Revenue exhibits extreme quarterly volatility, swinging from $28.9M to $0.7M, while high gross margins of 94.4% are entirely offset by operating losses, resulting in a -38.4% operating margin.
Lexicon Pharmaceuticals, Inc. (LXRX) annual income statement — 27-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 41.47M | 49.8M | 31.08M | 1.2M | 139K | 298K | 24M | 322.07M | 63.21M | 90.33M | 83.34M | 130.01M | 22.85M | 2.22M | 1.09M | 1.85M | 4.91M | 10.7M | 32.32M | 50.12M | 72.8M | 75.68M | 61.74M | 42.84M | 35.2M | 305.58M | 14.46M | 4.7M |
| Revenue Growth % | -29.03% | 60.24% | 2481.48% | 766.19% | -53.36% | -98.76% | -92.55% | 409.54% | -30.03% | 8.4% | -35.9% | 468.89% | 928.53% | 104.04% | -41.1% | -62.33% | -54.13% | -66.89% | -35.51% | -31.15% | -3.81% | 22.58% | 44.12% | 21.7% | -88.48% | 2013.47% | 207.63% | - |
| Cost of Goods Sold | 476K | 274K | 616K | 58.97M | 52.52M | 55.05M | 1.93M | 3.23M | 2.49M | 1.9M | 163.97M | 95.19M | 89.28M | 89.68M | 82.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.62M | -2M |
| COGS % of Revenue | - | 0.55% | 1.98% | 4898.01% | 37781.29% | 18471.81% | 8.04% | 1% | 3.94% | 2.1% | 196.76% | 73.21% | 390.65% | 4036.09% | 7582.55% | - | - | - | - | - | - | - | - | - | - | - | -18.13% | -42.55% |
| Gross Profit | 40.99M | 49.53M | 30.46M | -57.77M | -52.38M | -54.75M | 22.07M | 318.84M | 60.72M | 88.44M | -80.64M | 34.83M | -66.42M | -87.46M | -81.48M | 1.85M | 4.91M | 10.7M | 32.32M | 50.12M | 72.8M | 75.68M | 61.74M | 42.84M | 35.2M | 305.58M | 17.08M | 6.7M |
| Gross Margin % | 98.85% | 99.45% | 98.02% | -4798.01% | -37681.29% | -18371.81% | 91.96% | 99% | 96.06% | 97.9% | -96.76% | 26.79% | -290.65% | -3936.09% | -7482.55% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 118.13% | 142.55% |
| Gross Profit Growth % | - | 62.58% | 152.74% | -10.29% | 4.33% | -348.11% | -93.08% | 425.12% | -31.34% | 209.67% | -331.53% | 152.43% | 24.05% | -7.33% | -4506.98% | -62.33% | -54.13% | -66.89% | -35.51% | -31.15% | -3.81% | 22.58% | 44.12% | 21.7% | -88.48% | 1689.14% | 154.92% | - |
| Operating Expenses | 95.5M | 98.44M | 227.58M | 113.98M | 48.38M | 32.34M | 69.87M | 177.4M | 164M | 223.02M | 221.19M | 119.02M | 108.69M | 106.8M | 99.62M | 115.94M | 100.63M | 100.66M | 128.86M | 125.07M | 128.03M | 111.8M | 109.19M | 105.43M | 98.09M | 349.22M | 52.56M | 19.5M |
| OpEx % of Revenue | - | 197.66% | 732.22% | 9466.94% | 34807.91% | 10853.02% | 291.17% | 55.08% | 259.45% | 246.88% | 265.42% | 91.55% | 475.58% | 4806.62% | 9147.57% | 6270.63% | 2050.24% | 940.71% | 398.68% | 249.56% | 175.87% | 147.73% | 176.86% | 246.12% | 278.67% | 114.28% | 363.5% | 414.89% |
| Selling, General & Admin | 35.34M | 37.32M | 131.9M | 0 | 0 | 0 | 47.23M | 56.84M | 63.75M | 66.2M | 43.04M | 23.84M | 19.41M | 17.12M | 17.04M | 17.35M | 22.57M | 19.42M | 20.28M | 20.74M | 21.33M | 18.17M | 18.61M | 23.23M | 23.23M | 20.86M | 18.29M | 2.9M |
| SG&A % of Revenue | - | 74.93% | 424.38% | - | - | - | 196.83% | 17.65% | 100.86% | 73.29% | 51.65% | 18.33% | 84.93% | 770.52% | 1565.01% | 938.35% | 459.78% | 181.48% | 62.75% | 41.38% | 29.31% | 24.01% | 30.14% | 54.23% | 66.01% | 6.83% | 126.49% | 61.7% |
| Research & Development | 60.15M | 61.12M | 84.48M | 58.89M | 52.82M | 55.05M | 153.62M | 91.92M | 100.24M | 156.81M | 178.15M | 95.19M | 89.28M | 89.68M | 82.57M | 91.83M | 75.35M | 81.24M | 108.58M | 104.33M | 106.69M | 93.63M | 90.59M | 82.2M | 74.86M | 53.35M | 31.65M | 14.6M |
| R&D % of Revenue | - | 122.73% | 271.81% | 4890.95% | 37997.12% | 18471.81% | 640.22% | 28.54% | 158.59% | 173.59% | 213.77% | 73.21% | 390.65% | 4036.09% | 7582.55% | 4966.36% | 1535.25% | 759.23% | 335.93% | 208.17% | 146.56% | 123.71% | 146.72% | 191.88% | 212.67% | 17.46% | 218.88% | 310.64% |
| Other Operating Expenses | 0 | 0 | 11.2M | 55.09M | -4.43M | -22.7M | -130.99M | 28.64M | 0 | 1.95M | 2.29M | 572K | 2.25M | 59K | 105K | 24.12M | 2.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 275M | 2.62M | 4.9M |
| Operating Income | -54.5M | -48.91M | -197.12M | -171.75M | -100.76M | -87.09M | -47.8M | 141.44M | -103.28M | -136.68M | -137.16M | 1.47M | -100.37M | -102.37M | -108.42M | -114.09M | -95.72M | -89.96M | -96.53M | -74.95M | -55.23M | -36.12M | -47.45M | -62.59M | -62.89M | -43.64M | -35.48M | -12.8M |
| Operating Margin % | -131.43% | -98.21% | -634.2% | -14264.95% | -72489.21% | -29224.83% | -199.21% | 43.92% | -163.39% | -151.3% | -164.58% | 1.13% | -439.16% | -4607.16% | -9955.46% | -6170.63% | -1950.24% | -840.71% | -298.68% | -149.56% | -75.87% | -47.73% | -76.86% | -146.12% | -178.67% | -14.28% | -245.37% | -272.34% |
| Operating Income Growth % | - | 75.19% | -14.77% | -70.45% | -15.7% | -82.2% | -133.79% | 236.95% | 24.44% | 0.35% | -9442.98% | 101.46% | 1.96% | 5.57% | 4.98% | -19.2% | -6.41% | 6.82% | -28.79% | -35.71% | -52.91% | 23.89% | 24.19% | 0.48% | -44.12% | -23.01% | -177.16% | - |
| EBITDA | -54.02M | -48.29M | -196.58M | -171.2M | -100.33M | -86.8M | -44.87M | 145.1M | -99.6M | -133.28M | -135.1M | 2.19M | -98.44M | -99.51M | -104.22M | -109.21M | -90.32M | -83.8M | -86.47M | -64.53M | -44.03M | -24.48M | -34.58M | -41.06M | -42.31M | -27.09M | -32.86M | -10.8M |
| EBITDA Margin % | -130.27% | -96.96% | -632.49% | -14218.94% | -72182.01% | -29126.85% | -186.98% | 45.05% | -157.57% | -147.54% | -162.11% | 1.69% | -430.73% | -4478.31% | -9570.71% | -5906.33% | -1840.34% | -783.15% | -267.52% | -128.76% | -60.48% | -32.35% | -56.01% | -95.86% | -120.21% | -8.86% | -227.24% | -229.79% |
| EBITDA Growth % | 54.13% | 75.44% | -14.83% | -70.63% | -15.59% | -93.46% | -130.92% | 245.69% | 25.27% | 1.34% | -6254.85% | 102.23% | 1.08% | 4.53% | 4.56% | -20.91% | -7.79% | 3.09% | -33.99% | -46.56% | -79.83% | 29.2% | 15.78% | 2.96% | -56.2% | 17.55% | -204.22% | - |
| D&A (Non-Cash Add-back) | 481K | 621K | 534K | 554K | 427K | 292K | 2.93M | 3.65M | 3.68M | 3.4M | 2.06M | 727K | 1.93M | 2.86M | 4.19M | 4.89M | 5.39M | 6.16M | 10.07M | 10.42M | 11.2M | 11.63M | 12.87M | 21.53M | 20.58M | 16.55M | 2.62M | 2M |
| EBIT | -52.73M | -42M | -184.82M | -170.31M | -100.46M | -86.96M | -44.03M | 144.79M | -99.77M | -128.67M | -124.88M | 10.99M | -98.11M | -102.16M | -108.1M | -113.69M | -99.08M | -90.45M | -94.19M | -74.95M | -55.23M | -36.12M | -47.45M | -62.59M | -62.89M | -43.64M | -35.48M | -12.8M |
| Net Interest Income | -2.27M | -1.43M | -3.29M | -5.37M | -1.18M | -668K | -11.78M | -17.33M | -17.27M | -5.03M | -4.27M | -6.15M | 2K | -1.75M | -1.8M | -2.27M | -2.2M | -2.09M | 3.07M | 4.51M | 400K | -635K | -1.02M | 1.47M | 3.22M | 8.47M | 9.48M | 0 |
| Interest Income | 6.12M | 6.91M | 12.29M | 7.73M | 1.6M | 134K | 2.77M | 3.35M | 3.51M | 1.95M | 2.29M | 572K | 2.25M | 216K | 318K | 255K | 519K | 880K | 5.76M | 7.29M | 3.65M | 2.65M | 1.64M | 1.8M | 3.23M | 8.78M | 9.9M | 0 |
| Interest Expense | 8.38M | 8.34M | 15.58M | 13.1M | 2.78M | 802K | 14.54M | 20.68M | 20.78M | 6.98M | 6.57M | 6.72M | 2.25M | 1.97M | 2.11M | 2.53M | 2.72M | 2.97M | 2.69M | 2.77M | 3.25M | 3.28M | 2.66M | 325K | 7K | 314K | 422.04K | 0 |
| Other Income/Expense | -6.61M | -1.43M | -3.29M | -5.37M | -1.18M | -668K | -10.77M | -17.33M | -17.27M | -5.03M | -4.27M | -6.15M | 2K | -1.75M | -1.8M | -2.12M | -6.08M | -3.46M | -349K | 3.72M | 801K | -77K | 282K | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | -61.12M | -50.34M | -200.4M | -177.12M | -101.94M | -87.76M | -58.57M | 124.12M | -120.55M | -141.71M | -141.43M | -4.68M | -100.36M | -104.13M | -110.21M | -116.22M | -101.8M | -93.42M | -96.88M | -71.23M | 54.43M | 39.2M | -46.15M | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | -147.38% | -101.08% | -644.78% | -14710.88% | -73341.01% | -29448.99% | -244.11% | 38.54% | -190.71% | -156.87% | -169.71% | -3.6% | -439.15% | -4686.14% | -10120.39% | -6285.29% | -2074.18% | -873.07% | -299.76% | -142.13% | 74.77% | 51.79% | -74.75% | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.01M | 0 | -12.66M | 4.51M | 0 | -70K | -833K | 0 | 0 | -26K | -102K | 0 | -16.16M | -119K | 119K | -282K | 1.6M | -3.22M | -8.47M | -9.48M | -300K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -4.85% | 0% | 8.93% | -3.19% | 0% | 0.07% | 0.8% | 0% | 0% | 0.03% | 0.11% | 0% | 22.69% | -0.22% | 0.3% | 0.61% | - | - | - | - | - |
| Net Income | -61.12M | -50.34M | -200.4M | -177.12M | -101.94M | -87.76M | -58.57M | 130.13M | -120.55M | -129.05M | -141.43M | -4.68M | -100.29M | -104.13M | -110.21M | -116.22M | -101.78M | -82.78M | -76.86M | -58.79M | -54.31M | -36.31M | -47.17M | -64.2M | -59.67M | -35.17M | -25.99M | -12.5M |
| Net Margin % | -147.38% | -101.08% | -644.78% | -14710.88% | -73341.01% | -29448.99% | -244.11% | 40.4% | -190.71% | -142.86% | -169.71% | -3.6% | -438.85% | -4686.14% | -10120.39% | -6285.29% | -2073.66% | -773.64% | -237.8% | -117.31% | -74.61% | -47.98% | -76.4% | -149.86% | -169.52% | -11.51% | -179.78% | -265.96% |
| Net Income Growth % | 49.33% | 74.88% | -13.15% | -73.74% | -16.16% | -49.82% | -145.01% | 207.95% | 6.59% | 8.75% | -2920.7% | 95.33% | 3.68% | 5.52% | 5.17% | -14.19% | -22.95% | -7.7% | -30.73% | -8.25% | -49.56% | 23.02% | 26.52% | -7.59% | -69.65% | -35.31% | -107.95% | - |
| Net Income (Continuing) | -61.12M | -50.34M | -200.4M | -177.12M | -101.94M | -87.76M | -58.57M | 130.13M | -120.55M | -122.99M | -141.43M | -4.68M | -100.29M | -104.13M | -110.21M | -116.22M | -101.78M | -93.32M | -96.88M | -58.79M | -54.31M | -36.31M | -47.17M | -61.12M | -59.67M | -35.17M | -25.99M | -12.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -290K | 10.25M | 30.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.14 | -0.14 | -0.63 | -0.80 | -0.62 | -0.61 | -0.63 | 1.11 | -1.14 | -1.23 | -1.36 | -0.05 | -1.31 | -1.42 | -1.58 | -2.39 | -2.35 | -3.98 | -3.93 | -4.12 | -5.68 | -3.97 | -5.21 | -7.91 | -7.99 | -4.90 | -4.37 | -3.57 |
| EPS Growth % | 54.58% | 77.78% | 21.25% | -29.03% | -1.64% | 3.17% | -156.76% | 197.37% | 7.32% | 9.56% | -2908.85% | 96.55% | 7.75% | 10.13% | 33.89% | -1.7% | 40.95% | -1.27% | 4.61% | 27.46% | -43.07% | 23.8% | 34.13% | 1% | -63.06% | -12.13% | -22.41% | - |
| EPS (Basic) | - | -0.14 | -0.63 | -0.80 | -0.62 | -0.61 | -0.63 | 1.23 | -1.14 | -1.23 | -1.36 | -0.05 | -1.31 | -1.42 | -1.58 | -2.39 | -2.35 | -3.98 | -3.93 | -4.12 | -5.68 | -3.97 | -5.21 | -7.91 | -7.99 | -4.90 | -4.37 | -3.57 |
| Diluted Shares Outstanding | 437.65M | 363.05M | 320.03M | 221.13M | 165.73M | 145.65M | 110.84M | 116.75M | 105.83M | 105.24M | 103.86M | 103.59M | 76.35M | 73.3M | 69.96M | 48.68M | 43.26M | 20.78M | 19.54M | 14.26M | 9.55M | 9.14M | 9.05M | 8.12M | 7.47M | 7.17M | 5.95M | 3.5M |
| Basic Shares Outstanding | 437.65M | 363.05M | 320.03M | 221.13M | 165.73M | 145.65M | 110.84M | 106.22M | 105.74M | 105.12M | 103.86M | 103.59M | 76.35M | 73.3M | 69.96M | 48.68M | 43.26M | 20.78M | 19.54M | 14.26M | 9.55M | 9.14M | 9.05M | 8.12M | 7.47M | 7.17M | 5.95M | 3.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying LXRX stock.
For fiscal year 2025, Lexicon Pharmaceuticals, Inc. (LXRX) reported total revenue of $49.8M. This represents a 959.6% increase compared to $4.7M in 1999.
Lexicon Pharmaceuticals, Inc. (LXRX) reported a net loss of $50.3M for the fiscal year ending 2025.
Lexicon Pharmaceuticals, Inc. (LXRX) reported an operating income of $-48.9M, resulting in an operating profit margin of -98.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Lexicon Pharmaceuticals, Inc. (LXRX) generated $49.5M in gross profit for the year, representing a gross profit margin of 99.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Commercial revenue volatility and high cash burn
Metrics are mathematically derived from official filings.
Revenue Becomes a Wildly Erratic Metric
Lexicon's top line exhibits extreme quarterly volatility, swinging from $1.3M to $28.9M to $5.5M, making trajectory analysis nearly impossible and suggesting sales are driven by non-recurring or lumpy events rather than sustainable commercial demand.
The quarterly revenue pattern defies standard growth analysis, with Q2 2025 at $28.9M followed by a 79% collapse to $5.5M in Q4. This erraticism points to a revenue base that is not organic and predictable, likely consisting of milestone payments, licensing fees, or non-recurring items, which severely undermines the durability of any reported growth rate.
High Gross Margins Mask Operational Losses
While Lexicon consistently reports gross margins above 90%, as seen in the latest quarter at 94.4% per SEC filings, this profitability at the product level is entirely consumed by substantial operating expenses, resulting in deeply negative operating margins.
The gross margin profile is typical for a biotech with proprietary products, yet the company has not achieved the operating scale to translate this into operating profitability. The Q2 2026 operating loss of $26.5M against only $653K in gross profit demonstrates a severe cost structure mismatch, where overhead far exceeds the revenue it is intended to support.
R&D and SG&A Burdened by Structural Overhead
Operating expenses are dominated by research and development, which reached $17.4M in Q2 2026, indicating that the company's financial structure is still oriented towards development rather than commercial efficiency, a fact reflected in its persistent operating losses.
The combination of R&D and SG&A consistently totals over $25M per quarter, creating a high fixed-cost base that revenue has failed to meaningfully cover. The recent reduction in SG&A from ~$39M in mid-2024 to ~$9.8M now suggests a restructuring, but the current expense level still dwarfs the company's inconsistent revenue generation.
2024 Cost Restructuring Failed to Deliver Profitability
A significant operational inflection occurred in late 2024 when SG&A expenses were dramatically reduced from nearly $40M to under $12M per quarter, yet this cost discipline has not been sufficient to stem the net losses, which remain substantial.
The sharp decline in SG&A starting in Q1 2025 appears to be a strategic reset aimed at improving the cost structure. However, the subsequent quarters show that even with this leaner overhead, the company's volatile revenue and ongoing R&D spend result in losses, suggesting the inflection was a necessary correction but not a sufficient catalyst for financial health.
Sustainability of the Current Cash Burn
The core analytical challenge for Lexicon is the sustainability of its operations, as the company reported a net loss of $31.8M in Q2 2026 on minimal revenue of $692K, a burn rate that warrants close scrutiny of its cash runway and financing strategy.
With revenue highly unpredictable and operating losses persisting, the primary risk is the company's ability to fund its operations without depleting cash reserves or resorting to dilutive financing. The massive gap between its cost base and its demonstrated revenue generation capacity poses a fundamental question about the path to self-sufficiency.