Ligand Pharmaceuticals Inc
LGNDHealthcare|Biotechnology|USA
$316.24
-6.50 (-2.01%)
DCF (FCF)
$71.09
Tangible Book
$33.87
Graham Number
$79.73
Earnings Power
$30.25
Financials
Financial Snapshot
Market Cap
$6.34B
Enterprise Value
$339.6M
Revenue (TTM)
$274.5M
Net Income (TTM)
$153.6M
Cash & Equivalents
—
Net Cash/Share
$12.82
Free Cash Flow (TTM)
$114.0M
Operating CF (TTM)
$123.5M
Debt/Equity
0.45
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $141.0M | $201.7M | $773.8M | $1.07B | $411.2M | $341.1M | $211.9M | $170.3M | $266.2M | $756.3M | $791.6M | |
| Operating Cash Flow | $60.7M | $88.6M | $194.1M | $-29.3M | $54.6M | $78.8M | $137.8M | $49.6M | $97.0M | $49.4M | $123.5M | |
| Free Cash Flow | $41.2M | $86.4M | $183.2M | $-31.9M | $50.1M | $70.0M | $119.9M | $-4.3M | $77.4M | $38.0M | $114.0M | |
| Capital Expenditure | $-19.5M | $-2.2M | $-10.9M | $-2.6M | $-4.5M | $-8.8M | $-17.9M | $-53.8M | $-19.6M | $-11.3M | $-9.5M | |
| Financing Cash Flow | $-5.0M | $-7.5M | $328.6M | $-485.2M | $-310.5M | $-137.8M | $-276.0M | $-59.9M | $97.1M | $428.2M | $418.8M |
R&D Spending
R&D (TTM)
$33.2M
R&D Intensity
12.1%
R&D Growth YoY
-59.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $109.0M | $141.1M | $251.5M | $120.3M | $163.6M | $241.5M | $196.2M | $131.3M | $167.1M | $268.1M | $274.5M | |
| R&D Expense | $21.2M | $26.9M | $27.9M | $55.9M | $40.5M | $32.1M | $36.1M | $24.5M | $21.4M | $81.2M | $33.2M | |
| R&D % of Revenue | 19.5% | 19.1% | 11.1% | 46.5% | 24.8% | 13.3% | 18.4% | 18.7% | 12.8% | 30.3% | 12.1% | |
| SG&A | $27.7M | $28.7M | $37.7M | $41.9M | $60.0M | $46.8M | $70.1M | $52.8M | $78.7M | $92.4M | $94.5M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $109.0M | $141.1M | $251.5M | $120.3M | $163.6M | $241.5M | $196.2M | $131.3M | $167.1M | $268.1M | $274.5M | |
| Cost of Goods Sold | $5.6M | $5.4M | $6.3M | $11.3M | $30.4M | $62.2M | $52.8M | $10.5M | $11.1M | $14.5M | $13.0M | |
| Gross Profit | $103.4M | $135.7M | $245.1M | $108.9M | $133.1M | $179.4M | $143.4M | $120.8M | $156.1M | $253.5M | $261.5M | |
| R&D | $21.2M | $26.9M | $27.9M | $55.9M | $40.5M | $32.1M | $36.1M | $24.5M | $21.4M | $81.2M | $33.2M | |
| SG&A | $27.7M | $28.7M | $37.7M | $41.9M | $60.0M | $46.8M | $70.1M | $52.8M | $78.7M | $92.4M | $94.5M | |
| Operating Income | $43.9M | $68.1M | $163.7M | $-5.7M | $20.4M | $103.9M | $3.0M | $9.8M | $23.0M | $47.2M | $101.2M | |
| Interest Expense | $-12.8M | $-13.5M | $-48.3M | $-35.7M | $-27.4M | $-19.6M | $-1.8M | $-656.0K | $-3.0M | $-4.7M | $-5.6M | |
| Pretax Income | $8.0M | $57.2M | $173.3M | $796.6M | $1.3M | $72.2M | $36.0M | $63.7M | $2.5M | $159.0M | $184.9M | |
| Net Income | $-1.6M | $12.6M | $143.3M | $629.3M | $-3.0M | $57.1M | $-33.4M | $52.2M | $-4.0M | $124.5M | $153.6M | |
| EPS (Diluted) | -0.08 | 0.53 | 5.96 | 31.85 | -0.18 | 3.31 | -1.98 | 2.94 | -0.22 | 6.13 | 7.37 | |
| EBITDA | $32.1M | $82.8M | $237.4M | $876.1M | $56.7M | $142.8M | $89.3M | $100.8M | $40.8M | $197.4M | $223.7M | |
| Shares Out. (M) | 20.83 | 23.48 | 24.07 | 19.76 | 16.82 | 17.25 | 16.87 | 17.76 | 18.29 | 20.29 | 19.88 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $18.8M | $20.6M | $117.2M | $71.5M | $47.6M | $19.5M | $45.0M | $23.0M | $72.3M | $174.9M | $115.1M | |
| Marketable Securities | $122.3M | $181.0M | $656.7M | $998.3M | $363.6M | $321.6M | $166.9M | $147.4M | $193.9M | $581.4M | $676.5M | |
| Total Current Assets | $163.1M | $237.0M | $870.5M | $1.12B | $500.6M | $464.8M | $263.6M | $237.4M | $331.6M | $832.3M | $865.4M | |
| Total Assets | $601.6M | $671.0M | $1.26B | $1.49B | $1.36B | $1.30B | $762.7M | $787.2M | $941.8M | $1.56B | $1.53B | |
| Total Current Liabilities | $227.1M | $238.9M | $82.2M | $17.0M | $100.1M | $41.7M | $98.8M | $16.8M | $37.1M | $37.4M | $40.7M | |
| Long-Term Debt | $0.00 | $0.00 | $609.9M | $639.0M | $442.3M | $320.7M | $0.00 | $0.00 | $0.00 | $446.2M | $446.9M | |
| Total Liabilities | $230.7M | $252.4M | $699.9M | $727.7M | $652.8M | $476.4M | $165.2M | $86.3M | $111.3M | $543.4M | $534.8M | |
| Stockholders' Equity | $370.9M | $418.6M | $560.9M | $767.2M | $709.5M | $821.2M | $597.5M | $700.9M | $830.4M | $1.02B | $997.3M | |
| Retained Earnings | $-431.1M | $-400.9M | $-229.2M | $400.1M | $392.0M | $449.1M | $450.9M | $503.0M | $499.0M | $608.1M | $594.7M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $60.7M | $88.6M | $194.1M | $-29.3M | $54.6M | $78.8M | $137.8M | $49.6M | $97.0M | $49.4M | $123.5M | |
| Capital Expenditure | $-19.5M | $-2.2M | $-10.9M | $-2.6M | $-4.5M | $-8.8M | $-17.9M | $-53.8M | $-19.6M | $-11.3M | $-9.5M | |
| Free Cash Flow | $41.2M | $86.4M | $183.2M | $-31.9M | $50.1M | $70.0M | $119.9M | $-4.3M | $77.4M | $38.0M | $114.0M | |
| Investing Cash Flow | $-134.4M | $-79.2M | $-423.3M | $466.9M | $231.6M | $30.5M | $163.6M | $-11.7M | $-143.7M | $-377.3M | $-476.6M | |
| Financing Cash Flow | $-5.0M | $-7.5M | $328.6M | $-485.2M | $-310.5M | $-137.8M | $-276.0M | $-59.9M | $97.1M | $428.2M | $418.8M | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $37.1M | $0.00 | $0.00 | |
| Repurchase of Stock | $-3.9M | $-2.0M | $-122.9M | $-453.0M | $-78.0M | $0.00 | $0.00 | $0.00 | $0.00 | $-15.0M | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $750.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $466.9M | $466.9M | |
| Payments of Debt | $0.00 | $0.00 | $-217.7M | $-27.3M | $-231.8M | $-164.9M | $-261.0M | $-76.9M | $-25.0K | $-113.3M | $-113.3M | |
| Stock Based Comp. | $18.9M | $24.9M | $20.8M | $24.5M | $30.7M | $38.8M | $60.3M | $25.7M | $41.1M | $46.8M | $49.6M | |
| Net Change in Cash | $-78.7M | $1.9M | $99.2M | $-47.5M | $-24.3M | $-28.4M | $25.5M | $-22.1M | $49.4M | $102.6M | $67.0M |
Dilution Tracker
Shares Outstanding
20M
5-Year Share Growth
+15.3%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 20.83 | 23.48 | 24.07 | 19.76 | 16.82 | 17.25 | 16.87 | 17.76 | 18.29 | 20.29 | 19.88 | |
| YoY Change % | — | 12.7% | 2.5% | -17.9% | -14.8% | 2.5% | -2.2% | 5.3% | 3.0% | 11.0% | -2.0% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $37.1M | $0.00 | $0.00 | |
| Stock Repurchase | $-3.9M | $-2.0M | $-122.9M | $-453.0M | $-78.0M | $0.00 | $0.00 | $0.00 | $0.00 | $-15.0M | $0.00 | |
| Stock Based Comp. | $18.9M | $24.9M | $20.8M | $24.5M | $30.7M | $38.8M | $60.3M | $25.7M | $41.1M | $46.8M | $49.6M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 94.9% | 96.2% | 97.5% | 90.6% | 81.4% | 74.3% | 73.1% | 92.0% | 93.4% | 94.6% | 95.3% | |
| Operating Margin % | 40.3% | 48.2% | 65.1% | -4.8% | 12.5% | 43.0% | 1.5% | 7.5% | 13.8% | 17.6% | 36.9% | |
| Net Margin % | -1.5% | 8.9% | 57.0% | 523.2% | -1.8% | 23.7% | -17.0% | 39.7% | -2.4% | 46.4% | 56.0% | |
| EBITDA Margin % | 29.4% | 58.7% | 94.4% | 728.4% | 34.6% | 59.1% | 45.5% | 76.8% | 24.4% | 73.7% | 81.5% | |
| FCF Margin % | 37.8% | 61.2% | 72.8% | -26.5% | 30.6% | 29.0% | 61.1% | -3.3% | 46.3% | 14.2% | 41.5% | |
| ROE % | -0.5% | 3.2% | 29.3% | 94.8% | -0.4% | 7.5% | -4.7% | 8.0% | -0.5% | 13.5% | 16.7% | |
| ROA % | -0.3% | 2.0% | 14.8% | 45.7% | -0.2% | 4.3% | -3.2% | 6.7% | -0.5% | 9.9% | 11.9% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)42.91
Historical1.42 / 33.39 / 224.29
Industry Med.27.41
P/S23.47
Historical3.72 / 10.15 / 23.71
Industry Med.9.51
P/B6.35
Historical0.91 / 2.09 / 6.42
Industry Med.2.93
EV/EBITDA26.81
Historical-68.18 / 13.28 / 344.52
Industry Med.13.14
EV/Revenue21.85
Historical1.96 / 8.60 / 21.91
Industry Med.8.71
P/FCF56.11
Historical7.52 / 26.80 / 757.66
Industry Med.27.54
Intrinsic Value Models
DCF (FCF Based)
$71.09
Tangible Book
$33.87
Net Current Assets
$16.510
Graham Number
$79.73
Median P/S Value
$136.78
Net-Net Working Capital
$15.11
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | 161.10 | 14.20 | 2.04 | At Loss | 29.10 | At Loss | 24.29 | At Loss | 30.84 | 42.91 | |
| PS Ratio | 12.11 | 14.21 | 8.10 | 10.68 | 6.38 | 6.88 | 5.74 | 9.66 | 11.73 | 14.31 | 23.47 | |
| PB Ratio | 3.57 | 4.31 | 3.13 | 1.43 | 1.41 | 1.97 | 1.90 | 1.79 | 2.47 | 3.68 | 6.35 | |
| EV/EBITDA | 43.52 | 22.08 | 6.82 | 0.77 | 18.39 | 11.19 | 11.28 | 10.81 | 43.83 | 17.39 | 26.81 | |
| EV/Revenue | 12.82 | 12.96 | 6.44 | 5.61 | 6.37 | 6.62 | 5.14 | 8.30 | 10.70 | 12.81 | 21.85 |
Analyst Estimates & Quality
Altman Z-Score
8.89
Safe
Piotroski F-Score
6
Moderate
Beneish M-Score
-3.59
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $285.7M | $368.8M | $433.7M |
| Net Income | $196.5M | $253.4M | $271.8M |
| EPS | 4.25 | 8.85 | 10.93 |
| Book Value per Share | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow per Share | -3.64 | 18.65 | 11.50 |
| Operating CF | $-72.37M | $370.82M | $228.66M |
Dividends
Recent Payments
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2010-07-02 | 2010-07-01 | $0.455999 | Special Div. |
| 2007-04-03 | 2007-04-19 | $14.99997 | Special Div. |
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Development and licensing of biopharmaceutical assets | $268.1M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $268.1M |