Ligand Pharma Financials

LGND

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 80/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Ligand Pharma has an operating margin of -13.5%, meaning the company retains $-14 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from 9.1% the prior year.

Growth

100

Ligand Pharma's revenue surged 27.3% year-over-year to $167.1M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

100

Ligand Pharma carries a low D/E ratio of 0.13, meaning only $0.13 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 8.93, Ligand Pharma holds $8.93 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

100

Ligand Pharma converts 57.0% of revenue into free cash flow ($95.2M). This strong cash generation earns a score of 100/100.

Piotroski F-Score Weak

3/9

Ligand Pharma passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

-24.07x

For every $1 of reported earnings, Ligand Pharma generates $-24.07 in operating cash flow ($97.0M OCF vs -$4.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-7.4x

Ligand Pharma earns $-7.4 in operating income for every $1 of interest expense (-$22.6M vs $3.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Ligand Pharma (LGND) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$167.1M

YoY+27.3%

5Y CAGR+6.8%

10Y CAGR+10.0%

Ligand Pharma generated $167.1M in revenue in fiscal year 2024. This represents an increase of 27.3% from the prior year.

EBITDA

$12.6M

YoY-73.9%

5Y CAGR-56.7%

10Y CAGR-5.5%

Ligand Pharma's EBITDA was $12.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 73.9% from the prior year.

Free Cash Flow

$95.2M

YoY+106.8%

10Y CAGR+16.6%

Ligand Pharma generated $95.2M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 106.8% from the prior year.

Net Income

-$4.0M

YoY-107.7%

Ligand Pharma reported -$4.0M in net income in fiscal year 2024. This represents a decrease of 107.7% from the prior year.

EPS (Diluted)

$-0.22

YoY-107.5%

Ligand Pharma earned $-0.22 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 107.5% from the prior year.

Cash & Debt

$72.3M

YoY+215.0%

5Y CAGR+0.2%

10Y CAGR-7.6%

Ligand Pharma held $72.3M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

19M

YoY+8.8%

5Y CAGR+2.6%

10Y CAGR-0.3%

Ligand Pharma had 19M shares outstanding in fiscal year 2024. This represents an increase of 8.8% from the prior year.

Gross Margin

N/A

Operating Margin

-13.5%

YoY-22.6pp

5Y CAGR-684.5pp

10Y CAGR-43.9pp

Ligand Pharma's operating margin was -13.5% in fiscal year 2024, reflecting core business profitability. This is down 22.6 percentage points from the prior year.

Net Margin

-2.4%

YoY-42.1pp

5Y CAGR-525.6pp

10Y CAGR-21.0pp

Ligand Pharma's net profit margin was -2.4% in fiscal year 2024, showing the share of revenue converted to profit. This is down 42.1 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$21.4M

YoY-12.7%

5Y CAGR-17.5%

10Y CAGR+8.2%

Ligand Pharma invested $21.4M in research and development in fiscal year 2024. This represents a decrease of 12.7% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$1.8M

YoY-48.3%

5Y CAGR-6.5%

10Y CAGR+77.1%

Ligand Pharma invested $1.8M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 48.3% from the prior year.

LGND Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$167.1M+27.3%	$131.3M-33.1%	$196.2M-18.8%	$241.5M+47.7%	$163.6M+36.0%	$120.3M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$21.4M-12.7%	$24.5M-32.0%	$36.1M+12.4%	$32.1M-20.7%	$40.5M-27.6%	$55.9M
SG&A Expenses	$78.7M+49.0%	$52.8M-24.7%	$70.1M+49.7%	$46.8M-22.0%	$60.0M+43.3%	$41.9M
Operating Income	-$22.6M-289.3%	$11.9M+293.2%	$3.0M-97.1%	$103.9M+176.9%	$37.5M-95.4%	$807.1M
Interest Expense	$3.0M+363.0%	$656K-63.5%	$1.8M-90.8%	$19.6M-28.4%	$27.4M-23.3%	$35.7M
Income Tax	$6.5M-33.4%	$9.8M-76.1%	$41.2M+1094.0%	-$4.1M+21.8%	-$5.3M-103.2%	$167.3M
Net Income	-$4.0M-107.7%	$52.2M+256.3%	-$33.4M-158.4%	$57.1M+2014.2%	-$3.0M-100.5%	$629.3M
EPS (Diluted)	$-0.22-107.5%	$2.94+248.5%	$-1.98-159.8%	$3.31+1938.9%	$-0.18-100.6%	$31.85

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$115.5M+142.4%	$47.6M+5.1%	$45.3M+5.9%	$42.8M+3.1%	$41.5M+34.1%	$31.0M+10.2%	$28.1M-14.5%	$32.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$21.0M+220.1%	$6.6M-86.9%	$50.1M+1031.9%	$4.4M-17.4%	$5.4M-10.3%	$6.0M+8.8%	$5.5M-0.8%	$5.5M
SG&A Expenses	$28.4M+41.0%	$20.2M+7.3%	$18.8M-26.6%	$25.6M+45.3%	$17.6M+60.9%	$11.0M-31.5%	$16.0M+9.1%	$14.7M
Operating Income	$54.9M+550.5%	$8.4M+123.3%	-$36.2M-275.8%	-$9.6M+49.5%	-$19.1M-739.2%	$3.0M+189.0%	-$3.4M-209.1%	$3.1M
Interest Expense	$910K-21.1%	$1.2M+33.0%	$867K-2.3%	$887K-30.0%	$1.3M+799.3%	$141K+7.6%	$131K+13000.0%	$1K
Income Tax	$23.9M+274.3%	$6.4M+182.5%	-$7.7M+4.7%	-$8.1M+39.8%	-$13.5M-149.4%	$27.3M+2603.0%	-$1.1M+41.7%	-$1.9M
Net Income	$117.3M+2319.5%	$4.8M+111.4%	-$42.5M-36.6%	-$31.1M+40.1%	-$51.9M-160.3%	$86.1M+373.6%	$18.2M+277.0%	-$10.3M
EPS (Diluted)	$5.68+2266.7%	$0.24+110.9%	$-2.21-30.0%	$-1.70+41.0%	$-2.88-160.6%	$4.75+343.9%	$1.07+281.4%	$-0.59

LGND Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$941.8M+19.6%	$787.2M+3.2%	$762.7M-41.2%	$1.3B-4.7%	$1.4B-8.9%	$1.5B
Current Assets	$331.6M+39.6%	$237.4M-9.9%	$263.6M-43.3%	$464.8M-7.2%	$500.6M-55.5%	$1.1B
Cash & Equivalents	$72.3M+215.0%	$23.0M-49.0%	$45.0M+130.5%	$19.5M-59.0%	$47.6M-33.4%	$71.5M
Inventory	$14.1M-41.1%	$24.0M+80.3%	$13.3M-51.4%	$27.3M+3.2%	$26.5M+263.0%	$7.3M
Accounts Receivable	$38.4M+16.6%	$32.9M+8.2%	$30.4M-64.4%	$85.5M+50.3%	$56.8M+87.1%	$30.4M
Goodwill	$105.3M+1.8%	$103.4M	$0-100.0%	$105.7M-44.3%	$189.7M+99.2%	$95.2M
Total Liabilities	$111.3M+29.0%	$86.3M-47.8%	$165.2M-65.3%	$476.4M-27.0%	$652.8M-10.3%	$727.7M
Current Liabilities	$37.1M+121.1%	$16.8M-83.0%	$98.8M+137.2%	$41.7M-58.4%	$100.1M+488.8%	$17.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$830.4M+18.5%	$700.9M+17.3%	$597.5M-27.2%	$821.2M+15.7%	$709.5M-7.5%	$767.2M
Retained Earnings	$499.0M-0.8%	$503.0M+11.6%	$450.9M+0.4%	$449.1M+14.6%	$392.0M-2.0%	$400.1M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$1.5B+55.7%	$948.6M+4.8%	$905.4M-3.9%	$941.8M+8.7%	$866.4M-5.2%	$913.9M+16.1%	$787.2M+2.3%	$769.2M
Current Assets	$753.9M+113.6%	$352.9M+14.1%	$309.3M-6.7%	$331.6M+6.2%	$312.3M-15.4%	$368.9M+55.4%	$237.4M-6.5%	$254.0M
Cash & Equivalents	$139.4M+106.0%	$67.7M+41.0%	$48.0M-33.6%	$72.3M+298.6%	$18.1M-63.8%	$50.1M+118.2%	$23.0M+19.1%	$19.3M
Inventory	$11.9M-23.2%	$15.5M+6.0%	$14.6M+3.5%	$14.1M-24.4%	$18.7M-12.5%	$21.3M-11.0%	$24.0M-5.6%	$25.4M
Accounts Receivable	$57.6M+39.4%	$41.3M+7.3%	$38.5M+0.3%	$38.4M+2.4%	$37.5M+31.8%	$28.4M-13.6%	$32.9M-8.6%	$36.0M
Goodwill	$101.5M0.0%	$101.5M0.0%	$101.5M-3.5%	$105.3M0.0%	$105.3M0.0%	$105.3M+1.8%	$103.4M-0.4%	$103.8M
Total Liabilities	$526.6M+338.6%	$120.1M+9.3%	$109.9M-1.3%	$111.3M+22.1%	$91.2M-15.0%	$107.3M+24.4%	$86.3M-14.8%	$101.3M
Current Liabilities	$30.5M-52.8%	$64.7M+10.3%	$58.7M+58.1%	$37.1M+99.9%	$18.6M+4.2%	$17.8M+6.2%	$16.8M+6.7%	$15.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$950.2M+14.9%	$827.3M+4.0%	$795.6M-4.2%	$830.4M+7.1%	$775.2M-3.9%	$806.5M+15.1%	$700.9M+4.9%	$667.9M
Retained Earnings	$578.2M+25.3%	$461.4M+1.1%	$456.5M-8.5%	$499.0M-7.1%	$537.2M-8.8%	$589.2M+17.1%	$503.0M+3.8%	$484.8M

LGND Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$97.0M+95.8%	$49.6M-64.0%	$137.8M+74.9%	$78.8M+44.4%	$54.6M+286.1%	-$29.3M
Capital Expenditures	$1.8M-48.3%	$3.5M-80.4%	$17.9M+104.6%	$8.8M+96.5%	$4.5M+74.6%	$2.6M
Free Cash Flow	$95.2M+106.8%	$46.1M-61.6%	$119.9M+71.2%	$70.0M+39.7%	$50.1M+257.2%	-$31.9M
Investing Cash Flow	-$143.7M-1129.8%	-$11.7M-107.1%	$163.6M+436.1%	$30.5M-86.8%	$231.6M-50.4%	$466.9M
Financing Cash Flow	$97.1M+262.0%	-$59.9M+78.3%	-$276.0M-100.3%	-$137.8M+55.6%	-$310.5M+36.0%	-$485.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$0	$0-100.0%	$78.0M-82.8%	$453.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$13.1M-17.1%	$15.8M+162.1%	-$25.4M-189.4%	$28.5M+113.8%	$13.3M-28.9%	$18.7M+132.3%	$8.1M+5.5%	$7.6M
Capital Expenditures	$15K-93.0%	$214K0.0%	$214K-69.9%	$712K+74.5%	$408K+288.6%	$105K-74.8%	$417K-14.4%	$487K
Free Cash Flow	$13.1M-16.1%	$15.6M+160.7%	-$25.7M-192.4%	$27.8M+115.1%	$12.9M-30.7%	$18.6M+143.6%	$7.6M+6.8%	$7.2M
Investing Cash Flow	-$353.4M-3213.4%	-$10.7M-318.0%	$4.9M+112.7%	-$38.6M+29.5%	-$54.8M-1350.6%	-$3.8M+63.3%	-$10.3M+47.3%	-$19.5M
Financing Cash Flow	$409.6M+2631.9%	$15.0M+415.9%	-$4.7M-123.3%	$20.4M+114.8%	$9.5M-22.1%	$12.2M+129.2%	$5.3M+62.5%	$3.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

LGND Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-13.5%-22.6pp	9.1%+7.5pp	1.6%-41.4pp	43.0%+20.1pp	22.9%-648.1pp	671.0%
Net Margin	-2.4%-42.1pp	39.7%+56.7pp	-17.0%-40.7pp	23.7%+25.5pp	-1.8%-525.0pp	523.2%
Return on Equity	N/A	7.4%	N/A	7.0%	N/A	82.0%
Return on Assets	-0.4%-7.1pp	6.6%+11.0pp	-4.4%-8.8pp	4.4%+4.6pp	-0.2%-42.3pp	42.1%
Current Ratio	8.93-5.2	14.15+11.5	2.67-8.5	11.15+6.2	5.00-61.1	66.09
Debt-to-Equity	0.13+0.0	0.12-0.2	0.28-0.3	0.58-0.3	0.92-0.0	0.95
FCF Margin	57.0%+21.9pp	35.1%-26.0pp	61.1%+32.1pp	29.0%-1.7pp	30.6%+57.2pp	-26.5%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	47.6%+29.8pp	17.7%+97.6pp	-79.9%-57.4pp	-22.5%+23.5pp	-46.0%-55.6pp	9.7%+21.6pp	-11.9%-21.3pp	9.4%
Net Margin	101.6%+91.4pp	10.2%+103.8pp	-93.6%-21.0pp	-72.6%+52.4pp	-125.0%-403.1pp	278.1%+213.3pp	64.7%+96.0pp	-31.3%
Return on Equity	12.3%+11.8pp	0.6%	N/A	N/A	N/A	10.7%+8.1pp	2.6%	N/A
Return on Assets	7.9%+7.4pp	0.5%+5.2pp	-4.7%-1.4pp	-3.3%+2.7pp	-6.0%-15.4pp	9.4%+7.1pp	2.3%+3.6pp	-1.3%
Current Ratio	24.69+19.2	5.45+0.2	5.27-3.7	8.93-7.9	16.82-3.9	20.70+6.6	14.15-2.0	16.15
Debt-to-Equity	0.55+0.4	0.150.0	0.140.0	0.13+0.0	0.12-0.0	0.130.0	0.12-0.0	0.15
FCF Margin	11.3%-21.4pp	32.7%+89.3pp	-56.6%-121.4pp	64.8%+33.8pp	31.1%-29.0pp	60.1%+32.9pp	27.2%+5.4pp	21.8%

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Frequently Asked Questions

What is Ligand Pharma's annual revenue?

Ligand Pharma (LGND) reported $167.1M in total revenue for fiscal year 2024. This represents a 27.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Ligand Pharma's revenue growing?

Ligand Pharma (LGND) revenue grew by 27.3% year-over-year, from $131.3M to $167.1M in fiscal year 2024.

Is Ligand Pharma profitable?

No, Ligand Pharma (LGND) reported a net income of -$4.0M in fiscal year 2024, with a net profit margin of -2.4%.

What is Ligand Pharma's earnings per share (EPS)?

Ligand Pharma (LGND) reported diluted earnings per share of $-0.22 for fiscal year 2024. This represents a -107.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Ligand Pharma's EBITDA?

Ligand Pharma (LGND) had EBITDA of $12.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Ligand Pharma's operating margin?

Ligand Pharma (LGND) had an operating margin of -13.5% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Ligand Pharma's net profit margin?

Ligand Pharma (LGND) had a net profit margin of -2.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Ligand Pharma's free cash flow?

Ligand Pharma (LGND) generated $95.2M in free cash flow during fiscal year 2024. This represents a 106.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Ligand Pharma's operating cash flow?

Ligand Pharma (LGND) generated $97.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Ligand Pharma's total assets?

Ligand Pharma (LGND) had $941.8M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Ligand Pharma's capital expenditures?

Ligand Pharma (LGND) invested $1.8M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Ligand Pharma spend on research and development?

Ligand Pharma (LGND) invested $21.4M in research and development during fiscal year 2024.

How many shares does Ligand Pharma have outstanding?

Ligand Pharma (LGND) had 19M shares outstanding as of fiscal year 2024.

What is Ligand Pharma's current ratio?

Ligand Pharma (LGND) had a current ratio of 8.93 as of fiscal year 2024, which is generally considered healthy.

What is Ligand Pharma's debt-to-equity ratio?

Ligand Pharma (LGND) had a debt-to-equity ratio of 0.13 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Ligand Pharma's return on assets (ROA)?

Ligand Pharma (LGND) had a return on assets of -0.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Ligand Pharma's Piotroski F-Score?

Ligand Pharma (LGND) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Ligand Pharma's earnings high quality?

Ligand Pharma (LGND) has an earnings quality ratio of -24.07x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Ligand Pharma cover its interest payments?

Ligand Pharma (LGND) has an interest coverage ratio of -7.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Ligand Pharma?

Ligand Pharma (LGND) scores 80 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.