Filing Flows › Ligand Pharmaceuticals (LGND) › Q3 2026 › vs Q3 2025
Ligand Pharmaceuticals (LGND) Q3 2026 vs Q3 2025 (year over year)
Ligand Pharmaceuticals's revenue fell $36.7M (-32%) from $115M in Q3 2025 to $78.7M in Q3 2026. The biggest changes: Revenue from intangible royalty assets +$12.6M (+36%); Ojemda +$7.0M (—); Vabysmo +$3.6M (—).
Ligand Pharmaceuticals, Q3 2026: revenue $78.7M (-32% year over year), operating margin -20.0%, net loss $28.5M, operating cash flow −$27.6M. The chart draws each line against Q3 2025, the increases inside each band.
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Income from financial royalty assets | $22.9M | $6.4M | $16.4M | +256% |
| Kyprolis | $10.5M | $11.6M | −$1.1M | -10% |
| Captisol | $7.9M | $10.7M | −$2.7M | -26% |
| Qarziba | $6.0M | $6.0M | −$24K | -0.4% |
| Revenue from intangible royalty assets | $47.2M | $34.7M | $12.6M | +36% |
| Ojemda | $7.0M | $0 | $7.0M | — |
| Other | $6.7M | $5.3M | $1.4M | +25% |
| Capvaxive | $3.8M | $3.2M | $595K | +19% |
| Ohtuvayre | $3.7M | $2.7M | $987K | +36% |
| Vabysmo | $3.6M | $0 | $3.6M | — |
| Rylaze | $3.5M | $3.6M | −$23K | -0.6% |
| Ohtuvayre inventors | $3.3M | $0 | $3.3M | — |
| Revenue | $78.7M | $115M | −$36.7M | -32% |
| Income tax benefit | $15.6M | −$23.9M | $39.5M | — |
| Net loss | $28.5M | −$117M | $146M | — |
| Costs & expenses | $123M | $201M | −$78.4M | -39% |
| Operating costs | $94.5M | $60.1M | $34.4M | +57% |
| Interest & other, net | $28.3M | −$85.8M | $114M | — |
| Research & development | $2.8M | $21.0M | −$18.3M | -87% |
| General & admin | $72.6M | $28.4M | $44.2M | +155% |
| Other operating costs | $19.1M | $10.6M | $8.5M | +80% |
| Operating cash sources | $56.1M | $9.9M | $46.2M | +465% |
| Depreciation & amortization | $10.3M | $8.3M | $2.1M | +25% |
| Share-based compensation | $18.2M | $14.7M | $3.4M | +23% |
| Cash used in operations | $27.6M | −$13.1M | $40.7M | — |
| Net loss absorbed | $28.5M | −$117M | $146M | — |
| Working capital & other | $27.6M | $127M | −$99.6M | -78% |
Questions
How much did Ligand Pharmaceuticals's revenue grow year over year in Q3 2026?
Ligand Pharmaceuticals's revenue fell $36.7M (-32%) from $115M in Q3 2025 to $78.7M in Q3 2026.
What drove Ligand Pharmaceuticals's revenue change in Q3 2026?
Revenue from intangible royalty assets +$12.6M (+36%); Ojemda +$7.0M (—); Vabysmo +$3.6M (—).