Filing Flows › Ligand Pharmaceuticals (LGND) › Q2 2026 › vs Q1 2026
Ligand Pharmaceuticals (LGND) Q2 2026 vs Q1 2026 (quarter over quarter)
Ligand Pharmaceuticals's revenue rose $12.0M (+23%) from $51.7M in Q1 2026 to $63.7M in Q2 2026. Operating margin 13.5% against 33.6% (-20.1 pts).
Ligand Pharmaceuticals, Q2 2026: revenue $63.7M (+34% year over year), operating margin 13.5%, net earnings $48.5M, operating cash flow $24.0M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 13.5% | 33.6% | -20.1 pts |
| Net margin | 76.2% | -25.8% | +102.0 pts |
| Free cash flow margin | 37.7% | 93.7% | -56.0 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $63.7M | $51.7M | $12.0M | +23% |
| Other income, net | $55.7M | −$41.6M | $97.3M | — |
| Operating profit | $8.6M | $17.4M | −$8.8M | -51% |
| Costs & expenses | $55.1M | $34.4M | $20.7M | +60% |
| Pre-tax earnings | $64.3M | −$24.3M | $88.6M | — |
| Research & development | $14.7M | $2.1M | $12.5M | +583% |
| General & admin | $29.1M | $20.8M | $8.3M | +40% |
| Other operating costs | $11.3M | $11.4M | −$59K | -0.5% |
| Net earnings | $48.5M | −$13.3M | $61.9M | — |
| Income tax | $15.8M | −$10.9M | $26.7M | — |
| Depreciation & amortization | $8.2M | $8.2M | −$1K | 0% |
| Share-based compensation | $13.7M | $10.6M | $3.1M | +29% |
| Working capital & other | $46.4M | −$43.2M | $89.6M | — |
| Operating cash flow | $24.0M | $48.7M | −$24.7M | -51% |
| Free cash flow (OCF − capex) | $24.0M | $48.5M | −$24.5M | -50% |
| Capital expenditures | $26K | $228K | −$202K | -89% |
Questions
How much did Ligand Pharmaceuticals's revenue grow quarter over quarter in Q2 2026?
Ligand Pharmaceuticals's revenue rose $12.0M (+23%) from $51.7M in Q1 2026 to $63.7M in Q2 2026. Operating margin 13.5% against 33.6% (-20.1 pts).