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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Ligand Pharmaceuticals reported revenue of $268M in the fiscal year ended Dec 2025, up 60.4% from the year before. Operating income was $41M, an operating margin of 15.3%, and net income was $124M. Operating cash flow of $49M less capital expenditure of $452,000 left free cash flow of $49M. Net debt was $271M.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 242 | 196 | 131 | 167 | 268 |
| Research & development | 32.1 | 36.1 | 24.5 | 21.4 | 81.2 |
| Operating income | 104 | 3.0 | 11.9 | −22.6 | 41.0 |
| Interest expense | 19.6 | 1.8 | 0.7 | 3.0 | 4.7 |
| Pre-tax income | 72.2 | 36.0 | 63.7 | 2.5 | 159 |
| Income tax | −4.1 | 41.2 | 9.8 | 6.6 | 34.5 |
| Net income | 57.1 | −33.4 | 52.2 | −4.0 | 124 |
| Diluted EPS | 3.31 | −1.98 | 2.94 | −0.22 | 6.13 |
| Diluted shares | 17.2 | 16.9 | 17.8 | 18.3 | 20.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 19.5 | 45.0 | 23.0 | 72.3 | 175 |
| Receivables | 85.5 | 30.4 | 32.9 | 38.4 | 59.6 |
| Inventory | 27.3 | 13.3 | 24.0 | 14.1 | 9.1 |
| Current assets | 465 | 264 | 237 | 332 | 832 |
| Net PP&E | 13.2 | 12.5 | 15.6 | 15.1 | 3.6 |
| Goodwill | 106 | 0.0 | 103 | 105 | 102 |
| Total assets | 1,298 | 763 | 787 | 942 | 1,561 |
| Payables | 8.4 | 5.3 | 2.4 | 5.2 | 3.2 |
| Deferred revenue | 0.7 | 0.4 | 1.2 | 0.6 | 0.6 |
| Current liabilities | 41.7 | 98.8 | 16.8 | 37.1 | 37.4 |
| Long-term debt | – | – | – | 0.0 | 446 |
| Total liabilities | 476 | 165 | 86.3 | 111 | 543 |
| Shareholders' equity | 821 | 597 | 701 | 830 | 1,017 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 78.8 | 138 | 49.6 | 97.0 | 49.4 |
| Capital expenditure | 8.8 | 17.9 | 3.5 | 1.8 | 0.5 |
| Free cash flow | 70.0 | 120 | 46.1 | 95.2 | 48.9 |
| Depreciation & amortisation | 51.1 | 51.5 | 36.5 | 35.2 | 33.8 |
| Stock-based compensation | 38.8 | 60.3 | 25.7 | 41.1 | 46.8 |
| Acquisitions | 0.0 | 0.0 | 10.4 | 0.0 | 0.0 |
| Share buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 15.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −18.8% | −33.1% | 27.3% | 60.4% |
| Operating income growth (YoY) | – | −97.1% | 293.2% | −289.3% | – |
| EPS growth (YoY) | – | −159.8% | – | −107.5% | – |
| Operating margin | 43.0% | 1.5% | 9.1% | −13.5% | 15.3% |
| Net margin | 23.7% | −17.0% | 39.7% | −2.4% | 46.4% |
| Return on equityBlank when equity is negative | 7.0% | −5.6% | 7.4% | −0.5% | 12.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.3% | 0.5% | 1.6% | −2.5% | 2.7% |
| Free cash flow margin | 29.0% | 61.1% | 35.1% | 57.0% | 18.2% |
| Cash conversion (CFO ÷ net income) | 1.38x | −4.13x | 0.95x | −24.1x | 0.40x |
| Receivable days | 129 | 57 | 91 | 84 | 81 |
| Interest cover | 5.29x | 1.69x | 18.2x | −7.44x | 8.70x |
| Debt ÷ equity | – | – | – | 0.00x | 0.44x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | −72.3 | 271 |
| Current ratio | 11.2x | 2.67x | 14.1x | 8.93x | 22.2x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.