Detailed financial statements for Ligand Pharmaceuticals Incorporated (LGND): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Ligand Pharmaceuticals Incorporated operates as a biopharmaceutical entity, primarily engaged in sourcing and advancing technologies to empower pharmaceutical companies globally in their efforts to discover and develop novel therapeutic solutions. Its diverse portfolio of commercialized products addresses a wide range of medical conditions.
Analysis Summary
Ligand Pharmaceuticals Incorporated reported revenue of $268.1M in the most recent fiscal year, growing at a 5-year CAGR of 10.4%.
Trailing-twelve-month margins: gross margin 98.6%, operating margin 34.7%, net margin 67.9%. Free cash flow grew at -0.5% CAGR over 5 years.
Balance sheet quality for LGND: current ratio of 22.2, net cash position of $282.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $48.9M represents 39% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $109.0M | $141.1M | $251.5M | $120.3M | $163.6M | $241.5M | $196.2M | $131.3M | $167.1M | $268.1M |
| Cost of Revenue | $5.6M | $5.4M | $6.3M | $11.3M | $30.4M | $62.2M | $52.8M | $35.0M | $11.1M | $6.6M |
| Gross Profit | $103.4M | $135.7M | $245.1M | $108.9M | $133.1M | $179.4M | $143.4M | $96.3M | $156.1M | $261.5M |
| Research & Development | $21.2M | $26.9M | $27.9M | $55.9M | $40.5M | $32.1M | $36.1M | $24.5M | $21.4M | $81.2M |
| Selling, General & Admin | $26.6M | $28.7M | $37.7M | $41.9M | $60.0M | $46.8M | $70.1M | $52.8M | $78.7M | $92.4M |
| Operating Expenses | $58.5M | $67.7M | $81.4M | -$698.1M | $95.6M | $75.5M | $140.4M | $84.3M | $178.7M | $214.3M |
| Operating Income | $43.9M | $68.1M | $163.7M | $807.1M | $37.5M | $103.9M | $3.0M | $11.9M | -$22.6M | $47.2M |
| EBITDA | $55.2M | $81.2M | $238.3M | $876.1M | $56.7M | $142.8M | $81.2M | $100.8M | $40.8M | $192.7M |
| Interest Expense | $12.2M | $11.4M | $48.3M | $35.7M | $27.4M | $19.6M | $1.8M | $656000 | $3.0M | $4.7M |
| Pre-tax Income | $8.0M | $57.2M | $173.3M | $796.6M | $1.3M | $72.2M | $36.0M | $63.7M | $2.5M | $159.0M |
| Income Tax | $10.3M | $44.7M | $30.0M | $167.3M | -$5.3M | -$4.1M | $41.2M | $9.8M | $6.5M | $34.5M |
| Net Income | -$1.6M | $12.6M | $143.3M | $629.3M | -$3.0M | $57.1M | -$33.4M | $52.2M | -$4.0M | $124.5M |
| EPS | $-0.08 | $0.60 | $5.96 | $33.13 | $-0.18 | $3.46 | $-1.98 | $3.02 | $-0.22 | $6.44 |
| EPS (Diluted) | $-0.08 | $0.53 | $5.96 | $31.85 | $-0.18 | $3.34 | $-1.98 | $2.94 | $-0.22 | $6.13 |
| Shares Outstanding (Diluted) | $20.8M | $23.5M | $24.1M | $19.8M | $16.2M | $17.2M | $16.9M | $17.8M | $18.3M | $20.3M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $141.0M | $201.7M | $718.4M | $71.5M | $47.6M | $19.5M | $45.0M | $23.0M | $72.3M | $174.9M |
| Short-term Investments | 0 | 0 | $46.2M | $998.3M | $363.6M | $321.6M | $166.9M | $147.4M | $183.9M | $558.6M |
| Receivables | $18.2M | $25.6M | $55.9M | $41.7M | $59.1M | $91.6M | $35.0M | $39.3M | $42.4M | $61.0M |
| Inventory | $1.9M | $4.4M | $7.1M | $7.3M | $26.5M | $27.3M | $13.3M | $24.0M | $14.1M | $9.1M |
| Total Current Assets | $163.1M | $237.0M | $870.5M | $1.12B | $500.6M | $464.8M | $263.6M | $237.4M | $331.6M | $832.3M |
| Property, Plant & Equipment | $1.8M | $4.2M | $5.4M | $17.6M | $37.2M | $32.6M | $27.5M | $25.1M | $24.8M | $10.8M |
| Goodwill | $276.9M | $314.5M | $306.4M | $95.2M | $189.7M | $105.7M | $105.7M | $103.4M | $105.2M | $101.5M |
| Intangible Assets | $25.8M | $19.5M | $31.5M | $230.5M | $606.3M | $386.8M | $352.6M | $299.6M | $266.6M | $422.3M |
| Total Assets | $601.6M | $671.0M | $1.26B | $1.49B | $1.36B | $1.30B | $762.7M | $787.2M | $941.8M | $1.56B |
| Accounts Payable | $2.7M | $2.3M | $4.2M | $2.4M | $3.8M | $8.4M | $5.3M | $2.4M | $5.2M | $3.2M |
| Short-term Debt | $212.9M | $224.5M | $26.4M | 0 | 0 | 0 | $76.7M | 0 | 0 | 0 |
| Total Current Liabilities | $227.1M | $238.9M | $82.2M | $17.0M | $100.1M | $41.7M | $98.8M | $16.8M | $37.1M | $37.4M |
| Long-term Debt | $29.6M | $18.9M | $609.9M | $639.0M | $442.3M | $320.7M | 0 | 0 | 0 | $446.2M |
| Total Liabilities | $230.7M | $252.4M | $699.9M | $727.7M | $652.8M | $476.4M | $165.2M | $86.3M | $111.3M | $543.4M |
| Retained Earnings | -$431.1M | -$400.9M | -$229.2M | $400.1M | $392.0M | $449.1M | $450.9M | $503.0M | $499.0M | $608.1M |
| Total Equity | $370.9M | $418.6M | $560.9M | $767.2M | $709.5M | $821.2M | $597.5M | $700.9M | $830.4M | $1.02B |
| Total Debt | $212.9M | $224.5M | $636.3M | $650.2M | $456.4M | $324.4M | $87.7M | $6.2M | $7.1M | $451.5M |
| Net Debt | $71.9M | $22.9M | -$128.3M | -$419.7M | $45.2M | -$16.7M | -$124.1M | -$164.1M | -$249.1M | -$282.0M |
| Working Capital | -$64.1M | -$1.8M | $788.3M | $1.11B | $400.4M | $423.1M | $164.8M | $220.6M | $294.4M | $794.8M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$2.4M | $12.6M | $143.3M | $629.3M | -$3.0M | $57.1M | -$33.4M | $52.2M | -$4.0M | $124.5M |
| Depreciation & Amortization | $11.3M | $11.7M | $14.7M | $43.7M | $28.0M | $50.9M | $51.4M | $36.5M | $35.2M | $35.7M |
| Stock-based Compensation | $18.9M | $24.9M | $20.8M | $24.5M | $30.7M | $38.8M | $60.3M | $25.7M | $41.1M | 0 |
| Change in Working Capital | -$10.6M | -$11.4M | -$38.9M | -$4.2M | -$10.1M | -$52.2M | $65.7M | -$34.4M | $19.4M | -$12.7M |
| Operating Cash Flow | $63.0M | $93.6M | $194.1M | -$29.3M | $54.6M | $78.8M | $137.8M | $49.6M | $97.0M | $49.4M |
| Capital Expenditure | -$28.3M | -$7.2M | -$11.9M | -$2.6M | -$4.5M | -$8.8M | -$17.9M | -$53.8M | -$19.6M | -$452000 |
| Acquisitions | -$94.2M | -$26.7M | -$5.9M | -$12.8M | -$383.3M | $494000 | -$750000 | -$25.7M | -$172.2M | -$8.1M |
| Stock Repurchased | -$3.9M | -$2.0M | -$122.9M | -$453.0M | -$78.0M | -$18.4M | 0 | 0 | 0 | -$15.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $34.7M | $86.4M | $182.2M | -$31.9M | $50.1M | $70.0M | $119.9M | -$4.3M | $77.4M | $48.9M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +29.5% | +78.2% | -52.2% | +36.0% | +47.7% | -18.8% | -33.1% | +27.3% | +60.4% | |
| Net Income Growth (YoY) | +867.5% | +1041.5% | +339.1% | -100.5% | +2014.2% | -158.4% | +256.3% | -107.7% | +3186.6% | |
| EPS Growth (YoY) | +864.3% | +893.3% | +455.9% | -100.5% | +2022.2% | -157.2% | +252.5% | -107.3% | +3027.3% | |
| Shares Change (YoY) | +12.7% | +2.5% | -17.9% | -18.1% | +6.6% | -2.2% | +5.3% | +3.0% | +11.0% | |
| FCF Growth (YoY) | +149.2% | +110.8% | -117.5% | +257.2% | +39.7% | +71.2% | -103.6% | +1912.0% | -36.8% | |
| Gross Margin | 94.9% | 96.2% | 97.5% | 90.6% | 81.4% | 74.3% | 73.1% | 73.3% | 93.4% | 97.5% |
| Operating Margin | 40.3% | 48.2% | 65.1% | 671.0% | 22.9% | 43.0% | 1.5% | 9.1% | -13.5% | 17.6% |
| EBITDA Margin | 50.6% | 57.5% | 94.8% | 728.4% | 34.6% | 59.1% | 41.4% | 76.8% | 24.4% | 71.9% |
| Net Margin | -1.5% | 8.9% | 57.0% | 523.2% | -1.8% | 23.7% | -17.0% | 39.7% | -2.4% | 46.4% |
| FCF Margin | 31.8% | 61.2% | 72.4% | -26.5% | 30.6% | 29.0% | 61.1% | -3.3% | 46.3% | 18.2% |
| Effective Tax Rate | 129.7% | 78.1% | 17.3% | 21.0% | -410.7% | -5.7% | 114.5% | 15.5% | 260.1% | 21.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.66 | $3.68 | $7.57 | $-1.61 | $3.10 | $4.06 | $7.11 | $-0.24 | $4.23 | $2.41 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $20.8M | $21.0M | $24.0M | $19.0M | $16.2M | $16.6M | $16.9M | $17.3M | $18.3M | $19.3M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Gross Margin | 98.58% |
| Operating Margin | 34.74% |
| Net Margin | 67.88% |
Financial Health
| Debt / Equity | 1.17 |
| Current Ratio | 31.18 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -807.52 | 142.37 | 14.20 | 1.96 | -344.67 | 27.85 | -33.74 | 23.65 | -487.05 | 29.36 |
| P/B | 3.56 | 4.29 | 3.63 | 1.61 | 1.42 | 1.95 | 1.89 | 1.76 | 2.36 | 3.59 |
| P/S | 12.12 | 12.73 | 8.10 | 10.27 | 6.14 | 6.63 | 5.74 | 9.41 | 11.73 | 13.64 |
| Gross Margin | 94.9% | 96.2% | 97.5% | 90.6% | 81.4% | 74.3% | 73.1% | 73.3% | 93.4% | 97.5% |
| Operating Margin | 40.3% | 48.2% | 65.1% | 671.0% | 22.9% | 43.0% | 1.5% | 9.1% | -13.5% | 17.6% |
| Net Margin | -1.5% | 8.9% | 57.0% | 523.2% | -1.8% | 23.7% | -17.0% | 39.7% | -2.4% | 46.4% |
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