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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.
Rule-based from financial data. Not advice.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 5 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 | 2025 |
|---|---|
| Total Revenue | 268.09 |
| Operating Revenue | 268.09 |
| Cost Of Revenue | 14.55 |
| Gross Profit | 253.54 |
| Operating Expense | 206.34 |
| Research And Development | 81.18 |
| Selling General And Administration | 92.45 |
| Total Expenses | 220.89 |
| Operating Income | 47.20 |
| Total Operating Income As Reported | 41 |
| EBITDA | 197.45 |
| Normalized EBITDA | 94.54 |
| EBIT | 163.68 |
| Interest Income | 13.66 |
| Interest Expense | 4.72 |
| Net Interest Income | 8.94 |
| Other Non Operating Income Expenses | -0.09 |
| Other Income Expense | 102.82 |
| Interest Income Non Operating | 13.66 |
| Interest Expense Non Operating | 4.72 |
| Net Non Operating Interest Income Expense | 8.94 |
| Pretax Income | 158.96 |
| Tax Provision | 34.51 |
| Tax Rate For Calcs | 0 |
| Tax Effect Of Unusual Items | 22.29 |
| Net Income Continuous Operations | 124.45 |
| Net Income From Continuing And Discontinued Operation | 124.45 |
| Net Income From Continuing Operation Net Minority Interest | 124.45 |
| Net Income | 124.45 |
| Net Income Common Stockholders | 124.45 |
| Net Income Including Noncontrolling Interests | 124.45 |
| Normalized Income | 43.84 |
| Diluted NI Availto Com Stockholders | 124.45 |
| Basic Average Shares | 19.34 |
| Diluted Average Shares | 20.29 |
| Reconciled Depreciation | 33.78 |
| Reconciled Cost Of Revenue | 13.48 |
| Total Unusual Items | 102.91 |
| Total Unusual Items Excluding Goodwill | 102.91 |
| Net Income Discontinuous Operations | 0 |
| Special Income Charges | -6.20 |
| Gain On Sale Of Business | 0 |
| Write Off | 6.20 |
| Gain On Sale Of Security | 109.10 |
| Depreciation Amortization Depletion Income Statement | 32.71 |
| Depreciation And Amortization In Income Statement | 32.71 |
| General And Administrative Expense | 92.45 |
| Other Gand A | 92.45 |
| Gain On Sale Of Ppe | - |
| Other Operating Expenses | - |
| Amortization | 32.71 |
| Amortization Of Intangibles Income Statement | 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 | |