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LGND · Ligand Pharmaceuticals Inc

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$308.79 -7.48 (-2.37%) At close · Nov 13
S&P 600 member Russell 2000 member Rebalance outlook locked
Market Cap
$6.18B
Shares
20.00M
Volume · Nov 13 135.79K Avg daily vol (3M) 225.05K

Price & Indicators

Drag to pan · scroll to zoom
Indicators
Price
Panels
Event markers
20d MA 50d MA 200d MA Earnings Filing Insider Congress Investor day
Close$308.79 Open$313.98 Day$308.59–314.79 52W close$181.65–322.75 Avg vol 30d218K Short int2.5M · 12.3% of shares · 10.5d Short vol76% Last earningsOct 29, 2026 DataJan 2020–Nov 2026 Filing10-Q · Oct 30

Up next

Next earnings call
Jan 8, 2027 Est · unconfirmed · in 8 wks
Q3 2026 earnings call transcript
call held Oct 29, 2026
Play latest call

Latest documents

2026
Oct 30
Quarterly report 10-Q FY2026 Q3, ended Sep 30
Royalties rise 51% as total revenue falls 32%

Ligand Pharmaceuticals Incorporated reported Q3 2026 royalties of $70.3 million, up 51%, while total revenue and income fell 32% to $78.7 million. Its July 14, 2026 XOMA acquisition expanded the portfolio to over 200 commercial, clinical and preclinical royalty assets.

Revenue $78.75M ▼ 31.8% Net loss $28.49M Diluted EPS -$1.43
Read from the MD&A section
4 source passages
References to “Ligand Pharmaceuticals Incorporated,” “Ligand,” the “Company,” “we” or “our” include Ligand Pharmaceuticals Incorporated and our wholly-owned subsidiaries. Total revenue and income decreased by $36.7 million, or 32%, to $78.7 million in Q3 2026 compared to $115.5 million in Q3 2025. Royalties increased by $23.7 million, or 51%, to $70.3 million in Q3 2026 compared to $46.6 million in Q3 2025, primarily attributable to royalties earned on the newly acquired XOMA assets, Filspari and Ohtuvayre. On July 14, 2026, Ligand completed the acquisition of XOMA Royalty, a biotechnology royalty aggregator. As a result, Ligand’s portfolio has more than doubled in size, now comprising over 200 commercial, clinical, and preclinical stage royalty assets. Open the document at this passage
Oct 29
Earnings call
Q3 2026 earnings call

Ligand reported royalty revenue of $70.3 million, up 51% year-over-year, and raised adjusted diluted EPS guidance to $9.50 to $9.75 per share. The $730 million Zoma acquisition closed, and up to seven pivotal readouts are expected through 2027.

Oct 29
Current report 8-K
Financial results

Ligand Pharmaceuticals reported third-quarter 2026 royalty revenue up 51% year-over-year to $70.3 million and raised 2026 adjusted diluted EPS guidance to $9.50 to $9.75 from $9.00 to $9.50, while reaffirming revenue guidance of $270 million to $310 million.

Sep 24
Current report 8-K
Regulation FD disclosure, Other events

Ligand Pharmaceuticals Incorporated entered a financing agreement with AvenCell Therapeutics, Inc. for up to $47 million, including up to $41 million for royalties on AvenCell assets and up to $6 million in Series C financing.

Sep 22
Current report 8-K
Regulation FD disclosure

Ligand acquired royalty and milestone rights to Santen’s Ryjunea from Sydnexis for $23 million upfront, including a tiered low-double-digit to high-teens royalty on net sales in EMEA and certain milestone payments.

All documents

Metrics snapshot

Useful current figures from the complete screener profile.

Revenue (TTM)
$253.83M
Trailing 12 months
Net income (TTM)
$51.46M
Trailing 12 months
Revenue growth YoY
-31.8%
Year over year
Operating margin
9.3%
Trailing 12 months
P / E (TTM)
121.6
Trailing earnings · reciprocal yield 0.8%
FCF yield
1.5%
TTM · current market cap
Return on invested capital
1.4%
Trailing 12 months
Net cash
−$680.82M
Latest balance sheet
Dividend yield
—
Trailing 12 months
Shares change YoY
-3.2%
Year over year · fewer shares
Price change (1Y)
+53.4%
Trailing year
Short interest
12.3%
Latest settlement · 10.5 days to cover
View all 125 metrics

Quarterly results

Revenue Net income Net loss
▲52.4% $42.81M −$31.09M '24 Q4* ▲46.3% $45.33M −$42.45M '25 Q1 ▲14.7% $47.63M $4.85M '25 Q2 ▲122.8% $115.46M $117.27M '25 Q3 ▲39.4% $59.67M $44.78M '25 Q4* ▲14.1% $51.72M −$13.35M '26 Q1 ▲33.7% $63.69M $48.51M '26 Q2 LATEST ▼31.8% $78.75M −$28.48M '26 Q3

* Q4 derived as the full year minus Q1 to Q3.

AI Brief

Q3 FY26 earnings call · Oct 29, 2026
Q3 FY26

TL;DR. Third-quarter royalty revenue grew 51% year-over-year to $70.3 million, like-for-like total revenues and income increased 26%, and nine-month adjusted diluted EPS increased 10%, while Ligand raised 2026 adjusted diluted EPS guidance to $9.50–$9.75 and reaffirmed revenue guidance. The XOMA acquisition more than doubled Ligand’s portfolio, which now exceeds 200 assets, and left approximately $750 million of deployable capital; however, quarterly adjusted EPS and GAAP earnings declined as higher G&A, investment losses, lower liquidity, and revenue-timing uncertainty pressured results.

Bullish
  • + Ligand raised full-year 2026 adjusted diluted EPS guidance to $9.50–$9.75 from $9.00–$9.50 while reaffirming revenue guidance.
  • + Filspari became Ligand’s largest royalty asset at an estimated $16.8 million for the quarter, up 85% from a year ago.
  • + Palvella’s Qtorin rapamycin NDA received FDA Priority Review with a February 28, 2027 PDUFA date and a potential first-half 2027 launch.
Bearish
  • − Third-quarter G&A expense increased to $72.6 million from $28.4 million, primarily due to XOMA transaction, integration, share-based compensation, and expanded staffing costs.
  • − Cash, cash equivalents, and short-term investments declined to $447.4 million from $733.5 million at December 31, 2025, primarily because of the XOMA acquisition.
  • − Customer-order and milestone timing creates uncertainty and can shift revenue between quarters.

AI-generated from the earnings call and 8-K · may contain errors · not investment advice

Equibles Rating

blended score · not investment advice
Overall
Strong Buy
SellHoldBuy
Technical Buy Momentum Very Strong Sentiment Bullish Fundamentals Excellent Quant / Vol Low
Market backdrop VIX 19.3 · elevated Equity put/call 0.63
Technical
price trend
Buy
50 / 200-day cross No cross
Price vs 200-day avg +20%
above
Price vs 50-day avg +2%
above
RSI (14) 50
neutral
MACD trend Negative
52-week position 90%
near high
Volume (OBV) Confirms
volume backs price
Momentum
relative strength
Very Strong
1-month return +4%
trailing
6-month return +31%
trailing
YTD return +63%
this year
Relative strength +31%
vs S&P · 6-mo
Sentiment
smart money
Bullish
Trend (MA cross) No cross
50d $302 › 200d $258 — 50d above 200d
Institutional flow Accumulating
375 of 424 funds reported for Sep 30 · net +698.2K sh shares · +42 new
Insider flow Distributing
Net -$2.1M over 90 days · 100% sells
Short interest Falling
12.32% of shares out · ▼ -1.5% MoM · 10.5 days cover
Volume signal Normal
Volume near normal
Institution breadth Multi-yr high
424 holders — near 3-yr high, broad support
Squeeze score 73
high risk · 0–100
Fundamentals
Excellent
Revenue growth +29%
Y/Y
EPS growth +2886%
Y/Y
Free cash flow $48.9M
Valuation P/E 121.6
rich
Buyback $50.0M
remaining
Quant / Vol
risk profile
Low
Volatility 37%
annualized · 1-yr
Max drawdown −15%
past year
ATR 3.7%
of price · 14-day

Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.

Guidance & track record

Beat or met 4 of last 7
Latest guidance · from the 8-K filed Oct 29, 2026
Royalty revenue · 2026 full year Maintained $225M – $250M
Aug 6, 2026 $225M – $250M changed to Oct 29, 2026 $225M – $250M
Captisol sales · 2026 full year $35M – $40M
Contract revenue · 2026 full year Maintained $10M – $20M
Aug 6, 2026 $10M – $20M changed to Oct 29, 2026 $10M – $20M
Total revenue · 2026 full year Maintained $270M – $310M
Aug 6, 2026 $270M – $310M changed to Oct 29, 2026 $270M – $310M
prior FY $268.09M midpoint +8.2% Y/Y
Previous outlook earlier release · from the 8-K filed Aug 6, 2026

Still-open targets the latest release did not restate under the same label.

Revenue from sales of Captisol · full-year 2026 $35M – $40M
Adjusted Core Net Income Per Share · 2026 $9.00 – $9.50
Guided vs delivered · last 7 settled
Total revenue 2025 full year
guided $200M – $225M
$268.09M Beat +26.2%
Total revenue 2024
guided $140M – $157M
$167.13M Beat +12.5%
2023 revenue 2023
guided $126M – $129M
$131.31M Beat +3.0%
Diluted EPS 2023
guided $4.60 – $4.75
$2.94 Miss −37.1%

Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.

Technicals

trend & momentum for long-term holders Buy
1 · 3 · 3
50 / 200-day cross
No cross Neutral
Price vs 200-day avg
+20% Bullish
Price vs 50-day avg
+2% Bullish
RSI (14)
50 Neutral
MACD trend
Negative Bearish
52-week position
90% Bullish
Volume (OBV)
Confirms Neutral
Market signals — smart money & positioning
Bullish · 3 of 6
Trend (MA cross) No cross
50d $302 › 200d $258 — 50d above 200d
Institutional flow Accumulating
375 of 424 funds reported for Sep 30 · net +698.2K sh shares · +42 new
Insider flow Distributing
Net -$2.1M over 90 days · 100% sells
Short interest Falling
12.32% of shares out · ▼ -1.5% MoM · 10.5 days cover
Volume signal Normal
Volume near normal
Institution breadth Multi-yr high
424 holders — near 3-yr high, broad support
Price context
position in its 52-week range
Range low $182 Now $309 · 90% Range high $323
vs 200-day avg +20% vs 50-day avg +2%

Illustrative technical + ownership context — a signal mix, not investment advice.

Key metrics

the company's own KPIs, from written earnings releases and filings
Metric Latest Period YoY
Adjusted net income non-GAAP $85.4M six months ended June 30, 2026 —

Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period

Versus peers

Biotechnology — same industry group
Open screener →
Company Mkt cap YTD Rev growth Y/Y P/E Short % shares
LGND
Ligand Pharmaceuticals Inc
this stock
$6.18B +63.3% +29.5% 121.6 12.3%
VRTX
Vertex Pharmaceuticals Inc
 $136.56B +18.8% +46.2% 34.7 1.9%
REGN
Regeneron Pharmaceuticals, Inc.
 $98.84B +23.8% +20.8% 21.1 2.1%
MRNA
Moderna, Inc.
 $90.38B +657.4% +4.3% — 8.2%
CSLLY
Csl Ltd
 $66.05B — — — 0.0%

Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding

At a glance

key data from every section
Ownership
Institutional Holders Accumulating
Holders
442
% held
117.2%
Reported
375 of 424
Top holder
BlackRock, Inc.
Held Float
View
Held by Funds
Fund positions
423
View
Short & Settlement
Short Interest Falling
Shares short
2.5M
Days to cover
10.5d
Change
-37.8K sh
View
Short Volume
Short vol %
76%
As of
Nov 13, 2026
Short Total
View
Fails to Deliver
FTD shares
43
Value
$13.0K
As of
Oct 2, 2026
View
Off-Exchange
Off-exchange %
45.6%
Week of
Oct 5, 2026
Off-exch Lit
View
Smart Money
Insider Trades Net selling
Net (90d)
-$2.1M
Buyers / Sellers
0 / 2
Buyers Sellers
View
Congressional Trades Buy
Member
Gilbert Cisneros
Amount
$1.0K–$15.0K
Traded
May 29, 2026
View
Financials
Financials
Revenue (FY)
$268.1M
Net income (FY)
$124.5M
EPS diluted
$6.13
View
Buybacks
Authorized
$50.0M
Remaining
$50.0M
Spent Remaining
View
Filings
SEC Filings
Latest
10-Q
Filed
Oct 30, 2026
This year
25

Ligand Pharmaceuticals Incorporated reported Q3 2026 royalties of $70.3 million, up 51%, while total revenue and income fell 32% to $78.7 million. Its July 14, 2026 XOMA acquisition expanded the portfolio to over 200 commercial, clinical and preclinical royalty assets.

View
Proposed Sales
Value
$636.3K
Shares
2.0K
Filed
Nov 12, 2026
View
Earnings & Events
Webcasts Upcoming
Next webcast
Nov 30, 2026
Last webcast
Oct 29, 2026
View
Investor Relations
Latest news
Ligand Reports Third Quarter 2026…
Published
Oct 29, 2026
Upcoming events
2
View

Performance

5D 20D 120D MTD YTD
LGND +0.9% +4.5% +31.2% -4.3% +63.3%
SPY +2.6% -1.2% +0.5% -0.2% +10.6%
vs SPY -1.7% +5.6% +30.7% -4.2% +52.7%

Capital returns

Buyback program · as of Sep 30, 2024
Authorized
$50.00M
Spent (derived)
$0
Remaining
$50.00M
Spent Remaining

Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.

Key facts CIK 886163 CUSIP 53220K504 13F (30d) 344 filings 318 filers Visit website Investor relations