Ligand Pharma (LGND)
NASDAQ:LGND
Earnings Data
Report Date
May 06, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.84Last Year’s EPS
1.33Same Quarter Last Year
Strong Buy
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong, broad-based financial and operational momentum driven by a rapidly scaling royalty portfolio, sizeable deployable capital and multiple late-stage clinical and commercial catalysts (notably Palvella QTORIN, FILSPARI, Ohtuvayre and CAPVAXIVE). Key 2025 metrics showed high double-digit growth across royalties, revenue and adjusted EPS, and management provided a robust multi-year outlook (23% royalty CAGR to 2030). Headwinds are largely timing and accounting-related: an FDA review extension for FILSPARI FSGS, increased R&D/G&A due to specific investments and some 2025 one-time items that temper 2026 year-over-year comparisons. Overall, the positives materially outweigh the negatives, leaving a constructive outlook.Company Guidance
Strong Royalty and Revenue Growth
Full-year royalty revenue grew 48% year-over-year to $161M; core revenue (ex-Pelthos gain) was $240M, up 43% YoY; GAAP revenue was $268M (vs $167M in 2024). Q4 total revenue was $59.7M, up 39% YoY, with Q4 royalty revenue of $50.5M, up 45% YoY.
Material Earnings Expansion
Full-year core adjusted diluted EPS increased 42% year-over-year to $8.13; adjusted EPS exceeded original 2025 guidance by more than 30%. Q4 adjusted net income was $42.7M or $2.02 per diluted share versus $1.27 in the prior year period.
Commercial Portfolio Driving Scale
FILSPARI, Ohtuvayre and CAPVAXIVE were major contributors: FILSPARI U.S. Q4 net sales $103M (108% YoY) and ~$322M full-year U.S.; recorded $32M royalties on ~$355M global FILSPARI sales in 2025. Ohtuvayre U.S. full-year net sales ~$506M and CAPVAXIVE full-year net sales $755M.
Large Deployable Capital Base
Ended 2025 with $734M in cash/cash equivalents/short-term investments and, including equity holdings in Pelthos and credit facility capacity, over $1B in deployable capital to fund BD and royalty financings.
High Conviction Long-term Outlook
Management projects a 23% CAGR in royalty receipts from 2025–2030, with visibility to more than $430M in core revenue by 2030 and adjusted EPS visibility to over $13.50 per share by 2030.
Palvella QTORIN Phase 3 Win — Major Clinical Catalyst
Palvella's QTORIN rapamycin Phase 3 for mLM showed a +2.13 point improvement on the primary endpoint, 95% of participants improved, 86% much/very much improved, no drug-related SAEs, 98% continued into extension; NDA planned H2 2026 with potential to address >30,000 diagnosed U.S. mLM patients.
Successful Portfolio and Deal Execution
Completed special situations transaction (Pelthos/Channel merger & financing), rescued ZELSUVMI through bankruptcy to approval and out-licensed it (one-time fee recognized), and executed strategic re-licensing (lasofoxifene to LeonaBio with $90M PIPE).
Reaffirmed 2026 Guidance with Continued Royalty Growth
2026 guidance reaffirmed: adjusted EPS $8–$9; royalty revenue $200–$225M (implying ~32% growth at midpoint compared to 2025 core royalty base); total revenue $245–$285M.
LGND Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
LGND Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 26, 2026 | $191.39 | $196.17 | +2.50% |
Nov 06, 2025 | $190.38 | $208.22 | +9.37% |
Aug 07, 2025 | $142.40 | $146.32 | +2.75% |
May 08, 2025 | $105.62 | $102.51 | -2.94% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Ligand Pharma (LGND) report earnings?
Ligand Pharma (LGND) is schdueled to report earning on May 06, 2026, After Close (Confirmed).
What is Ligand Pharma (LGND) earnings time?
Ligand Pharma (LGND) earnings time is at May 06, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is LGND EPS forecast?
LGND EPS forecast for the fiscal quarter 2026 (Q1) is 1.84.