Ligand Pharmaceuticals (NASDAQ:LGND) Posts Quarterly Earnings Results, Beats Estimates By $0.34 EPS

Ligand Pharmaceuticals (NASDAQ:LGND) issued its quarterly earnings data on Thursday. The biotechnology company reported $2.67 EPS for the quarter, topping the consensus estimate of $2.33 by $0.34, FiscalAI reports. The firm had revenue of $78.75 million for the quarter, compared to analyst estimates of $77.00 million. Ligand Pharmaceuticals had a net margin of 67.88% and a return on equity of 20.06%. The business’s revenue for the quarter was down 31.8% compared to the same quarter last year. During the same period in the prior year, the business posted $3.09 EPS.

Here are the key takeaways from Ligand Pharmaceuticals’ conference call:

• Royalty revenue rose 51% year over year to $70.3 million, driven by FILSPARI, OHTUVAYRE and the newly acquired XOMA assets. Ligand raised its 2026 adjusted diluted EPS guidance to $9.50–$9.75 per share while reaffirming revenue guidance.
• The XOMA acquisition added three commercial assets and more than 100 pipeline programs, with management reporting that cost synergies are tracking slightly better than expected. Ligand expects XOMA to contribute approximately $0.50 to 2026 EPS and $1.50 to 2027 EPS.
• Ligand enters a catalyst-rich period, with up to seven pivotal readouts through 2027. Key opportunities include QTORIN rapamycin’s February 2027 PDUFA date, FILSPARI’s FSGS launch, and late-stage programs such as mezagitamab, volixibat and osavampator.
• The company has approximately $750 million of deployable capital and reviewed more than 180 investment opportunities in 2026, but management continues to emphasize selective deployment. Revenue and earnings timing remain uncertain because of Captisol orders, partner reporting, clinical milestones and regulatory events.
• Third-quarter GAAP results included a net loss of $28.5 million, or $1.43 per share, and adjusted EPS declined from $3.09 to $2.67 because the prior-year period included $24.5 million of one-time ZELSUVMI licensing income. Reported G&A also increased substantially due to $35 million of XOMA transaction and integration costs.

Ligand Pharmaceuticals Stock Down 0.5%

Shares of LGND traded down $1.45 during mid-day trading on Thursday, hitting $317.33. 299,327 shares of the company’s stock were exchanged, compared to its average volume of 230,170. The stock’s 50-day moving average is $295.15 and its 200-day moving average is $251.17. The company has a debt-to-equity ratio of 1.16, a quick ratio of 30.96 and a current ratio of 31.18. Ligand Pharmaceuticals has a fifty-two week low of $175.89 and a fifty-two week high of $326.63. The company has a market cap of $6.33 billion, a price-to-earnings ratio of 34.09, a P/E/G ratio of 2.55 and a beta of 1.14.

Analyst Ratings Changes

Several research firms recently weighed in on LGND. Oppenheimer reiterated an “outperform” rating and issued a $326.00 target price (up from $285.00) on shares of Ligand Pharmaceuticals in a report on Monday, August 3rd. Stifel Nicolaus upped their price target on Ligand Pharmaceuticals from $255.00 to $332.00 and gave the stock a “buy” rating in a research note on Wednesday, July 8th. Weiss Ratings upgraded Ligand Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, September 21st. Bank of America lifted their price objective on Ligand Pharmaceuticals from $266.00 to $388.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Finally, HC Wainwright reiterated a “buy” rating and issued a $358.00 price objective on shares of Ligand Pharmaceuticals in a report on Thursday, September 24th. Ten research analysts have rated the stock with a Buy rating. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $337.89.

Insider Buying and Selling at Ligand Pharmaceuticals

In related news, Director Jason Haas sold 7,138 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $292.81, for a total transaction of $2,090,077.78. Following the sale, the director directly owned 3,981 shares of the company’s stock, valued at $1,165,676.61. This represents a 64.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Martine Zimmermann sold 1,200 shares of the company’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $285.00, for a total transaction of $342,000.00. Following the sale, the director directly owned 3,897 shares in the company, valued at approximately $1,110,645. The trade was a 23.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 54,979 shares of company stock worth $16,068,898. 5.60% of the stock is currently owned by company insiders.

Ligand Pharmaceuticals Company Profile

Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) is a biopharmaceutical company that develops, acquires and licenses technologies intended to improve the development and commercialization of medicines. Rather than operating primarily as a traditional drug manufacturer, Ligand generally works with pharmaceutical and biotechnology partners, receiving licensing payments, royalties and other consideration tied to partnered products.

The company’s principal technology is Captisol, a modified cyclodextrin designed to improve the solubility, stability and delivery of certain active pharmaceutical ingredients.