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Ligand Pharmaceuticals LGND Q4 2025 Annual earnings

Reported February 26, 2026 · Before market open

Revenue$59.7MBeat by $4.1M
EPS$2.02Beat by $0.56
Revenue estimate$55.6M
EPS estimate$1.46

Next report

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

Financials

Q4 2025

Income statement

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Revenue$59.7M+39.4%
Operating income$13.8M+244%
Net income$44.8M+244%
EPS (diluted)$2.18+230%

Balance sheet

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Cash & equivalents$174.9M+142%
Total debt$5.4M-25.5%
Total equity$1.0B+22.5%
Total assets$1.6B+65.7%

Cash flow

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Operating cash flow$45.9M+61.3%
CapEx$9.0K-98.7%
Free cash flow$45.9M+65.4%

Valuation & ratios

Valuation

as of 12/31/25
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Market cap$3.72B+83.8%
Enterprise value$3.55B+81.3%
P/E29.9×—
P/S13.9×+1.8×

Profitability

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Operating margin15.3%+10.4pp
Net margin46.4%+44.2pp
FCF margin18.2%-38.7pp

Returns & leverage

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Return on equity13.5%+13.0pp
Debt / equity0×0.0×
Current ratio22.2×+13.3×

Segments

By product

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Contract revenue$60.4M+2,873%
Filspari$11.0M+131%
Kyprolis$8.9M-7.4%
Qarziba$6.4M—
Rylaze$3.8M+3.7%

By segment

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Development and Licensing of Biopharmaceutical Assets$59.7M+39.4%

FAQ

When did Ligand Pharmaceuticals report Q4 2025 earnings?
Ligand Pharmaceuticals (LGND) reported Q4 2025 earnings on February 26, 2026 before market open.
What were Ligand Pharmaceuticals's Q4 2025 revenue and EPS?
Ligand Pharmaceuticals reported revenue of $59.7M and eps of $2.02 for Q4 2025.
Did Ligand Pharmaceuticals beat estimates in Q4 2025?
Revenue beat the consensus estimate of $55.6M by $4.1M. EPS beat the consensus estimate of $1.46 by $0.56.
How did Ligand Pharmaceuticals's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 39.4% from $42.8M a year earlier.
Where can I find Ligand Pharmaceuticals's Q4 2025 SEC filings?
You can read the 8-K earnings release (0000886163-26-000003) and the 10-K periodic report (0000886163-26-000006) directly on SEC EDGAR. The filing index links above go to sec.gov.