Filing Flows › Ligand Pharmaceuticals (LGND) › Q2 2026 › vs Q2 2025
Ligand Pharmaceuticals (LGND) Q2 2026 vs Q2 2025 (year over year)
Ligand Pharmaceuticals's revenue rose $16.1M (+34%) from $47.6M in Q2 2025 to $63.7M in Q2 2026. The biggest changes: Royalties +$11.1M (+30%); Contract revenue and income +$4.7M (+161%); Income +$4.0M (+392%). Operating margin 13.5% against 17.7% (-4.2 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 13.5% | 17.7% | -4.2 pts |
| Net margin | 76.2% | 10.2% | +66.0 pts |
| Free cash flow margin | 37.7% | 32.7% | +4.9 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Income from financial royalty assets | $10.7M | $6.3M | $4.4M | +69% |
| Captisol | $8.0M | $8.3M | −$309K | -4% |
| Contract revenue and income | $7.7M | $2.9M | $4.7M | +161% |
| Kyprolis | $7.0M | $8.8M | −$1.8M | -20% |
| Qarziba | $6.2M | $5.9M | $265K | +5% |
| Other | $4.3M | $2.6M | $1.7M | +66% |
| Ohtuvayre | $4.1M | $2.1M | $2.1M | +99% |
| Royalties | $47.9M | $36.9M | $11.1M | +30% |
| Contract revenue and income | $7.7M | $2.9M | $4.7M | +161% |
| Income | $5.0M | $1.0M | $4.0M | +392% |
| Ohtuvayre inventors | $3.3M | $0 | $3.3M | — |
| Revenue | $63.7M | $47.6M | $16.1M | +34% |
| Other income, net | $55.7M | $2.8M | $52.9M | 20× |
| Operating profit | $8.6M | $8.4M | $147K | +2% |
| Costs & expenses | $55.1M | $39.2M | $15.9M | +41% |
| Pre-tax earnings | $64.3M | $11.2M | $53.1M | +473% |
| Research & development | $14.7M | $6.6M | $8.1M | +123% |
| General & admin | $29.1M | $20.2M | $8.9M | +44% |
| Other operating costs | $11.3M | $12.4M | −$1.1M | -9% |
| Net earnings | $48.5M | $4.8M | $43.7M | +901% |
| Income tax | $15.8M | $6.4M | $9.4M | +148% |
| Depreciation & amortization | $8.2M | $8.5M | −$307K | -4% |
| Share-based compensation | $13.7M | $10.0M | $3.7M | +37% |
| Working capital & other | $46.4M | $7.6M | $38.8M | +513% |
| Operating cash flow | $24.0M | $15.8M | $8.2M | +52% |
| Free cash flow (OCF − capex) | $24.0M | $15.6M | $8.4M | +54% |
| Capital expenditures | $26K | $214K | −$188K | -88% |
Questions
How much did Ligand Pharmaceuticals's revenue grow year over year in Q2 2026?
Ligand Pharmaceuticals's revenue rose $16.1M (+34%) from $47.6M in Q2 2025 to $63.7M in Q2 2026.
What drove Ligand Pharmaceuticals's revenue change in Q2 2026?
Royalties +$11.1M (+30%); Contract revenue and income +$4.7M (+161%); Income +$4.0M (+392%).