Filing Flows › Ligand Pharmaceuticals (LGND) › Q3 2025
Ligand Pharmaceuticals (LGND) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Ligand Pharmaceuticals (LGND) reported revenue of $115M for the third quarter 2025 (Q3 2025), +123% from a year earlier and +142% from the quarter before. Operating margin was 48.0%, net earnings $117M (101.6% of revenue).
Ligand Pharmaceuticals, Q3 2025: revenue $115M (+123% year over year), operating margin 48.0%, net earnings $117M, operating cash flow $13.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $115M | +142% | +123% |
| Operating profit | $55.4M | +556% | 18× |
| Net earnings | $117M | 24× | — |
| Operating cash flow | $13.1M | -17% | -64% |
| Free cash flow | $13.1M | -16% | -64% |
What changed
Revenue was $115.5M in Q3 2025, up 123% year over year and up 142% from the previous quarter. Royalties was the largest line at 40% of revenue. Royalties added $14.9M year over year (up 47%), 23% of the total change. Rylaze declined 8%.
Operating profit was $55.4M, a 48.0% margin (up 41.9 points year over year). Of the extra revenue versus a year earlier, 82% reached operating profit, above the 6% margin then. Total costs grew 23% against revenue growth of 123%. The fastest-growing cost line was Research & development (+270%). Net earnings were $117.3M. The effective tax rate was 16.9%. Non-operating items added $85.8M, 61% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $13.1M (down 64% year over year), 11% of net earnings. Non-cash charges added back $8.3M of depreciation and amortization and $14.7M of share-based compensation. Working capital and other items used $127.2M. Capital expenditures of $15K left free cash flow of $13.1M.
Questions
What was Ligand Pharmaceuticals' revenue in the third quarter 2025?
Ligand Pharmaceuticals (LGND) reported revenue of $115M for the third quarter 2025 (Q3 2025), +123% from a year earlier and +142% from the quarter before.
Was Ligand Pharmaceuticals profitable in the third quarter 2025?
Operating profit was $55.4M (48.0% of revenue) and net earnings $117M.