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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 |
| Operating 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 |
| Research And Development | - | 36.08 | 24.54 | 21.42 | 81.18 |
| Selling General And Administration | - | 70.06 | 52.79 | 78.65 | 92.45 |
| Total Expenses | - | 193.21 | 121.49 | 144.11 | 220.89 |
| Operating Income | - | 3.04 | 9.82 | 23.02 | 47.20 |
| Total Operating Income As Reported | - | 3.04 | 11.94 | -22.61 | 41 |
| EBITDA | - | 89.34 | 100.84 | 40.79 | 197.45 |
| Normalized EBITDA | - | 60.80 | 52.35 | 46 | 94.54 |
| EBIT | - | 37.81 | 64.32 | 5.56 | 163.68 |
| Interest Income | - | 2.05 | 7.71 | 8.06 | 13.66 |
| Interest Expense | - | 1.80 | 0.66 | 3.04 | 4.72 |
| Net Interest Income | - | 0.25 | 7.06 | 5.02 | 8.94 |
| Other Non Operating Income Expenses | - | 4.19 | -1.70 | -20.32 | -0.09 |
| Other Income Expense | - | 32.73 | 46.78 | -25.52 | 102.82 |
| Interest Income Non Operating | - | 2.05 | 7.71 | 8.06 | 13.66 |
| Interest Expense Non Operating | - | 1.80 | 0.66 | 3.04 | 4.72 |
| Net Non Operating Interest Income Expense | - | 0.25 | 7.06 | 5.02 | 8.94 |
| Pretax Income | - | 36.01 | 63.66 | 2.52 | 158.96 |
| Tax Provision | - | 41.23 | 9.84 | 6.55 | 34.51 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 5.99 | 7.50 | -1.09 | 22.29 |
| Net Income Continuous Operations | - | -5.22 | 53.82 | -4.03 | 124.45 |
| Net Income From Continuing And Discontinued Operation | - | -33.36 | 52.15 | -4.03 | 124.45 |
| Net Income From Continuing Operation Net Minority Interest | - | -5.22 | 53.82 | -4.03 | 124.45 |
| Net Income | - | -33.36 | 52.15 | -4.03 | 124.45 |
| Net Income Common Stockholders | - | -33.36 | 52.15 | -4.03 | 124.45 |
| Net Income Including Noncontrolling Interests | - | -33.36 | 52.15 | -4.03 | 124.45 |
| Normalized Income | - | -27.77 | 12.83 | 0.08 | 43.84 |
| Diluted NI Availto Com Stockholders | - | -33.36 | 52.15 | -4.03 | 124.45 |
| Basic Average Shares | - | 16.87 | 17.30 | 18.29 | 19.34 |
| Diluted Average Shares | - | 16.87 | 17.76 | 18.29 | 20.29 |
| Reconciled Depreciation | - | 51.53 | 36.52 | 35.24 | 33.78 |
| Reconciled Cost Of Revenue | - | 35.53 | 7.64 | 8.79 | 13.48 |
| Total Unusual Items | - | 28.54 | 48.49 | -5.20 | 102.91 |
| Total Unusual Items Excluding Goodwill | - | 28.54 | 48.49 | -5.20 | 102.91 |
| Net Income Discontinuous Operations | - | -28.14 | -1.66 | 0 | 0 |
| Special Income Charges | - | 0 | 2.12 | -30.57 | -6.20 |
| Gain On Sale Of Business | - | 0 | 2.12 | 0 | 0 |
| Write Off | - | 0 | 0 | 30.57 | 6.20 |
| Gain On Sale Of Security | - | 28.54 | 46.36 | 25.37 | 109.10 |
| Depreciation Amortization Depletion Income Statement | - | 34.24 | 33.65 | 32.96 | 32.71 |
| Depreciation And Amortization In Income Statement | - | 34.24 | 33.65 | 32.96 | 32.71 |
| General And Administrative Expense | - | 70.06 | 52.79 | 78.65 | 92.45 |
| Other Gand A | - | 70.06 | 52.79 | 78.65 | 92.45 |
| Gain On Sale Of Ppe | 0 | 0 | 2.12 | - | - |
| Other Operating Expenses | -37.60 | - | - | - | - |
| Amortization | - | 34.24 | 33.65 | 32.96 | 32.71 |
| Amortization Of Intangibles Income Statement | - | 34.24 | 33.65 | 32.96 | 32.71 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ligand Pharmaceuticals Incorporatedthis co. | LGND | $4.7B | 37.99↑ premium | 4.65 | 12.2% | 25.35 |
| Apellis Pharmaceuticals, Inc. | APLS | $5.3B | 234.62 | 14.19 | 6.0% | 75.16 |
| Indivior Pharmaceuticals, Inc. | INDV | $4.4B | 21.08 | -44.71 | -212.1% | 15.07 |
| Amneal Pharmaceuticals, Inc. | AMRX | $4.3B | 59.86 | -60.93 | -101.8% | 11.13 |
| RadNet, Inc. |
| 2021 | - | - | - | - | - | - | - |
| RDNT |
| $4.2B |
| -222.64 |
| 3.81 |
| -1.7% |
| 16.71 |
| Veracyte, Inc. | VCYT | $4.0B | 60.06 | 3.04 | 5.1% | 40.86 |
| Waystar Holding Corp. | WAY | $3.9B | 34.60 | 1.00 | 2.9% | 13.55 |
| Catalyst Pharmaceuticals, Inc. | CPRX | $3.8B | 17.87 | 4.01 | 22.5% | 10.56 |
| Merit Medical Systems, Inc. | MMSI | $3.8B | 29.27 | 2.37 | 8.1% | 12.46 |
| Peer Median | - | 31.93 | 2.71 | 4.0% | 14.31 | |