Filing Flows › Ligand Pharmaceuticals (LGND) › Q1 2025
Ligand Pharmaceuticals (LGND) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 9, 2025
Ligand Pharmaceuticals (LGND) reported revenue of $45.3M for the first quarter 2025 (Q1 2025), +46% from a year earlier and +6% from the quarter before. Operating margin was -79.9%, net loss $42.5M (93.6% of revenue).
Ligand Pharmaceuticals, Q1 2025: revenue $45.3M (+46% year over year), operating margin -79.9%, net loss $42.5M, operating cash flow −$25.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $45.3M | +6% | +46% |
| Operating profit | −$36.2M | — | — |
| Net earnings | −$42.5M | — | — |
| Operating cash flow | −$25.4M | — | — |
What changed
Revenue was $45.3M in Q1 2025, up 46% year over year and up 6% from the previous quarter. Captisol was the largest line at 30% of revenue. Captisol added $4.2M year over year (up 46%), 30% of the total change. Teriparatide injection declined 42%.
Operating costs exceeded revenue by $36.2M, an operating margin of -79.9%. Total costs grew 191% against revenue growth of 46%. The fastest-growing cost line was Research & development (+739%). The quarter ended with a net loss of $42.5M, wider than the previous quarter's $31.1M loss.
Operating cash flow was −$25.4M. Non-cash charges added back $8.8M of depreciation and amortization and $7.8M of share-based compensation. Capital expenditures of $214K exceeded it, leaving free cash flow of −$25.7M.
Questions
What was Ligand Pharmaceuticals' revenue in the first quarter 2025?
Ligand Pharmaceuticals (LGND) reported revenue of $45.3M for the first quarter 2025 (Q1 2025), +46% from a year earlier and +6% from the quarter before.
Was Ligand Pharmaceuticals profitable in the first quarter 2025?
Operating loss was $36.2M (-79.9% of revenue) and net loss $42.5M.