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Segments

By segment

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Development and Licensing of Biopharmaceutical Assets$48.51M+901%

Other financials

Income statement

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Revenue$63.7M+33.7%
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:OperatingIncomeLoss.

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
Line itemThree months ended / June 30, 2026Three months ended / June 30, 2025Six months ended / June 30, 2026Six months ended / June 30, 2025
General and administrative29,12320,17549,95938,976
Fair value adjustments to partner program derivatives1,276833
Total operating costs and expenses55,10239,18389,456120,732
Operating income (loss)8,5918,44425,959(27,772)
Non-operating income and expenses:
Gain (loss) from short-term investments11,75493915,623(11,428)
Gain (loss) from change in fair value of equity-method investments and other investments35,727(13,502)
Interest income7,2981,62113,9533,392

Item 1. Condensed Consolidated Financial Statements (unaudited)

FAQ

What is Ligand Pharmaceuticals's operating income?
Ligand Pharmaceuticals (LGND) reported operating income of $8.59M in Q2 2026.
How has Ligand Pharmaceuticals's operating income changed year-over-year?
Ligand Pharmaceuticals's operating income increased by 1.7% year-over-year, from $8.44M to $8.59M.
What is the long-term trend for Ligand Pharmaceuticals's operating income?
Over 2 years (2021 to 2025), Ligand Pharmaceuticals's operating income has grown at a -37.2% compound annual growth rate (CAGR), from $103.85M to $41M.
What does operating income mean?
Gross profit minus all operating expenses (SG&A, R&D, D&A). Measures the profit from core business operations before interest, taxes, and non-operating items.

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