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Ligand Pharmaceuticals vs Arrowhead Pharmaceuticals: LGND and ARWR compared
Ligand Pharmaceuticals is the larger company: $78.7M of revenue in its latest quarter (Q3 2026) against $75.3M for Arrowhead Pharmaceuticals (Q3 FY26). Arrowhead Pharmaceuticals is growing faster (+171% against -32% a year earlier). Ligand Pharmaceuticals is more profitable, with an operating margin of -20.0% against -226.0%.
Where the money goes: LGND and ARWR
Ligand Pharmaceuticals (LGND) · Q3 2026
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.
Arrowhead Pharmaceuticals (ARWR) · Q3 FY26
Arrowhead Pharmaceuticals, Q3 FY26: revenue $75.3M (+171% year over year), operating margin -226.0%, net loss $179M, operating cash flow −$177M. The chart follows the revenue to costs, profit and cash.
| Ligand Pharmaceuticals (LGND) | Arrowhead Pharmaceuticals (ARWR) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 FY26 |
| Revenue | $78.7M | $75.3M |
| Revenue growth, Y/Y | -32% | +171% |
| Operating margin | -20.0% | -226.0% |
| Net earnings | −$28.5M | −$179M |
| Net margin | -36.2% | -237.8% |
| Operating cash flow | −$27.6M | −$177M |
Where the revenue comes from
Ligand Pharmaceuticals
- Revenue from intangible royalty assets: $47.2M (60%)
- Ojemda: $7.0M (9%)
- Other: $6.7M (8%)
- Capvaxive: $3.8M (5%)
Questions
Which is bigger, Ligand Pharmaceuticals or Arrowhead Pharmaceuticals?
Ligand Pharmaceuticals is the larger company: $78.7M of revenue in its latest quarter (Q3 2026) against $75.3M for Arrowhead Pharmaceuticals (Q3 FY26).
Is Ligand Pharmaceuticals or Arrowhead Pharmaceuticals growing faster?
Arrowhead Pharmaceuticals is growing faster (+171% against -32% a year earlier).
Which is more profitable, Ligand Pharmaceuticals or Arrowhead Pharmaceuticals?
Ligand Pharmaceuticals is more profitable, with an operating margin of -20.0% against -226.0%.
More: Ligand Pharmaceuticals earnings · how Ligand Pharmaceuticals makes money · Arrowhead Pharmaceuticals earnings · how Arrowhead Pharmaceuticals makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 30, 2026; 10-Q filed Aug 4, 2026). Fiscal quarters can end on different dates. Not investment advice.