Ligand Pharmaceuticals (LGND) financial statements
Ligand Pharmaceuticals reported revenue of $268M in fiscal 2025, up 10.5% a year over 9 years.
Net income was $124M and the operating margin 15.3%, against 40.3% in 2016.
Free cash flow was $49M, and the company returned $15M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ligand Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $109M | $141M | $251M | $120M | $164M | $242M | $196M | $131M | $167M | $268M |
| Cost of revenue | $6M | $5M | $6M | — | — | — | — | — | — | — |
| Gross profit | $103M | $136M | $245M | — | — | — | — | — | — | — |
| Research and development | $21M | $27M | $28M | $56M | $41M | $32M | $36M | $25M | $21M | $81M |
| Selling, general and admin | $28M | $29M | $38M | $42M | $60M | $47M | $70M | $53M | $79M | $92M |
| Operating income | $44M | $68M | $164M | $807M | $38M | $104M | $3M | $12M | -$23M | $41M |
| Interest expense | $13M | $13M | $48M | $36M | $27M | $20M | $2M | $656,000 | $3M | $5M |
| Pre-tax income | $8M | $57M | $173M | $797M | $1M | $72M | $36M | $64M | $3M | $159M |
| Income tax | $10M | $45M | $30M | $167M | -$5M | -$4M | $41M | $10M | $7M | $35M |
| Net income | -$2M | $13M | $143M | $629M | -$3M | $57M | -$33M | $52M | -$4M | $124M |
| EPS (diluted) | -$0.08 | $0.53 | $5.96 | $31.85 | -$0.18 | $3.31 | -$1.98 | $2.94 | -$0.22 | $6.13 |
| Diluted shares | 21M | 23M | 24M | 20M | 17M | 17M | 17M | 18M | 18M | 20M |
| Gross margin | 94.9% | 96.2% | 97.5% | — | — | — | — | — | — | — |
| Operating margin | 40.3% | 48.2% | 65.1% | 671.0% | 22.9% | 43.0% | 1.5% | 9.1% | -13.5% | 15.3% |
| Net margin | -1.5% | 8.9% | 57.0% | 523.2% | -1.8% | 23.7% | -17.0% | 39.7% | -2.4% | 46.4% |
Balance sheet
Fiscal years, from Ligand Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $141M | $202M | $718M | $1.1B | $411M | $341M | $212M | $170M | $256M | $734M |
| Receivables | $15M | $26M | $56M | $30M | $57M | $85M | $30M | $33M | $38M | $60M |
| Inventory | $2M | $4M | $7M | $7M | $26M | $27M | $13M | $24M | $14M | $9M |
| Total current assets | $163M | $237M | $871M | $1.1B | $501M | $465M | $264M | $237M | $332M | $832M |
| Property, plant and equipment | $2M | $4M | $5M | $7M | $13M | $13M | $12M | $16M | $15M | $4M |
| Goodwill | $72M | $86M | $87M | $95M | $190M | $106M | $106M | $103M | $105M | $102M |
| Total assets | $602M | $671M | $1.3B | $1.5B | $1.4B | $1.3B | $763M | $787M | $942M | $1.6B |
| Total current liabilities | $227M | $239M | $82M | $17M | $100M | $42M | $99M | $17M | $37M | $37M |
| Total liabilities | $231M | $252M | $700M | $728M | $653M | $476M | $165M | $86M | $111M | $543M |
| Shareholders' equity | $341M | $400M | $561M | $767M | $710M | $821M | $597M | $701M | $830M | $1.0B |
| Net debt | -$19M | -$21M | -$117M | -$72M | -$48M | -$20M | -$45M | -$23M | -$72M | -$175M |
Cash flow
Fiscal years, from Ligand Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $61M | $89M | $194M | -$29M | $55M | $79M | $138M | $50M | $97M | $49M |
| Capital spending | $2M | $2M | $887,000 | $3M | $4M | $9M | $18M | $4M | $2M | $452,000 |
| Free cash flow | $59M | $86M | $193M | -$32M | $50M | $70M | $120M | $46M | $95M | $49M |
| Stock-based compensation | $19M | $25M | $21M | $25M | $31M | $39M | $60M | $26M | $41M | $47M |
| Share buybacks (net) | -$4M | -$2M | -$123M | -$453M | -$78M | $0 | $0 | $0 | $0 | -$15M |
| Net borrowing | $0 | $0 | -$218M | -$27M | -$222M | -$156M | -$261M | -$77M | $0 | $0 |
| Free cash flow margin | 54.0% | 61.2% | 76.8% | -26.5% | 30.6% | 29.0% | 61.1% | 35.1% | 57.0% | 18.2% |
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Open LGND in InvestinglyQuestions
What was Ligand Pharmaceuticals's revenue in 2025?
$268M in fiscal 2025, from its 10-K filing.
How much free cash flow does Ligand Pharmaceuticals generate?
$49M in fiscal 2025 (operating cash flow minus capital spending).
From Ligand Pharmaceuticals's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.