# Ligand Pharmaceuticals Incorporated (LGND)

> Source: Nexqual · https://nexqual.com/LGND · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Ligand Pharmaceuticals Incorporated (LGND), nexqual.com/LGND" · informational, not investment advice.

**Price:** USD 307.82 (-2.21% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 314.78 · day 305.34–315.27 · 52w 175.89–326.63 · market cap $6.14B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $291M, net income $197M (67.9% margin), free cash flow $131M (SEC filings).
- Valuation: P/E 31.1x (avg 27.6x at the last 2 fiscal year-ends), EV/EBITDA 46.3x, net cash $231M.
- Earnings quality: non-operating income $143M vs operating income $94.7M over the last four quarters; P/E excluding non-operating income ≈78.2x (estimate: non-operating income taxed at the company's 17.1% effective rate).
- Insider open-market sales, last ~7 months: 14 Form 4 filings, $25.1M; 6 not under a Rule 10b5-1 plan ($7.0M); 6 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.73 on a 1–5 scale) (11 analysts), mean target USD 345.75 (range 247–406).
- Total return with dividends: 1Y +66.2% vs S&P 500 +14.9%; 5Y +262.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 2.33, revenue estimate $77.2M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $242M | $196M | $131M | $167M | $268M | $291M |
| Operating income | $104M | $3.0M | $11.9M | -$22.6M | $41.0M | $94.7M |
| Net income | $57.1M | -$33.4M | $52.2M | -$4.0M | $124M | $197M |
| EPS (diluted) | $3.31 | -$1.98 | $2.94 | -$0.22 | $6.13 | — |
| Free cash flow | $70.0M | $120M | $46.1M | $95.2M | $48.9M | $131M |
| Operating margin | 43.0% | 1.5% | 9.1% | -13.5% | 15.3% | 32.6% |
| Net margin | 23.7% | -17.0% | 39.7% | -2.4% | 46.4% | 67.9% |
| Revenue growth | +47.7% | -18.8% | -33.1% | +27.3% | +60.4% | — |
| Cash + short-term investments | $341M | $212M | $170M | $256M | $734M | — |
| Total debt | $321M | $0K | — | $0K | $446M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 31.1x · P/E ex non-operating (est.) ≈78.2x · P/S 21.1x · EV/EBITDA 46.3x · EV/Sales 20.3x · P/FCF 46.7x · P/B 6.3x · FCF yield 2.14% · Earnings yield 3.21% · Net cash $231M · EV $5.91B
P/E at fiscal year-ends: Dec 2025 30.8x, Dec 2023 24.3x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
8 of 14 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-02 | Reardon Andrew | CLO & Secretary | 5,000 | $1.5M | 13.6% | Yes (adopted June 4, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-10 | Zimmermann Martine | Director | 1,200 | $342K | 23.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-03 | Reardon Andrew | CLO & Secretary | 5,000 | $1.4M | 12% | Yes (adopted June 04, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-12 | Espinoza Octavio | Chief Financial Officer | 31,641 | $9.2M | 53.3% | Yes (adopted May 13, 2026) | Too little history (no open-market trades in 2023) |
| 2026-08-12 | Haas Jason | Director | 7,138 | $2.1M | 64.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-03 | Reardon Andrew | CLO & Secretary | 5,000 | $1.4M | 10.7% | Yes (adopted November 24, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-01 | Reardon Andrew | CLO & Secretary | 5,000 | $1.6M | 10.7% | Yes (adopted November 24, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-16 | Sabba Stephen L | Director | 2,145 | $545K | 6% | No | Too little history (no open-market trades in 2025) |
| 2026-06-12 | Haas Jason | Director | 6,461 | $1.7M | 56.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-10…2026-06-11 | Aryeh Jason | Director | 5,000 | $1.3M | 4.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-10 | Lamattina John L | Director | 4,591 | $1.2M | 14.5% | No | Too little history (no open-market trades in 2023) |
| 2026-06-01 | Reardon Andrew | CLO & Secretary | 5,000 | $1.1M | 10.8% | Yes (adopted November 24, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-01…2026-05-13 | Kozarich John W | Director | 2,501 | $563K | 5.6% | Yes (adopted March 07, 2025) | Too little history (no open-market trades in 2024) |
| 2026-05-01 | Reardon Andrew | CLO & Secretary | 5,000 | $1.2M | 10.8% | Yes (adopted November 24, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.73 on a 1–5 scale), 11 analysts; mean target USD 345.75 (low 247, high 406).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-25 | Barclays | Initiated | Overweight | $345 |
| 2026-09-24 | HC Wainwright & Co. | Reiterated | Buy | $358 |
| 2026-09-23 | Citigroup | Target raised | Buy | $390 → $397 |
| 2026-08-14 | Leerink Partners | Initiated | Outperform | $330 |
| 2026-08-07 | RBC Capital | Target raised | Outperform | $340 → $345 |
| 2026-08-06 | HC Wainwright & Co. | Target raised | Buy | $289 → $358 |
| 2026-08-03 | Oppenheimer | Target raised | Outperform | $285 → $326 |
| 2026-07-15 | RBC Capital | Target raised | Outperform | $262 → $340 |
| 2026-07-09 | B of A Securities | Target raised | Buy | $266 → $388 |
| 2026-07-08 | Stifel | Target raised | Buy | $255 → $332 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +66.2% | +262.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +66.5% | +29.3% |
| Volatility (annualized) | 37.1% | 38.6% |
| Max drawdown | -14.7% (Jul 2026→Sep 2026) | -52.1% (Nov 2021→Jun 2022) |

## Peers (Biotechnology)
RYTM (Rhythm Pharmaceuticals, Inc.) USD 90.9 +2.57% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.14 -3.28% · PRAX (Praxis Precision Medicines, Inc) USD 258.92 +0.96% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.91 -0.81% · ABVX (Abivax SA) USD 90.23 -3.49% · TGTX (TG Therapeutics, Inc.) USD 53.16 -0.08%

## More
Full page: https://nexqual.com/LGND · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LGND's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/886163/000088616326000006/lgnd-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Baxter Healthcare | "We supply Captisol to Baxter for use in accordance with the terms of this license agreement and a separate supply agreement." |
| Partner | AGENUS INC (AGEN) | "Building on these results, Agenus, in collaboration with Canadian Cancer Trials Group (CCTG) has initiated the global BATTMAN Phase 3 trial evaluating BOT+BAL versus best supportive care (BSC) in patients with refractory…" |
| Partner | Pelthos Therapeutics Inc. (PTHS) | "We have a license agreement with Pelthos for Zelsuvmi (berdazimer) topical gel, 10.3%, the first and only at-home treatment for molluscum contagiosum infections in adults and pediatric patients one year of age and older." |
| Partner | Castle Creek Biosciences | "In February 2025, we entered into a royalty financing agreement with Castle Creek Biosciences, Inc., a late-stage cell and gene therapy company, to support Castle Creek's D-Fi (FCX-007) Phase 3 clinical study." |
| Partner | Pfizer (PFE) | "Lasofoxifene is a selective estrogen receptor modulator in development for the treatment of breast cancer, discovered through the research collaboration between Pfizer and Ligand." |
| Partner | BOSTON SCIENTIFIC CORP (BSX) | "In October 2025, we executed a third amendment to our agreement with Elutia in connection with Elutia's sale of its BioEnvelope business, including the EluPro™ and CanGaroo® bioenvelopes, to Boston Scientific Corporation…" |

Other companies that name LGND in their own reports (relationship from LGND's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | PALVELLA THERAPEUTICS, INC. (PVLA) | 10-K 2026-03-31 | "We are party to a Development Funding and Royalties Agreement with Ligand Pharmaceuticals, Inc. ("Ligand"), dated December 13, 2018, as amended May 22, 2020 and November 28, 2023 (the "Ligand Agreemen…" |
| partner | LeonaBio, Inc. (LONA) | 10-K 2026-03-31 | "Lasofoxifene was discovered through a research collaboration between Pfizer Inc. ("Pfizer") and Ligand Pharmaceuticals ("Ligand")." |
| partner | Pelthos Therapeutics Inc. (PTHS) | 10-K 2026-03-19 | "On March 24, 2025, LNHC assigned its intellectual property portfolio related to the Novan acquisition, including the NITRICIL technology, to Ligand and entered into an exclusive license and sublicense…" |
| partner | AGENUS INC (AGEN) | 10-K 2026-03-16 | "In May 2024, we entered into a Purchase and Sale Agreement with Ligand Pharmaceuticals Incorporated ("Ligand") covering specified economic interests in selected partnered programs and in BOT and BAL." |
| partner | ELUTIA INC. (ELUT) | 10-K 2026-03-13 | "We are also a party to a royalty agreement with Ligand Pharmaceuticals Incorporated ("Ligand") pursuant to which we have incurred a long-term obligation to Ligand (the "Revenue Interest Obligation")." |
| supplier | Orchestra BioMed Holdings, Inc. (OBIO) | 10-K 2026-03-12 | "We accounted for the sale of royalty revenues to Ligand, pursuant to the Royalty Purchase Agreement, in accordance with ASC 470, Debt, which addresses situations in which an entity receives cash from …" |
| partner | Travere Therapeutics, Inc. (TVTX) | 10-K 2026-02-19 | "In 2012, we entered into a license agreement with Ligand Pharmaceuticals, Inc. ("Ligand"), granting us a worldwide sublicense for the development, manufacture and commercialization of FILSPARI (sparse…" |
| partner | Viking Therapeutics, Inc. (VKTX) | 10-K 2026-02-11 | "We obtained exclusive worldwide rights to VK2809, VK0214 and VK5211 and certain other assets pursuant to an exclusive license agreement with Ligand Pharmaceuticals Incorporated, or Ligand." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Royalties | $48.0M | 75.4% | +32.0% |
| Revenue from intangible royalty assets | $37.4M | 58.7% | +24.2% |
| Filspari | $13.6M | 21.3% | +106.2% |
| Income from financial royalty assets | $10.7M | 16.8% | +69.0% |
| Captisol | $8.0M | 12.5% | -3.7% |
| Contract revenue and income | $7.7M | 12.1% | +161.1% |
| Contract revenue and income | $7.7M | 12.1% | +161.1% |
| Kyprolis | $7.0M | 11.1% | -20.0% |
| Qarziba | $6.2M | 9.7% | +4.5% |
| Income | $5.0M | 7.9% | +391.6% |
| Other | $4.3M | 6.7% | +66.5% |
| Ohtuvayre | $4.1M | 6.5% | +98.8% |
| Ohtuvayre inventors | $3.3M | 5.2% | — |
| Rylaze | $3.2M | 5.0% | +11.8% |
| Contract revenue | $2.7M | 4.2% | +39.3% |
| Capvaxive | $2.3M | 3.6% | +2.9% |
| Teriparatide injection | $1.5M | 2.3% | -36.0% |
| Vaxneuvance | $1.4M | 2.1% | -48.9% |
| Other | $1.2M | 1.9% | +186.4% |
| Total revenue | $63.7M | 100% | — |
The lines above cover 274.9% of total revenue.

## Customer concentration

Period ended 2025-12-31: 22%, 17%, 12% of revenue from unnamed direct customers (10-K, filed 2026-02-27).

## Company outlook (8-K filed 2026-08-06)

- "Revenue Guidance Unchanged Conference call begins at 8:30 a.m."
- "Eastern Time today JUPITER, Fla., August 6, 2026 – Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) today reported financial results for the three and six months ended June 30, 2026, and provided an operating forecast and business update."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.33 | $2.56 | -9.0% | $77.2M | 10 |
| Next quarter (ends 2026-12-31) | $3.01 | $3.02 | -0.4% | $96.6M | 10 |
| Current fiscal year (ends 2026-12-31) | $9.35 | $9.14 | +2.2% | $288.9M | 10 |
| Next fiscal year (ends 2027-12-31) | $11.96 | $11.60 | +3.1% | $381.7M | 10 |