Ligand Pharmaceuticals Incorporated
ligand.comWhat Do They Do?
Invests in royalty rights on medicines, sells Captisol material, and licenses drug technologies to biopharmaceutical companies.
10-K for FY2025, filed Feb 27, 2026We are a biopharmaceutical royalty company focused on deploying capital and licensing technologies to acquire and create diversified…View ↗
In addition to our royalty investment activities, we operate two infrastructure-light, royalty-generating platform technologies, Captisol®…View ↗
Our revenue is generated primarily from royalties on sales of products commercialized by our partners, supplemented by Captisol material…View ↗
How Do They Make Money?
Partners pay royalties based on sales of covered medicines. Ligand also sells Captisol material and earns license fees and milestone payments; it generally receives payment when it delivers material or fulfills the related obligation.
10-K for FY2025, filed Feb 27, 2026We receive royalty revenue from intangible royalty assets on sales by our partners of products covered by patents that we or our partners…View ↗
Revenue from Captisol sales is recognized when control of Captisol material is transferred or intellectual property license rights are…View ↗
Our contracts with customers often include variable consideration in the form of contingent milestone payments. We include contingent…View ↗
Depending on the terms of the arrangement, we may also defer a portion of the consideration received if we have to satisfy a future…View ↗
$268.1M
-
10-K for FY2025, filed Feb 27, 2026
$268.1M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Royalties
Usage-based
10-K for FY2025, filed Feb 27, 2026 |
60%
FY2022: 37%
|
Royalties, FY2025
$161M Sources
|
Usage-based |
|
Captisol
Mix
10-K for FY2025, filed Feb 27, 2026 |
15%
FY2022: 8.4%
|
Captisol, FY2025
$40.2M Sources
|
Mix |
|
Contract Revenue
|
25%
FY2022: 9.6%
|
Contract Revenue, FY2025
$66.9M Sources
|
Who Are Their Customers?
Biopharmaceutical partners commercialize medicines covered by royalty agreements; Captisol licensees use the technology, and customers buy Captisol material.
10-K for FY2025, filed Feb 27, 2026
Do Revenues Turn Into Profits?
Yes. It kept 46 cents of every revenue dollar as net income in FY2025 and turned 18 cents into free cash flow.
10-K for FY2025, filed Feb 27, 2026
$41MView ↗
10-K for FY2025, filed Feb 27, 2026
$124.5MView ↗
10-K for FY2025, filed Feb 27, 2026
$48.9MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 7, 2026
Open tableView ↗
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Aug 6, 2026
Raises the low end of 2026 adjusted EPS guidance
Revenue guidance remains unchanged.
Sources
8-K, filed Aug 6, 2026
Raises Low End of 2026 Adjusted EPS Guidance; Revenue Guidance UnchangedView ↗
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Jul 14, 2026
Completes acquisition of XOMA Royalty
The acquired portfolio adds commercial and development-stage royalty assets.
Sources
8-K, filed Jul 14, 2026
On July 14, 2026, Ligand Pharmaceuticals Incorporated, a Delaware corporation (the “Company”), completed its previously announced merger…View ↗
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Apr 30, 2026
Terminates TR-Beta program license with Viking
Ligand says the termination is valid; Viking disputes its right to terminate.
Sources
8-K, filed Apr 30, 2026
The Termination Notice provides ten (10) days’ prior written notice of termination of the TR-Beta Program (including, but not limited to…View ↗
Growing. Revenue grew 11% in 4 years, from $241.5M in FY2021 to $268.1M in FY2025, about 3% a year.
Royalty-focused business
The older report described funding drug development and out-licensing a broad set of platforms, including Pelican; the latest centers on acquiring royalty interests in medicines, while Pelican is owned and operated by Primrose Bio and Ligand participates through equity, royalty and licensing rights.
10-K for FY2022, filed Feb 28, 2023 10-K for FY2025, filed Feb 27, 2026We are a biopharmaceutical royalty company focused on deploying capital and licensing technologies to acquire and create diversified…View ↗
We are a biopharmaceutical royalty aggregator, focused on disciplined capital allocation to differentiated late-stage assets and operation…View ↗
The Pelican Expression Technology platform is owned and operated by Primrose Bio, in which Ligand held a 31.5% equity interest as of…View ↗
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