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Ligand Pharmaceuticals LGND Captisol — Inventory

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Other financials

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

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Market cap$6.02B+119%
Enterprise value$6.14B+129%
P/E30.5×
P/S20.7×+6.1×

Profitability

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Gross margin91.9%
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×

Where this comes from

Reported directly by Ligand Pharmaceuticals in its filing.

Tagged under the XBRL concept us-gaap:InventoryNet.

The source filing: Ligand Pharmaceuticals’s 10-Q, filed August 7, 2026.

Filed
Aug 7, 2026, 4:06 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0000886163-26-000044

Inventory, which consists of finished goods (Captisol), is stated at the lower of cost or net realizable value. We determine cost using the specific identification method. We analyze our inventory levels periodically and write down inventory to net realizable value if it has become obsolete, has a cost basis in excess of its expected net realizable value or is in excess of expected requirements. There was no obsolete inventory charge recorded during the three and six months ended June 30, 2026 and 2025. In addition to finished goods, as of June 30, 2026 and December 31, 2025, inventory included prepayments of $1.6 million and $2.1 million, respectively, to our supplier for Captisol.

Item 1. Condensed Consolidated Financial Statements (unaudited)

FAQ

What is Ligand Pharmaceuticals's captisol — inventory?
Ligand Pharmaceuticals (LGND) reported captisol — inventory of $1.6M in Q2 2026.
How has Ligand Pharmaceuticals's captisol — inventory changed year-over-year?
Ligand Pharmaceuticals's captisol — inventory decreased by 38.5% year-over-year, from $2.6M to $1.6M.
What is the long-term trend for Ligand Pharmaceuticals's captisol — inventory?
Over 3 years (2022 to 2025), Ligand Pharmaceuticals's captisol — inventory has grown at a -43.1% compound annual growth rate (CAGR), from $53.3M to $9.8M.
What does captisol — inventory mean?
The total value of raw materials, work-in-progress, and finished goods associated with the Captisol product line held by the company. Monitoring this balance helps assess supply chain efficiency and the company's ability to meet anticipated demand for its formulation technology.

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