Overview Dividends

(LGND) Ligand Pharmaceuticals - Ratings and Ratios

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US53220K5048

Infectious, Oncology, Nephrology, Respiratory, CNS

EPS (Earnings per Share)

EPS Growth (3y CAGR): 34.77%
EPS Trend (3y Corr): 31.3%

Last SUE: 4.00σ
Qual. Beats: 1

Revenue

Revenue Growth (3y CAGR): 69.52%
Revenue Trend (3y Corr): 74.5%

Last SUE: 4.00σ
Qual. Beats: 3

Risk via 10d forecast
Volatility	41.4%
Value at Risk 5%th	64.3%
Relative Tail Risk	-5.47%

Reward TTM
Sharpe Ratio	1.64
Alpha	66.51

Character TTM
Hurst Exponent	0.458
Beta	0.929
Beta Downside	1.013

Drawdowns 3y
Max DD	37.51%
Mean DD	10.46%
Median DD	8.94%

Description: LGND Ligand Pharmaceuticals November 10, 2025

Ligand Pharmaceuticals (NASDAQ:LGND) is a biopharmaceutical licensing company that discovers, develops, and out-licenses a broad portfolio of therapeutic assets across infectious disease, oncology, rare disease, and specialty indications, generating recurring royalty and milestone revenue streams.

Its current pipeline includes marketed products such as Pradefovir, Posaconazole, Voriconazole, and VEKLURY (COVID-19), as well as late-stage candidates like ACLX-002 (oncology) and Sparsentan (kidney disease). The company also maintains a robust development platform for novel formulations (e.g., captisol-enabled amiodarone) and a growing pipeline of over 30 early-stage assets.

Recent financial metrics show FY 2023 total revenue of roughly $1.2 billion, with licensing royalties contributing about 55% and a cash position near $2.3 billion, providing ample runway for continued R&D and partnership activity. The biotech licensing sub-industry is projected to expand at a ~9% CAGR through 2029, driven by increasing demand for outsourced drug development and the rise of specialty therapeutics.

For a deeper, data-driven dive into LGND’s valuation dynamics and comparable peer analysis, the ValueRay platform offers tools that can help you quantify the upside and risks more precisely.

LGND Stock Overview

Market Cap in USD	3,961m
Sub-Industry	Biotechnology
IPO / Inception	1992-11-18
Return 12m vs S&P 500	59.5%
Analyst Rating	4.57 of 5

LGND Dividends

Currently no dividends paid

LGND Growth Ratios

Metric	Value
CAGR 3y	39.75%
CAGR/Max DD Calmar Ratio	1.06
CAGR/Mean DD Pain Ratio	3.80
Current Volume	233.6k
Average Volume	229.8k

Piotroski VR‑10 (Strict, 0-10) 3.5

Net Income (48.6m TTM) > 0 and > 6% of Revenue (6% = 15.1m TTM)

FCFTA 0.02 (>2.0%) and ΔFCFTA 1.11pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 287.9% (prev 186.7%; Δ 101.2pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.02 (>3.0%) and CFO 31.9m <= Net Income 48.6m (YES >=105%, WARN >=100%)

Net Debt (311.6m) to EBITDA (99.9m) ratio: 3.12 <= 3.0 (WARN <= 3.5)

Current Ratio 24.69 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (20.2m) change vs 12m ago 9.51% (target <= -2.0% for YES)

Gross Margin 85.90% (prev 93.50%; Δ -7.60pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 20.66% (prev 15.96%; Δ 4.70pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 17.28 (EBITDA TTM 99.9m / Interest Expense TTM 3.81m) >= 6 (WARN >= 3)

Altman Z'' 6.03

(A) 0.49 = (Total Current Assets 753.9m - Total Current Liabilities 30.5m) / Total Assets 1.48b

(B) 0.39 = Retained Earnings (Balance) 578.2m / Total Assets 1.48b

(D) 1.12 = Book Value of Equity 587.6m / Total Liabilities 526.6m

Total Rating: 6.03 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 56.55

1. Piotroski 3.50pt

2. FCF Yield 0.82%

3. FCF Margin 12.24%

4. Debt/Equity 0.47

5. Debt/Ebitda 3.12

6. ROIC - WACC (= -2.80)%

7. RoE 5.71%

8. Rev. Trend 74.49%

9. EPS Trend 31.26%

What is the price of LGND shares?

As of November 21, 2025, the stock is trading at USD 199.03 with a total of 233,640 shares traded.
Over the past week, the price has changed by -1.11%, over one month by +6.58%, over three months by +28.20% and over the past year by +78.41%.

Is LGND a buy, sell or hold?

Ligand Pharmaceuticals has received a consensus analysts rating of 4.57. Therefore, it is recommended to buy LGND.

Strong Buy: 4
Buy: 3
Hold: 0
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the LGND price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	228.1	14.6%
Analysts Target Price	228.1	14.6%
ValueRay Target Price	251.4	26.3%

LGND Fundamental Data Overview November 15, 2025

Market Cap USD = 3.96b (3.96b USD * 1.0 USD.USD)
P/E Trailing = 88.6652
P/E Forward = 26.5252
P/S = 15.7676
P/B = 4.259
P/EG = 1.5271
Beta = 0.861
Revenue TTM = 251.2m USD
EBIT TTM = 65.9m USD
EBITDA TTM = 99.9m USD
Long Term Debt = 445.5m USD (from longTermDebt, last quarter)
Short Term Debt = 2.18m USD (from shortTermDebt, last quarter)
Debt = 451.0m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 311.6m USD (from netDebt column, last quarter)
Enterprise Value = 3.75b USD (3.96b + Debt 451.0m - CCE 664.5m)
Interest Coverage Ratio = 17.28 (Ebit TTM 65.9m / Interest Expense TTM 3.81m)
FCF Yield = 0.82% (FCF TTM 30.8m / Enterprise Value 3.75b)
FCF Margin = 12.24% (FCF TTM 30.8m / Revenue TTM 251.2m)
Net Margin = 19.34% (Net Income TTM 48.6m / Revenue TTM 251.2m)
Gross Margin = 85.90% ((Revenue TTM 251.2m - Cost of Revenue TTM 35.4m) / Revenue TTM)
Gross Margin QoQ = 78.50% (prev 93.90%)
Tobins Q-Ratio = 2.54 (Enterprise Value 3.75b / Total Assets 1.48b)
Interest Expense / Debt = 0.20% (Interest Expense 910.0k / Debt 451.0m)
Taxrate = 16.91% (23.9m / 141.1m)
NOPAT = 54.7m (EBIT 65.9m * (1 - 16.91%))
Current Ratio = 24.69 (Total Current Assets 753.9m / Total Current Liabilities 30.5m)
Debt / Equity = 0.47 (Debt 451.0m / totalStockholderEquity, last quarter 950.2m)
Debt / EBITDA = 3.12 (Net Debt 311.6m / EBITDA 99.9m)
Debt / FCF = 10.13 (Net Debt 311.6m / FCF TTM 30.8m)
Total Stockholder Equity = 851.2m (last 4 quarters mean from totalStockholderEquity)
RoA = 3.29% (Net Income 48.6m / Total Assets 1.48b)
RoE = 5.71% (Net Income TTM 48.6m / Total Stockholder Equity 851.2m)
RoCE = 5.08% (EBIT 65.9m / Capital Employed (Equity 851.2m + L.T.Debt 445.5m))
RoIC = 5.69% (NOPAT 54.7m / Invested Capital 962.5m)
WACC = 8.49% (E(3.96b)/V(4.41b) * Re(9.44%) + D(451.0m)/V(4.41b) * Rd(0.20%) * (1-Tc(0.17)))
Discount Rate = 9.44% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 6.82%
[DCF Debug] Terminal Value 64.41% ; FCFE base≈22.2m ; Y1≈14.6m ; Y5≈6.66m
Fair Price DCF = 5.35 (DCF Value 105.3m / Shares Outstanding 19.7m; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: 31.26 | EPS CAGR: 34.77% | SUE: 4.0 | # QB: 1
Revenue Correlation: 74.49 | Revenue CAGR: 69.52% | SUE: 4.0 | # QB: 3

Additional Sources for LGND Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle