Filing Flows › Ligand Pharmaceuticals (LGND) › Q1 2026
Ligand Pharmaceuticals (LGND) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Ligand Pharmaceuticals (LGND) reported revenue of $51.7M for the first quarter 2026 (Q1 2026), +14% from a year earlier and -13% from the quarter before. Operating margin was 33.6%, net loss $13.3M (25.8% of revenue).
Ligand Pharmaceuticals, Q1 2026: revenue $51.7M (+14% year over year), operating margin 33.6%, net loss $13.3M, operating cash flow $48.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $51.7M | -13% | +14% |
| Operating profit | $17.4M | +25% | — |
| Net earnings | −$13.3M | -130% | — |
| Operating cash flow | $48.7M | +6% | — |
| Free cash flow | $48.5M | +6% | — |
What changed
Revenue was $51.7M in Q1 2026, up 14% year over year and down 13% from the previous quarter. Filspari was the largest line at 22% of revenue. Filspari added $6.0M year over year (up 114%), 94% of the total change. Captisol declined 36%.
Operating profit was $17.4M, a 33.6% margin (up 113.5 points year over year). Total costs fell 58% while revenue rose 14%. The fastest-growing cost line was General & admin (+11%). The quarter ended with a net loss of $13.3M, after a profit of $44.8M the previous quarter. Net interest and other expense of $41.6M was the main reason.
Operating cash flow was $48.7M. Non-cash charges added back $8.2M of depreciation and amortization and $10.6M of share-based compensation. Working capital and other items added $43.2M. Capital expenditures of $228K left free cash flow of $48.5M.
Questions
What was Ligand Pharmaceuticals' revenue in the first quarter 2026?
Ligand Pharmaceuticals (LGND) reported revenue of $51.7M for the first quarter 2026 (Q1 2026), +14% from a year earlier and -13% from the quarter before.
Was Ligand Pharmaceuticals profitable in the first quarter 2026?
Operating profit was $17.4M (33.6% of revenue) and net loss $13.3M.