Filing Flows › Ligand Pharmaceuticals (LGND) › Q3 2026
Ligand Pharmaceuticals (LGND) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 30, 2026
Ligand Pharmaceuticals (LGND) reported revenue of $78.7M for the third quarter 2026 (Q3 2026), -32% from a year earlier and +24% from the quarter before. Operating margin was -20.0%, net loss $28.5M (36.2% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $78.7M | +24% | -32% |
| Operating profit | −$15.8M | -283% | -128% |
| Net earnings | −$28.5M | -159% | -124% |
| Operating cash flow | −$27.6M | -215% | -311% |
What changed
Revenue was $78.7M in Q3 2026, down 32% year over year and up 24% from the previous quarter. Income from financial royalty assets was the largest line at 29% of revenue. Captisol lost $2.7M year over year (down 26%), 7% of the total change.
Operating costs exceeded revenue by $15.8M, an operating margin of -20.0%. Total costs grew 57% against a revenue fall of 32%. The fastest-growing cost line was General & admin (+155%). The quarter ended with a net loss of $28.5M, after a profit of $48.5M the previous quarter. Net interest and other expense of $28.3M was the main reason.
Operating cash flow was −$27.6M. Non-cash charges added back $10.3M of depreciation and amortization and $18.2M of share-based compensation. Working capital and other items used $27.6M. Capital expenditures of $142K exceeded it, leaving free cash flow of −$27.7M.
Questions
What was Ligand Pharmaceuticals' revenue in the third quarter 2026?
Ligand Pharmaceuticals (LGND) reported revenue of $78.7M for the third quarter 2026 (Q3 2026), -32% from a year earlier and +24% from the quarter before.
Was Ligand Pharmaceuticals profitable in the third quarter 2026?
Operating loss was $15.8M (-20.0% of revenue) and net loss $28.5M.