Filing Flows › Ligand Pharmaceuticals (LGND) › Q2 2025
Ligand Pharmaceuticals (LGND) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
Ligand Pharmaceuticals (LGND) reported revenue of $47.6M for the second quarter 2025 (Q2 2025), +15% from a year earlier and +5% from the quarter before. Operating margin was 17.7%, net earnings $4.8M (10.2% of revenue).
Ligand Pharmaceuticals, Q2 2025: revenue $47.6M (+15% year over year), operating margin 17.7%, net earnings $4.8M, operating cash flow $15.8M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $47.6M | +5% | +15% |
| Operating profit | $8.4M | — | — |
| Net earnings | $4.8M | — | — |
| Operating cash flow | $15.8M | — | +19% |
| Free cash flow | $15.6M | — | +21% |
What changed
Revenue was $47.6M in Q2 2025, up 15% year over year and up 5% from the previous quarter. Kyprolis was the largest line at 18% of revenue. Filspari added $4.2M year over year (up 171%), 68% of the total change. Milestone and other declined 82%.
Operating profit was $8.4M, a 17.7% margin (up 63.7 points year over year). Total costs fell 35% while revenue rose 15%. The fastest-growing cost line was Research & development (+23%). Net earnings were $4.8M. The effective tax rate was 56.8%. Non-operating items added $2.8M, 25% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $15.8M (up 19% year over year), 326% of net earnings. Non-cash charges added back $8.5M of depreciation and amortization and $10.0M of share-based compensation. Working capital and other items used $7.6M. Capital expenditures of $214K left free cash flow of $15.6M.
Questions
What was Ligand Pharmaceuticals' revenue in the second quarter 2025?
Ligand Pharmaceuticals (LGND) reported revenue of $47.6M for the second quarter 2025 (Q2 2025), +15% from a year earlier and +5% from the quarter before.
Was Ligand Pharmaceuticals profitable in the second quarter 2025?
Operating profit was $8.4M (17.7% of revenue) and net earnings $4.8M.