Ligand Pharmaceuticals Past Earnings Performance
Past criteria checks 2/6
Ligand Pharmaceuticals's earnings have been declining at an average annual rate of -2.5%, while the Pharmaceuticals industry saw earnings growing at 9.7% annually. Revenues have been declining at an average rate of 1.7% per year. Ligand Pharmaceuticals's return on equity is 15.4%, and it has net margins of 55.9%.
Key information
-2.50%
Earnings growth rate
-5.88%
EPS growth rate
| Pharmaceuticals Industry Growth | 5.95% |
| Revenue growth rate | -1.67% |
| Return on equity | 15.40% |
| Net Margin | 55.95% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Narrative Update • Apr 19
LGND: Royalty Portfolio And Partner Execution Will Shape Balanced Future Outlook
Ligand Pharmaceuticals' analyst price target has been nudged higher to about $247 from roughly $245, as analysts factor in slightly stronger modeled revenue growth, profit margins, and a modestly higher future P/E based on recent royalty pipeline updates and fresh coverage on the Street. Analyst Commentary Recent Street research on Ligand points to a cluster of higher price targets, fresh coverage and updated royalty assumptions, all of which feed into how analysts are thinking about valuation, execution risk and growth potential for the royalty portfolio.Narrative Update • Apr 04
LGND: Royalty Pipeline And Phase 3 Progress Will Drive Future Upside
Analysts have nudged their price target for Ligand Pharmaceuticals to $245.10 from $244.50, reflecting updated views on higher potential revenue growth, a much wider projected profit margin, and a lower future P/E assumption in recent research. Analyst Commentary Recent research on Ligand Pharmaceuticals has been active, with several firms adjusting price targets and reiterating positive views on the company’s royalty driven model and pipeline exposure.Narrative Update • Mar 21
LGND: Royalty Portfolio And Phase 3 Readout Will Support Future Upside
Analysts made a small adjustment to Ligand Pharmaceuticals' fair value estimate to $244.50 per share, reflecting updated modeling around its broad royalty portfolio and recent confidence in QTORIN related cash flow potential cited in recent price target and rating updates. Analyst Commentary Recent Street commentary around Ligand Pharmaceuticals centers on the breadth of its royalty portfolio, the progress of QTORIN, and how these factors could influence earnings power and valuation over time.Narrative Update • Mar 06
LGND: Royalty Portfolio And 2026 Revenue Mix Will Support Future Upside
The analyst price target for Ligand Pharmaceuticals has been raised by $1.11. Analysts point to steady royalty revenue and increased expectations around QTORIN's potential following positive Phase 3 data as key supports for the updated valuation assumptions.Narrative Update • Feb 19
LGND: Stable Fair Value And 2026 Revenue Mix Will Support Future Earnings
Analysts have modestly adjusted their price target on Ligand Pharmaceuticals, reflecting a slightly higher discount rate and a lower future P/E assumption, while keeping their fair value estimate effectively unchanged at $243.44. Analyst Commentary Recent Street research around Legence provides context for how analysts are thinking about valuation, execution, and growth drivers that may be relevant for investors following Ligand Pharmaceuticals, especially around themes such as data center demand, healthcare exposure, and capital allocation.Narrative Update • Feb 05
LGND: Raised 2025 Guidance And Solid Quarter Will Support Future Earnings Power
Analysts have raised their price target on Ligand Pharmaceuticals to $234 from $185, reflecting their view that recent quarterly results and the 2025 guidance update support a higher valuation range for the shares. Analyst Commentary Recent research commentary around Ligand Pharmaceuticals centers on how the latest quarterly results and the 2025 guidance update feed into a higher valuation range, with US$234 now set as a new price target by one major firm.Seeking Alpha • Jan 28
Ligand Pharmaceuticals: 2026 Guidance May Already Be Included In Current Valuation
Summary Ligand Pharmaceuticals (LGND) is a royalty investor in late-stage biopharma, with revenue and EPS growth driven by a robust portfolio. LGND expects royalty revenue to compound at a 23% CAGR through 2030, fueled by assets like Filspari, Ohtuvayre, and Zelsuvmi. Despite strong fundamentals and guidance, current valuation already prices in much of the anticipated 2026 growth; I rate LGND a Hold. Key risks include Filspari's regulatory uncertainty for FSGS and potential exclusivity loss on legacy royalty streams. Read the full article on Seeking AlphaNarrative Update • Jan 22
LGND: Royalty Model And 2025 Guidance Raise Will Drive Future Earnings Power
Analysts have nudged their price targets on Ligand Pharmaceuticals higher into the low $230s, citing what they describe as strong recent quarterly results, raised 2025 guidance, and ongoing business development activity as key supports for the updated outlook. Analyst Commentary Recent research on Ligand Pharmaceuticals has focused on the implications of its latest quarter and the updated 2025 outlook, with several firms lifting their price targets into a tight range around the low US$230s.Narrative Update • Jan 08
LGND: Royalty Model And 2025 Guidance Raise Will Support Earnings Power
Narrative Update Analysts have lifted their price target on Ligand Pharmaceuticals to the mid $230s, reflecting recent target increases to $234 and $231. They attribute these changes to what they describe as solid quarterly results, a 2025 guidance raise, and ongoing business development activity.Narrative Update • Dec 24
LGND: Royalty Model Will Support Expanding Margins And Multi Year Earnings Power
Analysts have nudged their consolidated fair value estimate for Ligand Pharmaceuticals modestly higher to approximately $243 from $238 per share, citing stronger than previously modeled profitability, resilient margin expansion, and the continued validation of the company’s royalty driven model in recent research updates that raised price targets into the low $230s. Analyst Commentary Bullish analysts point to the latest price target increases into the low to mid $230s as evidence that Ligand is executing above prior expectations, with stronger earnings power and higher quality of revenue than previously modeled.Narrative Update • Dec 09
LGND: Expanded Deal Pipeline Will Drive Multi Year Earnings Power
Analysts have nudged their average price target on Ligand Pharmaceuticals higher to the mid 230 dollar range. This reflects confidence in the company’s strong recent quarter, raised 2025 guidance, and a business model that continues to deliver robust earnings and margin performance.Narrative Update • Nov 25
LGND: Upcoming Business Development Activity Will Drive Financial Momentum Into 2025
Ligand Pharmaceuticals' analyst price target increased from $206 to $238. Analysts cited better-than-expected quarterly results, raised future guidance, and continued strong business development activity as key drivers for the upward revision.Narrative Update • Nov 07
LGND: Capital Flexibility And Business Model Will Shape Mid-Term Performance Outlook
Ligand Pharmaceuticals’ analyst price target has increased from $183.13 to $206.25. Analysts cite robust Q3 results and an ongoing strong business development model as key drivers for the upward revision.Narrative Update • Sep 13
Expanding Royalty Portfolio Will Strengthen Global Healthcare Reach
Ligand Pharmaceuticals’ consensus price target was raised from $178.12 to $183.12, reflecting analysts’ confidence in its strengthened capital position following a successful $460M convertible debt offering, robust revenue and earnings guidance, and a track record of prudent capital allocation and royalty portfolio wins. Analyst Commentary Market enthusiasm following Ligand's successful $460M convertible debt offering, which provided $385M in net capital and included a $45M bond hedge mitigating dilution up to $294/share, as well as a $15M share repurchase.Narrative Update • Aug 29
Expanding Royalty Portfolio Will Strengthen Global Healthcare Reach
Ligand Pharmaceuticals' consensus price target was raised to $173.38, reflecting better-than-expected Q2 results, higher FY25 revenue and EPS guidance, growing investor confidence in its royalty portfolio, and successful strategic investments. Analyst Commentary Better-than-expected Q2 results and an increase in FY25 guidance, indicating improved near-term financial performance.Narrative Update • Aug 08
Expanding Royalty Portfolio Will Strengthen Global Healthcare Reach
Ligand Pharmaceuticals’ consensus price target has increased to $154.75, primarily driven by a notable surge in net profit margin and a sharp reduction in future P/E, indicating improved profitability and valuation. What's in the News Ligand Pharmaceuticals raised 2025 revenue guidance to $200–225 million from $180–200 million.Seeking Alpha • Apr 20
Revisiting Ligand Pharmaceuticals, Ready To Accumulate If Shares Dip Below $100
Summary Ligand Pharmaceuticals' diversified royalty platform offers strong biotech exposure with reduced risk, supported by robust royalty revenue growth and a solid cash position. Despite a 28% royalty revenue growth in 2024, Ligand's stock is fairly priced at around $97 based on our calculations. Key assets like Captisol, Qarziba, Ohtuvayre, and Filspari drive revenue, but clinical setbacks or commercial execution risks could impact future growth. Downgrade from Buy to Hold due to current valuation; consider accumulating shares if the stock drops below $100. Read the full article on Seeking AlphaAnalysis Article • Feb 25
Ligand Pharmaceuticals Incorporated's (NASDAQ:LGND) Share Price Matching Investor Opinion
When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") below 18x, you may...Seeking Alpha • Feb 03
Looking Back On Ligand Pharmaceuticals
Summary Today, I am circling back to Ligand Pharmaceuticals for the first time since late 2023. The stock has had a nice run in recent months and management has a solid game plan to grow revenues at north of 20% annually in the years ahead. Analysts are universally optimistic, with multiple Buy ratings and price targets ranging from $135 to $160 a share. An updated analysis around Ligand Pharmaceuticals follows in the paragraphs below. Read the full article on Seeking AlphaSeeking Alpha • Nov 24
Ligand Pharmaceuticals: Buy This Strong Growing Pharma And Get A Stake In Dozens Of Therapies
Summary I continue to rate Ligand Pharmaceuticals stock as a "Buy" citing strong liquidity and a clean balance sheet. Its Q3 2024 earnings report beat on the top and bottom lines raising prior guidance, reinforcing my confidence in the company's performance. This analysis references Q3 2024 financial results press release, earnings conference call, presentation, 10-Q, and the latest 10-K. Ligand's solid financial position and consistent performance make it a positive investment choice. Read the full article on Seeking AlphaAnalysis Article • Oct 31
Market Participants Recognise Ligand Pharmaceuticals Incorporated's (NASDAQ:LGND) Earnings
With a price-to-earnings (or "P/E") ratio of 47.6x Ligand Pharmaceuticals Incorporated ( NASDAQ:LGND ) may be sending...
New Narrative • Sep 12
Expanding Royalty Portfolio And Calculated Acquisitions Set To Skyrocket Revenue And Margins
Significant investment in new opportunities and acquisitions, including Apeiron Biologics, aimed at increasing royalty revenue and diversifying the revenue base.Seeking Alpha • Jul 29
Ligand Pharmaceuticals: Solid Performer Performing Solidly
Summary Ligand Pharmaceuticals has seen over a 50% increase in share value since its Q1 earnings report. Recent positive developments include new deals, regulatory successes, and raising 2024 guidance. A new deal of close to $200 million with Agenus and $100 million acquisition of APEIRON contribute to the positive outlook. Read the full article on Seeking AlphaAnalysis Article • Jul 18
Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Stock Rockets 25% As Investors Are Less Pessimistic Than Expected
Despite an already strong run, Ligand Pharmaceuticals Incorporated ( NASDAQ:LGND ) shares have been powering on, with a...Analysis Article • Jun 29
Should You Be Adding Ligand Pharmaceuticals (NASDAQ:LGND) To Your Watchlist Today?
Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...Analysis Article • May 23
Subdued Growth No Barrier To Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) With Shares Advancing 27%
Ligand Pharmaceuticals Incorporated ( NASDAQ:LGND ) shares have had a really impressive month, gaining 27% after a...Seeking Alpha • Apr 30
Ligand: Buy This Pharma Royalty Aggregator To Generate Growth In Your Portfolio
Summary Royalty Aggregators like Royalty Pharma, Ligand, and XOMA are gaining popularity in the biotech industry. These companies buy up royalty rights to pharmaceutical products, providing upfront cash to biotech companies. This allows biotech companies to access immediate funds for research and development, while the aggregators earn a return on their investment. Read the full article on Seeking AlphaAnalysis Article • Dec 19
Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Not Flying Under The Radar
When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") below 16x, you may...Analysis Article • Jun 14
Is Now The Time To Put Ligand Pharmaceuticals (NASDAQ:LGND) On Your Watchlist?
Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...Analysis Article • May 29
We Think Ligand Pharmaceuticals (NASDAQ:LGND) Can Stay On Top Of Its Debt
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Analysis Article • May 07
Are Investors Undervaluing Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) By 45%?
Key Insights Ligand Pharmaceuticals' estimated fair value is US$144 based on 2 Stage Free Cash Flow to Equity Current...Analysis Article • Jan 26
These 4 Measures Indicate That Ligand Pharmaceuticals (NASDAQ:LGND) Is Using Debt Reasonably Well
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Ligand Pharmaceuticals makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 274 | 154 | 94 | 0 |
| 31 Dec 25 | 268 | 124 | 92 | 0 |
| 30 Sep 25 | 251 | 49 | 93 | 0 |
| 30 Jun 25 | 188 | -76 | 89 | 0 |
| 31 Mar 25 | 181 | -133 | 87 | 0 |
| 31 Dec 24 | 167 | -4 | 79 | 0 |
| 30 Sep 24 | 152 | 45 | 69 | 0 |
| 30 Jun 24 | 133 | 42 | 59 | 0 |
| 31 Mar 24 | 118 | 96 | 53 | 0 |
| 31 Dec 23 | 131 | 54 | 53 | 0 |
| 30 Sep 23 | 154 | 21 | 68 | 0 |
| 30 Jun 23 | 180 | 41 | 68 | 0 |
| 31 Mar 23 | 204 | 51 | 69 | 0 |
| 31 Dec 22 | 196 | -5 | 70 | 0 |
| 30 Sep 22 | 183 | 23 | 46 | 0 |
| 30 Jun 22 | 188 | 27 | 44 | 0 |
| 31 Mar 22 | 223 | 45 | 46 | 0 |
| 31 Dec 21 | 242 | 76 | 47 | 0 |
| 30 Sep 21 | 275 | 68 | 49 | 0 |
| 30 Jun 21 | 252 | 48 | 51 | 0 |
| 31 Mar 21 | 208 | 39 | 47 | 0 |
| 31 Dec 20 | 164 | 7 | 39 | 0 |
| 30 Sep 20 | 143 | -16 | 45 | 0 |
| 30 Jun 20 | 126 | -25 | 39 | 0 |
| 31 Mar 20 | 110 | -61 | 40 | 0 |
| 31 Dec 19 | 120 | 629 | 42 | 0 |
| 30 Sep 19 | 153 | 594 | 43 | 0 |
| 30 Jun 19 | 174 | 677 | 43 | 0 |
| 31 Mar 19 | 239 | 764 | 41 | 0 |
| 31 Dec 18 | 251 | 143 | 38 | 0 |
| 30 Sep 18 | 242 | 179 | 34 | 0 |
| 30 Jun 18 | 230 | 120 | 32 | 0 |
| 31 Mar 18 | 168 | 53 | 29 | 0 |
| 31 Dec 17 | 141 | 13 | 29 | 0 |
| 30 Sep 17 | 129 | 16 | 28 | 0 |
| 30 Jun 17 | 117 | 9 | 27 | 0 |
| 31 Mar 17 | 109 | -3 | 28 | 0 |
| 31 Dec 16 | 109 | -2 | 28 | 0 |
| 30 Sep 16 | 92 | 7 | 27 | 0 |
| 30 Jun 16 | 88 | 205 | 25 | 0 |
| 31 Mar 16 | 87 | 235 | 25 | 0 |
| 31 Dec 15 | 72 | 230 | 25 | 0 |
| 30 Sep 15 | 74 | 231 | 24 | 0 |
| 30 Jun 15 | 71 | 33 | 25 | 0 |
Quality Earnings: LGND has high quality earnings.
Growing Profit Margin: LGND became profitable in the past.
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: LGND's earnings have declined by 2.5% per year over the past 5 years.
Accelerating Growth: LGND has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.
Earnings vs Industry: LGND has become profitable in the last year, making it difficult to compare its past year earnings growth to the Pharmaceuticals industry (-5%).
Return on Equity
High ROE: LGND's Return on Equity (15.4%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/26 05:41 |
| End of Day Share Price | 2026/05/22 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Ligand Pharmaceuticals Incorporated is covered by 20 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Jasper Hellweg | Argus Research Company |
| Robert Wasserman | Benchmark Company |
| Jason Zemansky | BofA Global Research |