Pulling SEC filings + quote and writing the call…
Pulling SEC filings + quote and writing the call…

LIGAND PHARMACEUTICALS INC
Next earnings Aug 5, 2026 · consensus $2.07 EPS, $64.6M rev
Last earnings -9.6% on 2026-05-07
Capital-light royalty pharma with a growing royalty stream, but FY2025 earnings lean heavily on lumpy investment gains.
Sources: SEC EDGAR (CIK 0000886163, latest 10-Q filed 2026-05-08) · EODHD · analysis by claude-code · as of 6/21/2026, 8:55:13 PM.
Research and education only — not financial advice. Calls are generated from SEC filings and a delayed/third-party price feed, may be wrong or out of date, and are not a recommendation to buy or sell any security. Do your own research.
Middling fundamentals and a rich price (~15% above fair value) leave little margin of safety — a wait-and-see.
Ligand is a capital-light biopharma royalty and partnering company: it earns royalties on partners' drug sales (Kyprolis, Filspari, Capvaxive, Ohtuvayre, Vaxneuvance and others), sells its Captisol formulation technology, and books contract/milestone income. The underlying royalty engine is genuinely growing — total royalties rose 48% to $161M in FY2025 (Filspari +162% to $32.0M, Capvaxive to $10.1M, Ohtuvayre to $9.8M), and total revenue grew 60.4% to $268M. The model is asset-light with low leverage (0.53x) and a clean balance sheet ($175M cash, $832M current assets).
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $242M | $196M | $131M | $167M | $268M |
| Gross profit | — | — | — | — | — |
| Operating income | $104M | $3.04M | $11.9M | -$22.6M | $41.0M |
| Net income | $57.1M | -$33.4M | $52.2M | -$4.03M | $124M |
| Diluted EPS | $3.31 | -$1.98 | $2.94 | -$0.22 | $6.13 |
| Net margin | 23.7% | -17.0% | 39.7% | -2.4% | 46.4% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Source: EODHD. Yield = trailing-12-month dividends ÷ price.
4 buys · 1 member · last 180d
Self-reported periodic transaction reports (STOCK Act). Amounts are disclosed ranges; a trade may be a spouse's. Disclosures lag the trade by up to ~45 days. Source: House Clerk + Senate eFD.
1482 tracked peers · median
Last 90 days: 0 open-market buys · 9 sales
| 2026-06-16 | Sabba Stephen L Director | Exercise | 2.15K @ $66.13 | $142K |
| 2026-06-16 | Sabba Stephen L Director | Sell | 2.15K @ $254.00 | $545K |
| 2026-06-12 | Haas Jason Director | Exercise | 3.00K @ $51.56 | $155K |
| 2026-06-12 | Haas Jason Director | Exercise | 1.00K @ $51.56 | $51.6K |
| 2026-06-12 | Haas Jason Director | Sell | 3.00K @ $255.01 | $765K |
| 2026-06-12 | Haas Jason Director | Sell | 3.46K @ $256.08 | $886K |
| 2026-06-11 | Aryeh Jason Director | Sell | 4.50K @ $250.00 | $1.13M |
| 2026-06-10 | Aryeh Jason Director | Sell | 500.00 @ $250.00 | $125K |
| 2026-06-10 | LAMATTINA JOHN L Director | Sell | 257.00 @ $247.22 | $63.5K |
| 2026-06-10 | LAMATTINA JOHN L Director | Sell | 232.00 @ $248.11 | $57.6K |
| 2026-06-10 | LAMATTINA JOHN L Director | Sell | 697.00 @ $249.53 | $174K |
| 2026-06-10 | LAMATTINA JOHN L Director | Sell | 3.40K @ $251.62 | $857K |
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
Recent news tone vs the market's typical (which skews positive). A soft signal, not a recommendation.