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LGNDLigand Pharmaceuticals Incorporated
$298.41$6.0B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
LGND logo

Ligand Pharmaceuticals Incorporated

LGND
NASDAQ · Biotechnology
$298.41
At close - Sep 23, 4:00 PM EDT - USD
Market Cap$5.98B
P/E48.7x
52W High$326.63
Volume241.13K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Debt-Funded Growth Masks Royalty Concentration Risk

Ligand's royalty-based model generates structurally high gross margins (95.0% in 2026Q2) and revenue growth (33.7% YoY), but the recent $1.1B debt-funded acquisition has elevated leverage (D/E 1.17) and introduces integration risk. The company's dependence on ...

GrowthAccelerating
ProfitabilityModerate
ValuationExpensive
TechnicalsHealthy
Explore valuation models
MARKET ACTION

LGND price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

9/12 Beats

EPS beat 9 of last 12 quarters

02

Valuation risk

+135% Peers

P/E is 135% above peer median

03

Market leadership

RS 81 · Leader

High momentum (Outperforming 81% of market)

04

Healthy Uptrend

Uptrend

Price > 50DMA > 200DMA

Next CatalystEstimated earnings · Nov 6
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue surged 33.7% YoY in 2026Q2 to $63.7M with gross margin at 95.0%, but operating margin of 13.5% trails peers due to elevated SG&A and R&D costs, while net income of $48.5M was inflated by non-operating gains.

Analyst Consensus+13.4% target
Buy(18 analysts)
13 Buy4 Hold1 Sell

The Bull Case

Upside Catalysts

Biopharmaceutical innovation focus

Ligand invests in groundbreaking medicines, funding clinical development and commercialization of high-value programs to improve and extend lives globally.

Stock market presence

LGND is actively traded with real-time stock prices, quotes, and financial overviews available for investors.

Clinical development funding

The company supports the development and commercialization of high-value biopharmaceutical programs, enhancing its pipeline potential.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
LGND+56.97%
S&P 500 (^GSPC)+12.39%
1-Year Return
LGND+74.87%
S&P 500 (^GSPC)+15.77%
3-Year Return
LGND+406.98%
S&P 500 (^GSPC)+78.50%
5-Year Return
LGND+108.78%
S&P 500 (^GSPC)+72.18%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
48.7x
Forward P/EExpansion
32.0x
EV/EBITDA80th %ile
77.3x
FCF YieldCash Flow
0.8%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
48.7x
30.8x
100th· High
EV/EBITDA
77.3x
25.8x
80th· High
Price/FCF
122.3x
38.0x
100th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$77.52-74.0%
Base (Fair)$145.53-48.7%
Bull$172.27-42.3%
$77.52 Bear$145.53 Base$172.27 Bull
Current Market Price: $298.41
Trades at a 105.1% premium to Base DCF ($145.53)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$268M+60.4% YoY
Net income
$124M+3186.6% YoY
Free cash flow
$49M-36.8% YoY
Operating margin
17.6%+31.1 pts YoY
ROIC (TTM)3.4%
Avg ROIC 5Y-
ROE (TTM)13.5%
Piotroski Score5 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate9/12 (75%)
Revenue Beat Rate11/12 (92%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 6, 2026
$2.37+17.9%
vs $2.01
$64M+3.9%
vs $61M
Q2 2026
May 14, 2026
$1.63-11.4%
vs $1.84
$52M-12.5%
vs $59M
Q1 2026
Feb 26, 2026
$2.02+38.4%
vs $1.46
$60M+7.3%
vs $56M
Q4 2025
Nov 6, 2025
$3.09+56.9%
vs $1.97
$115M+96.5%
vs $59M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
PRNewsWire·1d ago
Primrose Bio® Raises Significant Growth Capital Investment Led by Signet Healthcare Partners

SAN DIEGO, Sept. 22, 2026 /PRNewswire/ -- Primrose Bio, Inc. ("Primrose"), a provider of production solutions for next-generation biologics, today announced the closing of a financing round led by new investor Signet Healthcare Partners ("Signet"), with significant participation from existing investors 1315 Capital, Ligand Pharmaceuticals Incorporated (Nasdaq: LGND), LDV Partners, and Agent Capital.

GlobeNewsWire·1d ago
Ligand Acquires Royalty and Milestone Interest in Santen's Ryjunea® from Sydnexis for $23 Million

Ryjunea is the first and only pharmacologic treatment approved by the European Commission and UK MHRA to slow myopia progression in pediatric patients Ligand will receive a tiered low-double-digit to high-teens royalty on Ryjunea net sales in Europe, the Middle East, and Africa JUPITER, Fla., Sept. 22, 2026 (GLOBE NEWSWIRE) -- Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) today announced it has acquired an ascending tiered royalty interest in Santen Pharmaceutical Co., Ltd.

Seeking Alpha·5d ago
Ligand Pharmaceuticals: Owning It Gives You A Stake Across Biotech

Ligand Pharmaceuticals (LGND) is reassessed after a ~10% loss since its last 'Buy' rating. The article focuses on LGND's future prospects, emphasizing its key royalty producing assets. LGND is highlighted as a reliable midcap pharma with a high-growth business model.

Defense World·Sep 15, 2026
Reviewing Omeros (NASDAQ:OMER) & Ligand Pharmaceuticals (NASDAQ:LGND)

Omeros (NASDAQ: OMER - Get Free Report) and Ligand Pharmaceuticals (NASDAQ: LGND - Get Free Report) are both healthcare companies, but which is the better investment? We will compare the two businesses based on the strength of their dividends, profitability, valuation, risk, institutional ownership, earnings and analyst recommendations. Profitability This table compares Omeros and Ligand Pharmaceuticals' net

Filtered for Ligand Pharmaceuticals IncorporatedMore Headlines
04

Compare before deciding

Benchmark LGND against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Ligand Pharmaceuticals Incorporated (LGND)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
LGND logoLGNDLigand Pharmaceuticals IncorporatedCurrent
$298.41$5.98B48.6860.4%46.42%13.47%—
PRGO logoPRGOPerrigo Company plc
$13.84$1.92B-1.35-2.75%-41.85%-55.97%—
INVA logoINVAInnoviva, Inc.
$20.24$1.49B6.1318.52%80.56%30.03%—
OMAB logoOMABGrupo Aeroportuario del Centro Norte, S.A.B. de C.V.
$101.30$4.89B16.065.91%33.21%49.73%—
RPRX logoRPRXRoyalty Pharma plc
$57.65$25.55B32.035.06%32.15%8.35%—
BCYC logoBCYCBicycle Therapeutics plc
$3.60$249.82M-1.14105.77%-311.11%-33.22%—

Compare LGND vs Peers

Ligand Pharmaceuticals Incorporated (LGND) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PRGO

Most directly comparable listed peer for LGND.

Scale Benchmark

vs JNJ

Larger-name benchmark to compare LGND against a more recognizable public peer.

Peer Set

Compare Top 5

vs PRGO, INVA, OMAB, RPRX

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

LGND SEC Filings & Documents

Ligand Pharmaceuticals Incorporated (LGND) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 6, 2026·SEC

Material company update

Jul 14, 2026·SEC

Material company update

Jun 25, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 27, 2026·SEC

FY 2025

Feb 28, 2025·SEC

FY 2024

Feb 29, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Aug 7, 2026·SEC

FY 2026

May 8, 2026·SEC

FY 2025

Nov 7, 2025·SEC

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LGND Frequently Asked Questions

Ligand Pharmaceuticals Incorporated (LGND) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Ligand Pharmaceuticals Incorporated's revenue?

Ligand Pharmaceuticals Incorporated (LGND) reported $290.5M in revenue for fiscal year 2025. This represents a 690% increase from $36.8M in 1996.

How fast is Ligand Pharmaceuticals Incorporated growing?

Ligand Pharmaceuticals Incorporated (LGND) grew revenue by 60.4% over the past year. This is strong growth.

Is LGND profitable?

Yes, Ligand Pharmaceuticals Incorporated (LGND) is profitable, generating $197.2M in net income for fiscal year 2025 (46.4% net margin).

Dividend & Returns
What is LGND's return on equity?

Ligand Pharmaceuticals Incorporated (LGND) has a return on equity (ROE) of 13.5%. This is reasonable for most industries.

What is Ligand Pharmaceuticals Incorporated's free cash flow?

Ligand Pharmaceuticals Incorporated (LGND) generated $131.4M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in LGND back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →