Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, develops and licenses biopharmaceutical assets worldwide. It offers Pradefovir, Posaconazole, Voriconazole, CAPVAXIVE, NOXAFIL, MenFive, and ZELSUVMI for infectious disease; EVOMELA and KYPROLIS for multiple myeloma; FILSPARI for the treatment of immunoglobulin a nephropathy; PNEUMOSIL, a pneumococcal conjugate vaccine to help fight against pneumococcal pneumonia in children; and QARZIBA to treat neuroblastoma. The company also provides Teriparatide injection product for osteoporosis; RYLAZE, a recombinant erwinia asparaginase for acute lymphoblastic leukemia or lymphoblastic lymphoma in adult and pediatric patients; TZIELD, a CD3-directed antibody indicated to delay the onset of Stage 3 type 1 diabetes in adults and children aged 8 years and older with Stage 2 T1D; and VAXNEUVANCE for the prevention of invasive disease caused by streptococcus pneumoniae serotypes. In addition, it offers Duavee for menopause; Frovatriptan to treat Neurology; FYCOMPA and SESQUIENT for CNS; MEKINIST for cardiology; Nexterone, a captisol-enabled formulation of amiodarone; VEKLURY, an antiviral treatment for COVID-19; and Viviant for osteoporosis. Further, the company develops ACLX-002, Ciforadenant, UGN-301, Viright, MB07133, BOT/BAL, and Lasofoxifene for oncology; Ensifentrine for respiratory disease; QTORIN for rare disease; Sparsentan for kidney disease; VK2809 for hepatology; ANEB-001 for acute cannabinoid intoxication; Reproxalap for opthamology; VK0214 for Rare Disease; and VK5211 for musculoskeletal disorder. The company was incorporated in 1987 and is based in Jupiter, Florida.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $268M | $197M | $124M | $38M | 12.2% | 60.4% | -3186.6% |
| 2024 | $167M | $41M | $-4M | $77M | -0.5% | 27.3% | -107.7% |
| 2023 | $131M | $101M | $52M | $-4M | 7.4% | -33.1% | -256.3% |
| 2022 | $196M | $89M | $-33M | $120M | -5.6% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 196.24 | 131.31 | 167.13 | 268.09 |
| Cost Of Revenue | - | 52.83 | 10.51 | 11.07 | 14.55 |
| Gross Profit | - | 143.42 | 120.80 | 156.06 | 253.54 |
| Operating Expense | - | 140.38 | 110.98 | 133.04 | 206.34 |
| Operating Income | - | 3.04 | 9.82 | 23.02 | 47.20 |
| EBITDA | - | 89.34 | 100.84 | 40.79 | 197.45 |
| EBIT | - | 37.81 | 64.32 | 5.56 | 163.68 |
| Pretax Income | - | 36.01 | 63.66 | 2.52 | 158.96 |
| Tax Provision | - | 41.23 | 9.84 | 6.55 | 34.51 |
| Net Income | - | -33.36 | 52.15 | -4.03 | 124.45 |
| Net Income Common Stockholders | - | -33.36 | 52.15 | -4.03 | 124.45 |
| Total Expenses | - | 193.21 | 121.49 | 144.11 | 220.89 |
| Interest Expense | - | 1.80 | 0.66 | 3.04 | 4.72 |
| Interest Income | - | 2.05 | 7.71 | 8.06 | 13.66 |
| Research And Development | - | 36.08 | 24.54 | 21.42 | 81.18 |
| Selling General And Administration | - | 70.06 | 52.79 | 78.65 | 92.45 |
| Normalized EBITDA | - | 60.80 | 52.35 | 46 | 94.54 |
| Normalized Income | - | -27.77 | 12.83 | 0.08 | 43.84 |
| Market Cap | 4,634.27 | 4,634.27 | 4,634.27 | 4,634.27 | 4,634.27 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ligand Pharmaceuticals Incorporatedthis co. | LGND | - | 37.24 | 4.56 | 12.2% | 24.87 |
| Integer Holdings Corporation | ITGR | $3.0B | 28.79 | 1.69 | 5.9% | 14.55 |
| Organon & Co. | OGN | $2.9B | 15.67 | 3.90 | 24.9% | 8.53 |
| Prestige Consumer Healthcare Inc. | PBH | $2.9B | 13.00 | 1.52 | 11.7% | 10.32 |
| Privia Health Group, Inc. | PRVA |
| 2021 | - | - | - | - | - | - | - |
| $2.9B |
| 130.67 |
| 4.06 |
| 3.1% |
| 57.20 |
| Veracyte, Inc. | VCYT | $2.7B | 41.28 | 2.09 | 5.1% | 26.96 |
| National HealthCare Corporation | NHC | $2.7B | 22.47 | 2.52 | 11.2% | 12.59 |
| LeMaitre Vascular, Inc. | LMAT | $2.6B | 44.90 | 6.59 | 14.7% | 30.28 |
| Phibro Animal Health Corporation | PAHC | $2.2B | 46.33 | 7.83 | 16.9% | 19.95 |
| Peer Median | - | 35.04 | 3.21 | 11.5% | 17.25 | |