Ligand Pharma (LGND)
NASDAQ:LGND
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Earnings Data
Report Date
Aug 10, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
2.01Last Year’s EPS
1.6Same Quarter Last Year
Strong Buy
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The earnings call was broadly positive: the company reported strong underlying operating momentum (royalty revenue +56% YoY, total revenue +14% YoY, adjusted EPS +23% YoY), meaningful near-term and long-term growth catalysts (Filspari approval and Palvella Phase III success), a transformative announced acquisition (XOMA) expected to be immediately accretive and to materially scale the portfolio, and a strong liquidity position. Key risks discussed include GAAP volatility from equity fair-value movements, lumpy Captisol/contract revenue and timing dependence on partner execution, and remaining uncertainty until the XOMA transaction closes and its tax attributes are fully quantified. Overall, the positives — including multiple high-value clinical and commercial catalysts and a materially enlarged, diversified portfolio — outweigh the highlighted near-term financial and timing uncertainties.Company Guidance
Royalty Revenue Acceleration
Royalty revenue was $43.0M in Q1 2026, up 56% year-over-year, driven primarily by Filspari, Ohtuvayre and Qarziba.
Total Revenue and Adjusted EPS Growth
Total revenue was $52.0M, up 14% year-over-year. Adjusted diluted EPS was $1.63, an increase of 23% versus the prior year period.
XOMA Royalty Acquisition — Scale and Near-Term Accretion
Announced acquisition of XOMA Royalty (expected to close in Q3 2026) will add >120 commercial/clinical/preclinical assets, seven marketed products, nearly double Phase II/III assets, and is expected to be immediately accretive: +$0.50 adjusted EPS in 2026 and +$1.50 in 2027; management also expects significant operational synergies and tax benefits.
Major Clinical and Regulatory Catalysts (Palvella and Filspari)
Palvella's QTORIN rapamycin reported positive Phase III SELVA results with a +2.13 improvement on the mLM-IGA primary endpoint (vs. Palvella's guide of +1 and upside of +1.5); Palvella plans NDA submission in H2 2026. Travere's Filspari received full FDA approval for FSGS, expanding label and creating a larger commercial opportunity.
Large Peak Opportunity Signals for Key Assets
Management cited estimated commercial peak opportunities: Travere's Filspari ~ $3.0B peak sales across IgAN and FSGS (implying ~$270M annual royalty to Ligand if achieved); QTORIN rapamycin peak U.S. sales estimated $1.0B–$3.0B across initial indications (implying $100M–$300M peak royalty to Ligand).
Improved Operating Efficiency and Scale
Since pivoting to a royalty aggregation model, Ligand reduced operating footprint (from ~200 to ~40 employees historically), lowered operating expenses from ~$90M to ~$40M, expanded deal team to 18, and grew commercial assets from 7 to 15 while closing 18 deals in the last 3 years.
Strong Liquidity Position
Approximately $780M cash and investments at quarter end plus $200M undrawn revolver capacity — nearly $1.0B of available capital to fund XOMA close and continued deal activity.
Multi-year Guidance and Cash Flow outlook
2026 guidance (assuming XOMA close in Q3): total revenue $270M–$310M, royalty revenue $225M–$250M, adjusted EPS $8.50–$9.50. Management expects combined operating cash flow of ~ $300M in 2027 and plans $150M–$250M annual deployment into new royalty opportunities.
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 |
|---|---|---|---|
May 07, 2026 | $232.55 | $210.33 | -9.55% |
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% |
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 Aug 10, 2026, After Close (Confirmed).
What is Ligand Pharma (LGND) earnings time?
Ligand Pharma (LGND) earnings time is at Aug 10, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is LGND EPS forecast?
LGND EPS forecast for the fiscal quarter 2026 (Q2) is 2.01.