Ligand Pharmaceuticals Incorporated
HealthcareNASDAQ:LGND · NASDAQ Global Market
+$0.97 today
Vol 0.24M · Avg 0.22M
Income Statement
Follow revenue through to earnings
Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Earnings Waterfall
Revenue to Net Income
Key Ratios
Analysis
$274.5M of revenue converted into $153.6M of net income for the selected period. Gross margin is 103.0% and net margin is 40.3%, showing how much revenue survives after costs and taxes. EPS is $7.37, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $268.1M +60.4% | $167.1M +27.3% | $131.3M -33.1% | $196.2M -18.8% | $241.5M | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $6.6M -40.5% | $11.1M -68.4% | $35.0M -33.7% | $52.8M -15.0% | $62.2M | $725.6M | $804.0M | $882.4M |
| Gross Profit | $261.5M +67.6% | $156.1M +62.1% | $96.3M -32.9% | $143.4M -20.0% | $179.4M | $8.9B | $7.6B | $6.2B |
| Gross Margin | 97.5% +4.2pp | 93.4% +20.1pp | 73.3% +0.2pp | 73.1% -1.2pp | 74.3% | 9.8% | 28.9% | 38.3% |
| Research & Development | $81.2M +278.9% | $21.4M -12.7% | $24.5M -32.0% | $36.1M +12.4% | $32.1M | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $92.4M +17.5% | $78.7M +49.0% | $52.8M -24.7% | $70.1M +49.7% | $46.8M | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $214.3M +19.9% | $178.7M +111.9% | $84.3M -39.9% | $140.4M +85.9% | $75.5M | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $33.8M -4.2% | $35.2M -3.5% | $36.5M -15.8% | $43.4M -14.8% | $50.9M | $374.2M | $1.2B | $631.8M |
| EBITDA | $192.7M +372.5% | $40.8M -59.5% | $100.8M +24.2% | $81.2M -43.1% | $142.8M | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 71.9% +47.5pp | 24.4% -52.4pp | 76.8% +35.4pp | 41.4% -17.7pp | 59.1% | 5.6% | 46.3% | 42.0% |
| Operating Income | $47.2M +308.8% | -$22.6M -289.3% | $11.9M +293.2% | $3.0M -97.1% | $103.9M | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 17.6% +31.1pp | -13.5% -22.6pp | 9.1% +7.5pp | 1.5% -41.4pp | 43.0% | 16.6% | 24.1% | 22.0% |
| Interest Income | $8.9M +11.0% | $8.1M +4.5% | $7.7M +276.9% | $2.0M +130.9% | $886.0K | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $0 -100.0% | $3.0M +363.0% | $656.0K -63.5% | $1.8M -90.8% | $19.6M | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | $111.8M +344.8% | $25.1M -51.4% | $51.7M +56.8% | $33.0M +204.2% | -$31.6M | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $159.0M +6212.9% | $2.5M -96.0% | $63.7M +76.8% | $36.0M -50.1% | $72.2M | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 59.3% +57.8pp | 1.5% -47.0pp | 48.5% +30.1pp | 18.4% -11.5pp | 29.9% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $34.5M +426.8% | $6.5M -33.4% | $9.8M -76.1% | $41.2M +1094.0% | -$4.1M | $1.3B | -$1.6B | $745.2M |
| Net Income | $124.5M +3186.6% | -$4.0M -107.7% | $52.2M +256.3% | -$33.4M -158.4% | $57.1M | $4.9B | $4.8B | $4.7B |
| Net Margin | 46.4% +48.8pp | -2.4% -42.1pp | 39.7% +56.7pp | -17.0% -40.7pp | 23.7% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $6 +3027.3% | -$0 -107.3% | $3 +252.5% | -$2 -157.2% | $3 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $6 +2886.4% | -$0 -107.5% | $3 +248.5% | -$2 -159.3% | $3 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $19.3M +5.7% | $18.3M +5.7% | $17.3M +2.5% | $16.9M +1.4% | $16.6M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $20.3M +11.0% | $18.3M +3.0% | $17.8M +5.3% | $16.9M -2.2% | $17.2M | $1.2B | $924.4M | $678.0M |
Older periods hidden.
Sign in to unlockCompetitors
Peer companies in the same sector
Praxis Precision Medicines, Inc.
NASDAQ:PRAX
$5.64B
Belite Bio, Inc
NASDAQ:BLTE
$5.54B
Mirum Pharmaceuticals, Inc.
NASDAQ:MIRM
$4.99B
Crinetics Pharmaceuticals, Inc.
NASDAQ:CRNX
$3.63B
ACADIA Pharmaceuticals Inc.
NASDAQ:ACAD
$3.61B
NewAmsterdam Pharma Company N.V.
NASDAQ:NAMS
$3.55B
Viking Therapeutics, Inc.
NASDAQ:VKTX
$3.34B
Dyne Therapeutics, Inc.
NASDAQ:DYN
$3.01B
Soleno Therapeutics, Inc.
SLNO
$2.76B
ADMA Biologics, Inc.
NASDAQ:ADMA
$1.90B
SEC Filings
Recent regulatory filings
No filings found.
How much revenue does LGND generate?
Ligand Pharmaceuticals Incorporated (LGND) reported $268.09M of revenue in fiscal 2025.
Is LGND profitable?
Ligand Pharmaceuticals Incorporated (LGND) reported $124.45M of net income, with a net margin of 46.4%.
Explore More
Continue the stock analysis
Jump to another research area for this company.