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Ligand Pharmaceuticals LGND Q2 2026 earnings

Reported August 6, 2026 · Before market open

Revenue$63.7MBeat by $2.4M
EPS$2.37Beat by $0.40
Revenue estimate$61.3M
EPS estimate$1.97
“Ligand delivered another strong quarter, with royalty revenue growing 32% year-over-year and continued momentum from Filspari following its FSGS approval by the FDA. During the quarter, we also completed a $700 million convertible debt financing at a 0% interest rate, giving us access to low cost capital while maintaining a disciplined capital structure. Shortly after quarter-end, we closed our acquisition of XOMA Royalty, adding more than 120 commercial, clinical and preclinical-stage assets to our portfolio and further diversifying our royalty base across therapeutic areas, development stages, and partners. This transaction meaningfully strengthens our position as a leading biopharma royalty aggregator and, combined with our broadened portfolio, positions Ligand for a strong second half of 2026 and beyond.”
Todd Davis

Next report

Nov 5, 2026 (in 2 months)
Revenue estimate$78.1M
EPS estimate$2.30

Financials

Q2 2026

Income statement

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Revenue$63.7M+33.7%
Operating income$8.6M+1.7%
Net income$48.5M+901%
EPS (diluted)$2.22+825%

Balance sheet

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Cash & equivalents$1.0B+1,388%
Total debt$1.1B+19,605%
Total equity$967.5M+16.9%
Total assets$2.2B+130%

Cash flow

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Operating cash flow$24.0M+52.0%
CapEx$26.0K-87.9%
Free cash flow$24.0M+53.9%

Valuation & ratios

Valuation

as of 09/17/26
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Market cap$5.49B+70.1%
Enterprise value$5.61B+77.4%
P/E27.8×—
P/S18.9×+1.7×

Profitability

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Operating margin32.6%+24.0pp
Net margin67.9%+49.4pp
FCF margin45.2%+16.7pp

Returns & leverage

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Return on equity22%+16.9pp
Debt / equity1.2×+1.2×
Current ratio31.2×+25.7×

Segments

By product

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Filspari$13.6M+106%
Captisol$8.0M—
Kyprolis$7.0M—
Qarziba$6.2M+4.5%
Ohtuvayre inventors$3.3M—

By segment

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Development and Licensing of Biopharmaceutical Assets$63.7M+33.7%

FAQ

When did Ligand Pharmaceuticals report Q2 2026 earnings?
Ligand Pharmaceuticals (LGND) reported Q2 2026 earnings on August 6, 2026 before market open.
What were Ligand Pharmaceuticals's Q2 2026 revenue and EPS?
Ligand Pharmaceuticals reported revenue of $63.7M and eps of $2.37 for Q2 2026.
Did Ligand Pharmaceuticals beat estimates in Q2 2026?
Revenue beat the consensus estimate of $61.3M by $2.4M. EPS beat the consensus estimate of $1.97 by $0.40.
How did Ligand Pharmaceuticals's Q2 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 33.7% from $47.6M a year earlier and eps grew 48.1% from $1.60.
Where can I find Ligand Pharmaceuticals's Q2 2026 SEC filings?
You can read the 8-K earnings release (0000886163-26-000041) and the 10-Q periodic report (0000886163-26-000044) directly on SEC EDGAR. The filing index links above go to sec.gov.