Filing Flows › Ligand Pharmaceuticals (LGND) › Q4 2025
Ligand Pharmaceuticals (LGND) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Ligand Pharmaceuticals (LGND) reported revenue of $59.7M for the fourth quarter 2025 (Q4 2025), +39% from a year earlier and -48% from the quarter before. Operating margin was 23.2%, net earnings $44.8M (75.1% of revenue).
Ligand Pharmaceuticals, Q4 2025: revenue $59.7M (+39% year over year), operating margin 23.2%, net earnings $44.8M, operating cash flow $45.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $59.7M | -48% | +39% |
| Operating profit | $13.8M | -75% | — |
| Net earnings | $44.8M | -62% | — |
| Operating cash flow | $45.9M | +251% | +61% |
| Free cash flow | $45.9M | +251% | +65% |
What changed
Revenue was $59.7M in Q4 2025, up 39% year over year and down 48% from the previous quarter. Revenue from intangible royalty assets was the largest line at 68% of revenue.
Operating profit was $13.8M, a 23.2% margin (up 45.7 points year over year). Total costs fell 13% while revenue rose 39%. Net earnings were $44.8M. The effective tax rate was 21.1%. Non-operating items added $42.9M, 76% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $45.9M (up 61% year over year), 103% of net earnings. Non-cash charges added back $8.2M of depreciation and amortization and $14.3M of share-based compensation. Working capital and other items used $21.4M. Capital expenditures of $9K left free cash flow of $45.9M.
Questions
What was Ligand Pharmaceuticals' revenue in the fourth quarter 2025?
Ligand Pharmaceuticals (LGND) reported revenue of $59.7M for the fourth quarter 2025 (Q4 2025), +39% from a year earlier and -48% from the quarter before.
Was Ligand Pharmaceuticals profitable in the fourth quarter 2025?
Operating profit was $13.8M (23.2% of revenue) and net earnings $44.8M.