(LGND) Ligand Pharmaceuticals - Overview

Sector: Healthcare | Industry: Biotechnology | Exchange: NASDAQ (USA) | Market Cap: 4.364m USD | Total Return: 126.4% in 12m

Drug Delivery, Licensed Assets, Biopharmaceuticals, Research Tools
Total Rating 58
Safety 78
Buy Signal 0.03
Biotechnology
Industry Rotation: -8.2
Market Cap: 4.36B
Avg Turnover: 44.1M
Risk 3d forecast
Volatility43.0%
VaR 5th Pctl7.33%
VaR vs Median3.46%
Reward TTM
Sharpe Ratio2.19
Rel. Str. IBD86.2
Rel. Str. Peer Group68.3
Character TTM
Beta1.028
Beta Downside0.938
Hurst Exponent0.488
Drawdowns 3y
Max DD37.25%
CAGR/Max DD1.24
CAGR/Mean DD4.46
EPS (Earnings per Share) EPS (Earnings per Share) of LGND over the last years for every Quarter: "2021-03": 1.41, "2021-06": 1.63, "2021-09": 1.58, "2021-12": 1.8, "2022-03": 0.58, "2022-06": 1.03, "2022-09": 1.31, "2022-12": 1.36, "2023-03": 2.28, "2023-06": 1.42, "2023-09": 1.02, "2023-12": 1.38, "2024-03": 1.2, "2024-06": 1.4, "2024-09": 1.84, "2024-12": 1.27, "2025-03": 1.33, "2025-06": 0.24, "2025-09": 3.09, "2025-12": 2.02, "2026-03": 1.63,
EPS CAGR: 2.48%
EPS Trend: 18.5%
Last SUE: -0.03
Qual. Beats: 0
Revenue Revenue of LGND over the last years for every Quarter: 2021-03: 55.15, 2021-06: 84.675, 2021-09: 64.835, 2021-12: 72.473, 2022-03: 36.516, 2022-06: 50.126, 2022-09: 59.221, 2022-12: 27.045, 2023-03: 43.979, 2023-06: 26.366, 2023-09: 32.868, 2023-12: 28.101, 2024-03: 30.978, 2024-06: 41.531, 2024-09: 51.812, 2024-12: 42.812, 2025-03: 45.333, 2025-06: 47.627, 2025-09: 115.461, 2025-12: 59.666, 2026-03: 51.722,
Rev. CAGR: 33.26%
Rev. Trend: 88.2%
Last SUE: -0.39
Qual. Beats: 0

Warnings

Choppy

Tailwinds

Confidence

Description: LGND Ligand Pharmaceuticals

Ligand Pharmaceuticals Incorporated is a Florida-based biopharmaceutical company that operates through a royalty-driven business model. The company focuses on developing and licensing intellectual property and technology platforms to global pharmaceutical partners rather than managing late-stage manufacturing or direct commercialization. Its portfolio spans diverse therapeutic areas, including oncology, infectious diseases, neurology, and rare disorders.

The company’s revenue stream is primarily derived from milestones and royalties on approved products such as Kyprolis for multiple myeloma, Veklury for COVID-19, and Vaxneuvance for pneumococcal disease. This diversified licensing strategy reduces the binary clinical trial risk often associated with traditional biotechnology firms by spreading exposure across dozens of different drug candidates and partner pipelines. In the biotechnology sector, this capital-light approach allows companies to maintain high margins by minimizing the heavy overhead costs of a dedicated sales force.

Investors looking for deeper quantitative analysis of these royalty streams may find ValueRay a useful tool for further due diligence. Ligand continues to expand its pipeline with numerous assets in development for hepatology, respiratory diseases, and oncology, leveraging its Captisol technology to enhance the solubility and stability of active pharmaceutical ingredients.

Headlines to Watch Out For
  • Royalty revenue growth from FILSPARI and VAXNEUVANCE market share expansion
  • Portfolio diversification through high-margin royalty and license fee acquisition strategy
  • Captisol manufacturing demand fluctuations impacting core technology service revenue
  • Clinical trial success of partnered assets including VK2809 and ensifentrine
  • Concentration risk from reliance on top-tier partners like Amgen and Merck
Piotroski VR-10 (Strict) 4.0
Net Income: 153.6m TTM > 0 and > 6% of Revenue
FCF/TA: 0.15 > 0.02 and ΔFCF/TA 22.40 > 1.0
NWC/Revenue: 300.5% < 20% (prev 138.1%; Δ 162.4% < -1%)
CFO/TA 0.08 > 3% & CFO 123.4m > Net Income 153.6m
Net Debt (-322.3m) to EBITDA (134.0m): -2.41 < 3
Current Ratio: 21.28 > 1.5 & < 3
Outstanding Shares: last quarter (19.9m) vs 12m ago 3.61% < -2%
Gross Margin: error (current vs previous; cannot be calculated due to missing/invalid data or negative margin)
Asset Turnover: 22.52% > 50% (prev 20.04%; Δ 2.48% > 0%)
Interest Coverage Ratio: 18.01 > 6 (EBITDA TTM 134.0m / Interest Expense TTM 5.59m)
Altman Z'' 6.53
A: 0.54 (Total Current Assets 865.4m - Total Current Liabilities 40.7m) / Total Assets 1.53b
B: 0.39 (Retained Earnings 594.7m / Total Assets 1.53b)
C: 0.08 (EBIT TTM 100.8m / Avg Total Assets 1.22b)
D: 1.12 (Book Value of Equity 600.2m / Total Liabilities 534.8m)
Altman-Z'' = 6.53 = AAA
Beneish M -2.98
DSRI: 0.85 (Receivables 54.8m/42.8m, Revenue 274.5m/181.5m)
GMI: 0.99 (GM 98.61% / 97.32%)
AQI: 0.66 (AQ_t 0.43 / AQ_t-1 0.65)
SGI: 1.51 (Revenue 274.5m / 181.5m)
TATA: 0.02 (NI 153.6m - CFO 123.4m) / TA 1.53b)
Beneish M = -2.98 (Cap -4..+1) = A
What is the price of LGND shares?

As of May 24, 2026, the stock is trading at USD 222.18 with a total of 145,346 shares traded.
Over the past week, the price has changed by +7.56%, over one month by +1.08%, over three months by +24.87% and over the past year by +126.41%.

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.

  • StrongBuy: 4
  • Buy: 3
  • Hold: 0
  • Sell: 0
  • StrongSell: 0

What are the forecasts/targets for the LGND price?
Analysts Target Price 271.8 22.3%
Ligand Pharmaceuticals (LGND) - Fundamental Data Overview as of 22 May 2026
P/E Trailing = 28.3898
P/E Forward = 23.31
P/S = 15.8992
P/B = 4.1753
P/EG = 1.5271
Revenue TTM = 274.5m USD
EBIT TTM = 100.8m USD
EBITDA TTM = 134.0m USD
Long Term Debt = 446.9m USD (from longTermDebt, last quarter)
Short Term Debt = 1.09m USD (from shortTermDebt, last quarter)
Debt = 457.1m USD (from shortLongTermDebtTotal, last quarter) + Leases 5.08m
Net Debt = -322.3m USD (calculated: Debt 457.1m - CCE 779.4m)
Enterprise Value = 4.04b USD (4.36b + Debt 457.1m - CCE 779.4m)
Interest Coverage Ratio = 18.01 (Ebit TTM 100.8m / Interest Expense TTM 5.59m)
EV/FCF = 17.10x (Enterprise Value 4.04b / FCF TTM 236.3m)
FCF Yield = 5.85% (FCF TTM 236.3m / Enterprise Value 4.04b)
FCF Margin = 86.10% (FCF TTM 236.3m / Revenue TTM 274.5m)
Net Margin = 55.95% (Net Income TTM 153.6m / Revenue TTM 274.5m)
 Gross Margin = unknown ((Revenue TTM 274.5m - Cost of Revenue TTM 3.81m) / Revenue TTM)
 Tobins Q-Ratio = 2.64 (Enterprise Value 4.04b / Total Assets 1.53b)
Interest Expense / Debt = 1.22% (Interest Expense 5.59m / Debt 457.1m)
Taxrate = 21.71% (34.5m / 159.0m)
NOPAT = 78.9m (EBIT 100.8m * (1 - 21.71%))
Current Ratio = 11.13 (Total Current Assets 865.4m / Total Current Liabilities 77.8m)
Debt / Equity = 0.46 (Debt 457.1m / totalStockholderEquity, last quarter 997.3m)
Debt / EBITDA = -2.41 (Net Debt -322.3m / EBITDA 134.0m)
Debt / FCF = -1.36 (Net Debt -322.3m / FCF TTM 236.3m)
Total Stockholder Equity = 948.3m (last 4 quarters mean from totalStockholderEquity)
RoA = 12.60% (Net Income 153.6m / Total Assets 1.53b)
RoE = 16.19% (Net Income TTM 153.6m / Total Stockholder Equity 948.3m)
RoCE = 7.22% (EBIT 100.8m / Capital Employed (Equity 948.3m + L.T.Debt 446.9m))
RoIC = 5.90% (NOPAT 78.9m / Invested Capital 1.34b)
WACC = 8.78% (E(4.36b)/V(4.82b) * Re(9.60%) + D(457.1m)/V(4.82b) * Rd(1.22%) * (1-Tc(0.22)))
Discount Rate = 9.60% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 82.22 | Cagr: 5.37%
[DCF] Terminal Value 73.94% ; FCFF base≈236.3m ; Y1≈237.3m ; Y5≈251.4m
[DCF] Fair Price = 197.9 (EV 3.64b - Net Debt -322.3m = Equity 3.97b / Shares 20.0m; r=8.78% [WACC]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: 18.45 | EPS CAGR: 2.48% | SUE: -0.03 | # QB: 0
Revenue Correlation: 88.16 | Revenue CAGR: 33.26% | SUE: -0.39 | # QB: 0
EPS current Quarter (2026-06-30): EPS=2.01 | Chg30d=-0.82% | Revisions=+20% | Analysts=8
EPS next Quarter (2026-09-30): EPS=2.50 | Chg30d=+7.46% | Revisions=+60% | Analysts=8
EPS current Year (2026-12-31): EPS=9.10 | Chg30d=+5.30% | Revisions=+64% | GrowthEPS=+11.9% | GrowthRev=+6.7%
EPS next Year (2027-12-31): EPS=11.36 | Chg30d=+14.32% | Revisions=+60% | GrowthEPS=+24.8% | GrowthRev=+27.5%
[Analyst] Revisions Ratio: +64%