Filing Flows › Ligand Pharmaceuticals (LGND) › Q2 2026
Ligand Pharmaceuticals (LGND) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 7, 2026
Ligand Pharmaceuticals (LGND) reported revenue of $63.7M for the second quarter 2026 (Q2 2026), +34% from a year earlier and +23% from the quarter before. Operating margin was 13.5%, net earnings $48.5M (76.2% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $63.7M | +23% | +34% |
| Operating profit | $8.6M | -51% | +2% |
| Net earnings | $48.5M | — | +901% |
| Operating cash flow | $24.0M | -51% | +52% |
| Free cash flow | $24.0M | -50% | +54% |
What changed
Revenue was $63.7M in Q2 2026, up 34% year over year and up 23% from the previous quarter. Income from financial royalty assets was the largest line at 17% of revenue. Contract revenue and income added $4.7M year over year (up 161%), 30% of the total change. Kyprolis declined 20%.
Operating profit was $8.6M, a 13.5% margin (down 4.2 points year over year). Of the extra revenue versus Q2 2025, 1% reached operating profit, below the 18% margin then. Total costs grew 41% against revenue growth of 34%. The fastest-growing cost line was Research & development (+123%). Net earnings were $48.5M, up 901% year over year. The effective tax rate was 24.6%. Non-operating items added $55.7M, 87% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $24.0M (up 52% year over year), 50% of net earnings. Non-cash charges added back $8.2M of depreciation and amortization and $13.7M of share-based compensation. Working capital and other items used $46.4M. Capital expenditures of $26K left free cash flow of $24.0M.
Questions
What was Ligand Pharmaceuticals' revenue in the second quarter 2026?
Ligand Pharmaceuticals (LGND) reported revenue of $63.7M for the second quarter 2026 (Q2 2026), +34% from a year earlier and +23% from the quarter before.
Was Ligand Pharmaceuticals profitable in the second quarter 2026?
Operating profit was $8.6M (13.5% of revenue) and net earnings $48.5M.