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Ligand Pharmaceuticals (LGND) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 30, 2026 · Ligand Pharmaceuticals (LGND) Q3 2026 earnings results →
Q3 2026 Revenue down 32% year over year to $78.7M · 36¢ of every $1 of revenue lost · operating margin -20.0%
Ligand Pharmaceuticals made $78.7M in Q3 2026 (-32% Y/Y): Revenue from intangible royalty assets $47.2M, Ojemda $7.0M, Other $6.7M. Operating margin -20.0%, net loss $28.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $78.7M in Q3 2026, down 32% year over year and up 24% from the previous quarter. Income from financial royalty assets was the largest line at 29% of revenue. Captisol lost $2.7M year over year (down 26%), 7% of the total change.
Operating costs exceeded revenue by $15.8M, an operating margin of -20.0%. Total costs grew 57% against a revenue fall of 32%. The fastest-growing cost line was General & admin (+155%). The quarter ended with a net loss of $28.5M, after a profit of $48.5M the previous quarter. Net interest and other expense of $28.3M was the main reason.
Operating cash flow was −$27.6M. Non-cash charges added back $10.3M of depreciation and amortization and $18.2M of share-based compensation. Working capital and other items used $27.6M. Capital expenditures of $142K exceeded it, leaving free cash flow of −$27.7M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 30, 2026 | $78.7M | -32% | -20.0% | −$28.5M | −$27.6M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $63.7M | +34% | 13.5% | $48.5M | $24.0M |
| Q1 2026 | 10-Q | May 8, 2026 | $51.7M | +14% | 33.6% | −$13.3M | $48.7M |
| Q4 2025 | 10-K | Feb 27, 2026 | $59.7M | +39% | 23.2% | $44.8M | $45.9M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $115M | +123% | 48.0% | $117M | $13.1M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $47.6M | +15% | 17.7% | $4.8M | $15.8M |
| Q1 2025 | 10-Q | May 9, 2025 | $45.3M | +46% | -79.9% | −$42.5M | −$25.4M |
Charts
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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About Ligand Pharmaceuticals
Ligand is a leading royalty aggregator, partnering with biopharmaceutical companies to finance and advance late-stage clinical development programs. Ligand owns and manages one of the largest and most diversified portfolios of biopharmaceutical royalties in the industry, with economic interests in more than 200 development and commercial-stage assets. Ligand funds high-value programs in exchange for long-term economic interests, aligning capital with clinical and commercial success. Ligand’s royalty portfolio is designed to deliver consistent and predictable revenue streams across a broad range of therapeutic assets. Ligand also licenses its proprietary technologies, Captisol® and NITRICIL™, to support drug development and formulation across its global partner network. For more information, visit www.ligand.com or follow Ligand on X and LinkedIn .
In its own words, from its 8-K, filed Aug 6, 2026.
Ligand Pharmaceuticals against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -32% against the peers' median +7%. Operating margin: -20.0% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| LGND Ligand Pharmaceuticals | Q3 2026 | $78.7M | -32% | -20.0% |
| JNJ Johnson & Johnson | Q3 2026 | $25.4B | +6% | 0.1% |
| LLY ELI Lilly | Q3 2026 | $24.4B | +39% | 34.5% |
| MRK Merck | Q3 2026 | $18.1B | +5% | 30.7% |
| ABBV AbbVie | Q3 2026 | $17.4B | +10% | 36.0% |
| PFE Pfizer | Q3 2026 | $16.6B | -0.4% | 20.4% |
| BMY Bristol Myers Squibb | Q3 2026 | $13.1B | +7% | 19.4% |
| ABT Abbott Laboratories | Q3 2026 | $13.0B | +14% | 10.4% |
| REGN Regeneron Pharmaceuticals | Q3 2026 | $5.1B | +36% | 40.0% |
Source: Ligand Pharmaceuticals 10-Q on SEC EDGAR · CIK 886163 · Pharmaceutical Preparations
Guidance and outlook
13F: who owns LGND and who is buying
More on LGND
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- Ligand Pharmaceuticals guidance and outlook
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Ligand Pharmaceuticals guidance history: guided vs reported
- Ligand Pharmaceuticals operating margin by quarter
- Ligand Pharmaceuticals net income by quarter
- Ligand Pharmaceuticals free cash flow by quarter
- Ligand Pharmaceuticals R&D spending by quarter
- Ligand Pharmaceuticals capital expenditures by quarter