Cash generation depends on partner product sales, development and regulatory outcomes, and counterparties meeting contractual obligations. Captisol supply comes primarily from facilities operated by a single supplier.
Company facts
Key statistics
Year to date +47.6% · Average volume (30d) 252.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 14, 2026 | Leerink Partners | Target | $330 | ||
| Aug 6, 2026 | H.C. Wainwright | Reiterate | Buy | $289 | $358 |
| Aug 3, 2026 | Oppenheimer | Reiterate | Outperform | $275 | $326 |
| Jul 20, 2026 | Craig-Hallum | Reiterate | Buy | $140 | $345 |
| Jul 15, 2026 | RBC Capital | Reiterate | Outperform | $252 | $340 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $2.01 | $2.37 | +17.9% | $61.3M | $63.7M | +3.9% | −0.80% |
| May 14, 2026Q1 FY26 | $1.84 | $1.63 | −11.4% | $59.1M | $51.7M | −12.5% | −2.63% |
| Feb 26, 2026Q4 FY25 | $1.46 | $2.02 | +38.4% | $55.6M | $59.7M | +7.3% | +1.09% |
| Nov 6, 2025Q3 FY25 | $1.97 | $3.09 | +56.9% | $55.6M | $115.5M | +107.7% | −2.76% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $45.3M | $47.6M | $115.5M | $59.7M | $51.7M | $63.7M | |
| Gross profit | $40.5M | $44.7M | $90.6M | $85.7M | $49.6M | $60.5M | |
| Operating income | −$36.2M | $8.4M | $54.9M | $20.0M | $17.4M | $8.6M | |
| Net income | −$42.5M | $4.8M | $117.3M | $44.8M | −$13.3M | $48.5M | |
| Diluted EPS | −$2.21 | $0.24 | $5.68 | $2.12 | −$0.67 | $2.22 | |
| Gross margin | 89.3% | 93.9% | 78.5% | 143.6% | 96.0% | 95.0% | |
| Operating margin | -79.9% | 17.7% | 47.6% | 33.6% | 33.6% | 13.5% |
Fiscal years (4-quarter sums)FY21 $277.1M · FY22 $172.9M · FY23 $131.3M · FY24 $167.1M · FY25 $268.1M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.36B · Total debt $1.13B · Total assets $2.19B · Shareholders' equity $967.5M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 20.04M · Float 19.55M · 97.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 3.10M | 15.47% | 13F | Aug 7, 2026 |
| Invesco Ltd. | 1.22M | 6.10% | 13G | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 1.14M | 5.68% | 13F | Aug 13, 2026 |
| Janus Henderson Group PLC | 1.04M | 5.30% | 13G | Nov 14, 2025 |
| Jupiter Topco LLC | 1.04M | 5.19% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 12, 2026 | Jason Haas | director | −7,138 | $292.81 |
| Aug 12, 2026 | Octavio Espinoza | officer: Chief Financial Officer | −31,641 | $292.07 |
| Aug 3, 2026 | Andrew Reardon | officer: CLO & Secretary | −5,000 | $288.99 |
| Jul 1, 2026 | Andrew Reardon | officer: CLO & Secretary | −5,000 | $313.28 |
| Jun 16, 2026 | Stephen L. Sabba | director | −2,145 | $254.00 |
Peers
- Royalty Pharma
The dominant biopharma royalty aggregator by portfolio scale and market share.
- Halozyme Therapeutics
SC delivery platform earning $868M in royalties from biologic-drug partnerships.
- OmniAb
Antibody discovery platform generating milestones and royalties from biopharma.
- Innoviva
GSK respiratory royalties plus critical care commercial therapeutics platform.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ligand Pharmaceuticals | $280.49 | −0.04% | $5.62B | 30.0 | 27.2 | 19.3 | +33.7% |
| Royalty Pharma | $60.65 | −0.33% | $26.97B | 35.0 | 13.3 | 10.6 | +33.6% |
| Halozyme Therapeutics | $105.06 | −0.28% | $12.50B | 31.4 | 11.0 | 7.5 | +47.7% |
| OmniAb | $4.40 | −1.47% | $648.0M | — | — | 16.9 | +244.2% |
| Innoviva | $20.97 | +0.05% | $1.55B | 5.1 | 9.8 | 3.5 | +19.3% |
| Median | 31.4 | 11.0 | 9.1 | +40.6% |