LGND on Nasdaq

LIGAND PHARMACEUTICALS INC

We are a biopharmaceutical royalty company focused on deploying capital and licensing technologies to acquire and create diversified royalty streams from high-value medicines.3 From its latest annual report

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Last updated Oct 19, 2026.

Overview

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  • TickerLGND on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersSan Diego, California1
  • Incorporated inDE2
  • Business address3911 Sorrento Valley Blvd, Suite 110, San Diego, Ca 921212
  • Filer categoryLarge accelerated filer2

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We are a biopharmaceutical royalty company focused on deploying capital and licensing technologies to acquire and create diversified royalty streams from high-value medicines. Our primary business is investing in and structuring royalty interests in mid- to late-stage development and commercial biopharmaceutical products, allowing us to generate long-duration, non-dilutive cash flows supported by a lean corporate cost structure. Capital deployment and technology licensing are the primary drivers of our long-term growth.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

15.3%Operating margin4
46.4%Net margin4
60.4%Revenue growth, 20254
12.2%Return on equity4
$48.9MFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Material Sales, Captisol, Core brought in 18% of the revenue LIGAND PHARMACEUTICALS INC broke down this way in fiscal 2025.

  1. Material Sales, Captisol, Core$40.2M418%up 30% from 2024
  2. Royalty, Kyprolis$35.5M416%down 7% from 2024
  3. Filspari$32.0M414%up 163% from 2024
  4. Financial Royalty Assets$28.5M413%up 112% from 2024
  5. Qarziba$23.7M411%up 113% from 2024
  6. Royalty, Rylaze$13.3M46%down 3% from 2024
  7. Royalty, Other$10.4M45%up 38% from 2024
  8. Capvaxive$10.1M44%up 1507% from 2024
  9. Ohtuvayre$9.8M44%up 1072% from 2024
  10. Royalty, Teriparatide Injection$8.1M44%down 1% from 2024
  11. Vaxneuvance$7.4M43%up 43% from 2024
  12. License Fees$7.0M43%up 259% from 2024
Products and services by year
Products and services202320242025
Material Sales, Captisol, Core$28.4M$30.9M$40.2M
Royalty, Kyprolis$35.6M$38.4M$35.5M
Filspari$2.7M$12.2M$32.0M
Financial Royalty Assets$1.0M$13.4M$28.5M
Qarziba$0$11.1M$23.7M
Royalty, Rylaze$13.5M$13.7M$13.3M
Royalty, Other$6.8M$7.5M$10.4M
Capvaxive$0$626.0K$10.1M
Ohtuvayre$0$833.0K$9.8M
Royalty, Teriparatide Injection$11.1M$8.2M$8.1M
Vaxneuvance$4.1M$5.2M$7.4M
License Fees$0$1.9M$7.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development30¢$81.2M
  • Other costs10¢$27.9M
  • Income tax13¢$34.5M
  • Profit46¢$124.5M

Out of $268.1M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Capital spending1¢$452.0K
  • Share buybacks30¢$15.0M
  • Kept or used elsewhere69¢$33.9M

Out of $49.4M of cash from operations.4

Financial statements

Revenue56784$268.1M in 2025+123% since 2019
0$100.0M$200.0M$300.0M2019: $120.3M$120.3M20192020: $163.6M$163.6M2020+36%2021: $241.5M$241.5M2021+48%2022: $196.2M$196.2M2022−19%2023: $131.3M$131.3M2023−33%2024: $167.1M$167.1M2024+27%2025: $268.1M$268.1M2025+60%
Operating income56784$41.0M in 2025−95% since 2019
-$250.0M0$250.0M$500.0M$750.0M$1.0B2019: $807.1M$807.1M20192020: $37.5M$37.5M2020−95%2021: $103.9M$103.9M2021+177%2022: $3.0M$3.0M2022−97%2023: $11.9M$11.9M2023+293%2024: -$22.6M-$22.6M20242025: $41.0M$41.0M2025
Net income56784$124.5M in 2025−80% since 2019
-$200.0M0$200.0M$400.0M$600.0M$800.0M2019: $629.3M$629.3M20192020: -$3.0M-$3.0M20202021: $57.1M$57.1M20212022: -$33.4M-$33.4M20222023: $52.2M$52.2M20232024: -$4.0M-$4.0M20242025: $124.5M$124.5M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
Total revenue and income$268.1M$167.1M$131.3M
Cost of Captisol$14.5M$11.1M$10.5M
Amortization of intangibles$32.7M$33.0M$33.7M
Research and development$81.2M$21.4M$24.5M
General and administrative$92.4M$78.7M$52.8M
Financial royalty assets impairment$6.2M$30.6M$0
Fair value adjustments to partner program derivatives$0$15.1M$0
Total operating costs and expenses$227.1M$189.7M$121.5M
Gain on sale of Pelican$0$0-$2.1M
Operating income (loss) from continuing operations$41.0M-$22.6M$11.9M
Gain from short-term investments$18.4M$75.0M$46.4M
Gain (loss) from change in fair value of equity method investments and other investments$90.7M-$34.6M$0
Interest income$13.7M$8.1M$7.7M
Interest expense-$4.7M-$3.0M-$656.0K
Other non-operating expense, net-$89.0K-$20.3M-$1.7M
Total non-operating income, net$118.0M$25.1M$51.7M
Income before income tax from continuing operations$159.0M$2.5M$63.7M
Income tax expense-$34.5M-$6.5M-$9.8M
Net income (loss) from continuing operations$124.5M-$4.0M$53.8M
Net loss from discontinued operations-$1.7M
Net income (loss):$124.5M-$4.0M$52.2M
Basic net income (loss) from continuing operations (in USD per share)$6-$0$3
Basic net loss from discontinued operations (in USD per share)$0$0-$0
Basic net income (loss) per share (in USD per share)$6.44-$0.22$3.02
Shares used in basic per share calculation (in shares)19.3M shares18.3M shares17.3M shares
Diluted net income (loss) from continuing operations (in USD per share)$6-$0$3
Diluted net loss from discontinued operations (in USD per share)$0$0-$0
Diluted net income (loss) per share (in USD per share)$6.13-$0.22$2.94
Shares used in diluted per share calculation (in shares)20.3M shares18.3M shares17.8M shares

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Leadership

Who has led LIGAND PHARMACEUTICALS INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. David E. Robinson2006
  2. Henry F. Blissenbach2006

Chair

  1. David E. Robinson2006
  2. Henry F. Blissenbach2006

President

  1. Henry F. Blissenbach2006
  2. Matthew W. Foehr2015–2022
  3. Matthew E. Korenberg2022–2024

Chief financial officer

  1. Paul Maier V.2006
  2. John P. Sharp2007–2014
  3. Nishan M. Desilva2015
  4. Melanie J. Herman2015
  5. Matthew E. Korenberg2015–2022
  6. Octavio Espinoza2022–now

Chief operating officer

  1. Matthew W. Foehr2011–2022
  2. Matthew E. Korenberg2022–2024
2010201520202025
Board members and other officers (37)

Former names

  • LIGAND PHARMACEUTICALSSep 13, 1994 to Sep 13, 19942

Timeline

  1. Sep 21, 2006New chief executive Henry F. Blissenbach becomes CEO13
  2. Mar 14, 2006New chief executive David E. Robinson becomes CEO12

Filings

440 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 70 major events, 222 insider forms, 33 large holders, 95 other. The latest 20:

  1. Oct 6, 20264 EDGAR
  2. Sep 24, 20264 PRIMARY DOCUMENT EDGAR
  3. Sep 24, 20268-K EDGAR
  4. Sep 22, 20268-K EDGAR
  5. Sep 14, 20264 PRIMARY DOCUMENT EDGAR
  6. Sep 10, 2026144 EDGAR
  7. Sep 8, 20264 PRIMARY DOCUMENT EDGAR
  8. Sep 3, 2026144 EDGAR
  9. Sep 2, 20268-K/A EDGAR
  10. Aug 14, 20264 PRIMARY DOCUMENT EDGAR
  11. Aug 14, 20264 PRIMARY DOCUMENT EDGAR
  12. Aug 13, 2026SCHEDULE 13G EDGAR
  13. Aug 12, 2026144 EDGAR
  14. Aug 12, 2026144 EDGAR
  15. Aug 7, 202610-Q EDGAR
  16. Aug 6, 20268-K EDGAR
  17. Aug 4, 20264 PRIMARY DOCUMENT EDGAR
  18. Jul 22, 2026S-8 EDGAR
  19. Jul 14, 20268-K EDGAR
  20. Jul 6, 20264 PRIMARY DOCUMENT EDGAR

The 440 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

80 open-market trades by officers, directors and large owners since October 2021: 5 buys and 75 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 10, 2026Zimmermann MartineDirectorSale1,200$285.00$342.0KForm 4
Sep 3, 2026Reardon AndrewCLO & SecretarySale5,000$286.09$1.4MForm 4
Aug 12, 2026Espinoza OctavioChief Financial OfficerSale31,641$292.07$9.2MForm 4
Aug 12, 2026Haas JasonDirectorSale7,138$292.81$2.1MForm 4
Aug 3, 2026Reardon AndrewCLO & SecretarySale5,000$288.99$1.4MForm 4
Jul 1, 2026Reardon AndrewCLO & SecretarySale5,000$313.28$1.6MForm 4
Jun 16, 2026Sabba Stephen LDirectorSale2,145$254.00$544.8KForm 4
Jun 12, 2026Haas JasonDirectorSale6,461$255.58$1.7MForm 4
Jun 11, 2026Aryeh JasonDirectorSale4,500$250.00$1.1MForm 4
Jun 10, 2026Aryeh JasonDirectorSale500$250.00$125.0KForm 4
Jun 10, 2026LAMATTINA JOHN LDirectorSale4,591$250.88$1.2MForm 4
Jun 1, 2026Reardon AndrewCLO & SecretarySale5,000$227.06$1.1MForm 4
May 13, 2026KOZARICH JOHN WDirectorSale1,575$223.50$352.0KForm 4
May 12, 2026KOZARICH JOHN WDirectorSale459$224.00$102.8KForm 4
May 1, 2026KOZARICH JOHN WDirectorSale467$231.80$108.3KForm 4
May 1, 2026Reardon AndrewCLO & SecretarySale5,000$231.31$1.2MForm 4
Apr 1, 2026KOZARICH JOHN WDirectorSale467$202.22$94.4KForm 4
Apr 1, 2026Reardon AndrewCLO & SecretarySale5,000$201.24$1.0MForm 4
Mar 23, 2026Sabba Stephen LDirectorSale1,000$207.87$207.9KForm 4
Mar 11, 2026Espinoza OctavioChief Financial OfficerSale3,057$225.00$687.8KForm 4

All 80 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.3,100,996$980.2M0.0%+139,073
Invesco Ltd.1,201,644$379.8M0.0%+378,040
Vanguard Portfolio Management LLC1,138,316$359.8M0.0%+38,049
Jupiter Topco LLC1,040,578$328.9M0.1%New
Vanguard Capital Management LLC870,950$275.3M0.0%+22,861
State Street Corp826,539$261.3M0.0%+47,683
Fmr LLC762,827$241.1M0.0%+166,700
Franklin Resources Inc752,044$237.7M0.1%+178,867
Congress Asset Management Co659,911$208.6M1.3%+155,274
Geode Capital Management, LLC589,020$186.2M0.0%+30,086
Nomura Asset Management International Inc.568,371$179.7M0.3%−4,941
Chicago Capital, LLC553,435$174.9M4.2%−8,240
Stephens Investment Management Group LLC475,609$150.3M1.6%−19,061
Dimensional Fund Advisors LP429,314$135.7M0.0%+4,084
Massachusetts Financial Services Co /ma/375,762$118.8M0.0%−35,781
Goldman Sachs Group Inc323,245$102.2M0.0%−57,866
Loomis Sayles & Co L P291,805$92.2M0.1%−61,404
Rice Hall James & Associates, LLC270,052$85.4M4.2%−13,515
Ranger Investment Management, L.P.257,596$81.4M5.2%−10,347
Northern Trust Corp257,389$81.4M0.0%+3,231
Victory Capital Management Inc253,764$80.2M0.0%−49,460
Deutsche Bank Ag\249,611$78.9M0.0%−56,500
Neuberger Berman Group LLC248,355$78.5M0.1%+246,893
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC210,427$66.5M0.0%−2,461
Morgan Stanley200,699$63.4M0.0%+33,470

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

4 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
May 29, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000+26.7%Report
Mar 3, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000+32.7%Report
Jan 15, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000+40.7%Report
Jan 5, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000+43.2%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

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