Ligand Pharmaceuticals Incorporated (LGND) Income Statement
LGND 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsLGND revenue and net income
Where LGND's revenue goes
2025Each bar shows an amount and its share of revenue. LGND kept 46.4% of revenue as net income.
LGND profit margins
LGND growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +60.4% | +11.0% | +10.4% | +14.1% |
| Gross profit | +67.6% | +22.2% | +14.5% | +14.7% |
| Operating income | — | +149.6% | +4.7% | +5.6% |
| Net income | — | — | — | −7.0% |
| EPS (diluted) | +18.7% | +15.0% | +8.3% | +7.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
LGND quarterly EPS vs estimates
Ligand Pharmaceuticals beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 29, 2026 (estimate $1.42).
LGND income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $268.1M | $167.1M | $131.3M | $196.2M | $241.5M | $163.6M | $120.3M | $251.5M | $141.1M | $109.0M |
| Cost of revenue | $6.6M | $11.1M | $35.0M | $52.8M | $62.2M | $30.4M | $11.3M | $6.3M | $5.4M | $5.6M |
| Gross profit | $261.5M | $156.1M | $96.3M | $143.4M | $179.4M | $133.1M | $108.9M | $245.1M | $135.7M | $103.4M |
| Research & development | $81.2M | $21.4M | $24.5M | $36.1M | $32.1M | $40.5M | $55.9M | $27.9M | $26.9M | $21.2M |
| Sales, general & admin | $92.4M | $78.7M | $52.8M | $70.1M | $46.8M | $60.0M | $41.9M | $37.7M | $28.7M | $26.6M |
| Total operating expenses | $214.3M | $178.7M | $84.3M | $140.4M | $75.5M | $95.6M | −$698.1M | $81.4M | $67.7M | $58.5M |
| Operating income | $47.2M | −$22.6M | $11.9M | $3.0M | $103.9M | $37.5M | $807.1M | $163.7M | $68.1M | $43.9M |
| Interest income | $13.7M | $8.1M | $7.0M | $2.0M | $886,000 | $8.1M | $28.4M | $14.0M | $13.4M | $35.3M |
| Interest expense | $4.7M | $3.0M | $656,000 | $1.8M | $19.6M | $27.4M | $35.7M | $48.3M | $11.4M | $12.2M |
| Income before taxes | $159.0M | $2.5M | $63.7M | $36.0M | $72.2M | $1.3M | $796.6M | $173.3M | $57.2M | $8.0M |
| Income taxes | $34.5M | $6.5M | $9.8M | $41.2M | −$4.1M | −$5.3M | $167.3M | $30.0M | $44.7M | $10.3M |
| Net income | $124.5M | −$4.0M | $52.2M | −$33.4M | $57.1M | −$3.0M | $629.3M | $143.3M | $12.6M | −$1.6M |
| EBITDA | $192.7M | $40.8M | $100.8M | $81.2M | $142.8M | $56.7M | $876.1M | $236.3M | $80.3M | $55.2M |
| EPS (diluted) | $6.78 | $5.71 | $6.10 | $4.46 | $6.42 | $4.55 | $3.04 | $7.16 | $3.24 | $3.34 |
| Gross margin | 97.5% | 93.4% | 73.3% | 73.1% | 74.3% | 81.4% | 90.6% | 97.5% | 96.2% | 94.9% |
| Operating margin | 17.6% | −13.5% | 9.1% | 1.5% | 43.0% | 22.9% | 671.0% | 65.1% | 48.2% | 40.3% |
| Net margin | 46.4% | −2.4% | 39.7% | −17.0% | 23.7% | −1.8% | 523.2% | 57.0% | 8.9% | −1.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $63.7M | $51.7M | $59.7M | $115.5M | $47.6M | $45.3M | $42.8M | $51.8M | $41.5M | $31.0M | $28.1M | $32.9M |
| Cost of revenue | $3.2M | $2.1M | −$26.0M | $24.8M | $2.9M | $4.8M | $2.8M | $12.5M | −$15.3M | $11.1M | $1.7M | $3.5M |
| Gross profit | $60.5M | $49.6M | $85.7M | $90.6M | $44.7M | $40.5M | $40.0M | $39.3M | $56.9M | $19.9M | $26.4M | $29.4M |
| Research & development | $14.7M | $2.1M | $3.5M | $21.0M | $6.6M | $50.1M | $4.4M | $5.7M | $5.4M | $6.0M | $5.5M | $5.5M |
| Sales, general & admin | $29.1M | $20.8M | $25.0M | $28.4M | $20.2M | $18.8M | $25.6M | $24.5M | $19.1M | $11.0M | $16.0M | $14.7M |
| Total operating expenses | $51.9M | $32.3M | $65.6M | $35.7M | $36.3M | $76.7M | $49.6M | $36.2M | $76.0M | $16.9M | $29.8M | $26.3M |
| Operating income | $8.6M | $17.4M | $20.0M | $54.9M | $8.4M | −$36.2M | −$9.6M | $3.1M | −$19.1M | $3.0M | −$3.4M | $3.1M |
| Interest income | $7.3M | $6.7M | $6.4M | $3.9M | $1.6M | $1.8M | $1.9M | $1.3M | $2.8M | $2.0M | $1.7M | $2.3M |
| Interest expense | $1.7M | $1.7M | $1.8M | $910,000 | $1.2M | $867,000 | $883,000 | $741,000 | $1.3M | $141,000 | $131,000 | $1,000 |
| Income before taxes | $64.3M | −$24.3M | $56.8M | $141.1M | $11.2M | −$50.2M | −$39.2M | −$6.3M | −$65.4M | $113.4M | $17.1M | −$12.1M |
| Income taxes | $15.8M | −$10.9M | $12.0M | $23.9M | $6.4M | −$7.7M | −$8.1M | $833,000 | −$13.5M | $27.3M | −$1.1M | −$1.9M |
| Net income | $48.5M | −$13.3M | $44.8M | $117.3M | $4.8M | −$42.5M | −$31.1M | −$7.2M | −$51.9M | $86.1M | $18.2M | −$10.3M |
| EBITDA | $72.5M | −$14.3M | $66.4M | $149.4M | $20.9M | −$40.5M | −$29.7M | $3.4M | −$55.3M | $122.4M | $26.7M | −$3.5M |
| EPS (diluted) | $2.22 | $1.63 | $2.12 | $3.09 | $0.24 | $1.33 | $1.27 | $1.84 | $1.40 | $1.20 | $1.38 | $1.02 |
| Gross margin | 95.0% | 96.0% | 143.6% | 78.5% | 93.9% | 89.3% | 93.4% | 75.9% | 136.9% | 64.3% | 94.1% | 89.4% |
| Operating margin | 13.5% | 33.6% | 33.6% | 47.6% | 17.7% | −79.9% | −22.5% | 6.1% | −46.0% | 9.6% | −11.9% | 9.4% |
| Net margin | 76.2% | −25.8% | 75.1% | 101.6% | 10.2% | −93.6% | −72.6% | −13.8% | −125.0% | 278.1% | 64.7% | −31.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in LGND's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
LGND financial results
In fiscal year 2025 (ended December 31, 2025), Ligand Pharmaceuticals reported revenue of $268.1 million, up 60.4% from the year before. It had net income of $124.5 million, a net profit margin of 46.4%. Diluted earnings per share came to $6.78. Over five years revenue grew at an average rate of 10.4% a year.
See the LGND stock overview for the latest quote and news, or the LGND chart for price history and technical indicators.
LGND income statement FAQ
What is Ligand Pharmaceuticals's annual revenue?
Ligand Pharmaceuticals reported total revenue of $268.1 million for fiscal year 2025, which ended on December 31, 2025. That was up 60.4% from $167.1 million the previous year.
Is Ligand Pharmaceuticals profitable?
Yes. Ligand Pharmaceuticals reported net income of $124.5 million in fiscal 2025, a net profit margin of 46.4%; its operating margin was 17.6%.
What is Ligand Pharmaceuticals's gross margin?
Ligand Pharmaceuticals's gross margin was 97.5% in fiscal 2025: for every $100 of revenue, Ligand Pharmaceuticals kept $98 after the direct cost of its products and services.
How much does Ligand Pharmaceuticals spend on research and development?
Ligand Pharmaceuticals spent $81.2 million on research and development in fiscal 2025, 30.3% of revenue.
How fast is Ligand Pharmaceuticals growing?
Revenue grew 10.4% a year on average over the last five fiscal years, from $163.6 million to $268.1 million.
What are Ligand Pharmaceuticals's earnings per share?
Ligand Pharmaceuticals earned $6.78 per diluted share in fiscal 2025, compared with $5.71 a year earlier.
When will Ligand Pharmaceuticals report its next earnings?
Ligand Pharmaceuticals is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Ligand Pharmaceuticals's fiscal year end?
Ligand Pharmaceuticals's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.