Is Ligand Pharmaceuticals (LGND) overvalued or fairly valued?

MarketChacha shows Ligand Pharmaceuticals's valuation in context — a trailing P/E of about 39.0, a forward P/E of about 24.1, a price-to-book of about 5.9 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does Ligand Pharmaceuticals's reported profit turn into cash?

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (1.14×) from reported figures — education, not a rating.

What is Ligand Pharmaceuticals's revenue?

Ligand Pharmaceuticals reported revenue of $268.1M for FY2025, with net profit of $124.5M, per official filings.

What is the share price of Ligand Pharmaceuticals (LGND)?

Ligand Pharmaceuticals last traded at $291.51 (+1.4% on the day), as of 8/19/2026 — a delayed quote shown for education, not investment advice.

Ligand Pharmaceuticals

LGND · NYSE · Healthcare · United States

Snapshot

TickerLGND

ExchangeNYSE

SectorHealthcare

IndustryBiotechnology

CountryUnited States

Employees47

HeadquartersJupiter, United States

Websitewww.ligand.com

Filings tracked21

About Ligand Pharmaceuticals

Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, develops and licenses biopharmaceutical assets worldwide. It offers Pradefovir, Posaconazole, Voriconazole, CAPVAXIVE, NOXAFIL, MenFive, and ZELSUVMI for infectious disease; EVOMELA and KYPROLIS for multiple myeloma; FILSPARI for the treatment of immunoglobulin a nephropathy; PNEUMOSIL, a pneumococcal conjugate vaccine to help fight against pneumococcal pneumonia in children; and QARZIBA to treat neuroblastoma. The company also provides Teriparatide injection product for osteoporosis; RYLAZE, a recombinant erwinia asparaginase for acute lymphoblastic leukemia or lymphoblastic lymphoma in adult and pediatric patients; TZIELD, a CD3-directed antibody indicated to delay the onset of Stage 3 type 1 diabetes in adults and children aged 8 years and older with Stage 2 T1D; and VAXNEUVANCE for the prevention of invasive disease caused by streptococcus pneumoniae serotypes. In addition, it offers Duavee for menopause; Frovatriptan to treat Neurology; FYCOMPA and SESQUIENT for CNS; MEKINIST for cardiology; Nexterone, a captisol-enabled formulation of amiodarone; VEKLURY, an antiviral treatment for COVID-19; and Viviant for osteoporosis. Further, the company develops ACLX-002, Ciforadenant, UGN-301, Viright, MB07133, BOT/BAL, and Lasofoxifene for oncology; Ensifentrine for respiratory disease; QTORIN for rare disease; Sparsentan for kidney disease; VK2809 for hepatology; ANEB-001 for acute cannabinoid intoxication; Reproxalap for opthamology; VK0214 for Rare Disease; and VK5211 for musculoskeletal disorder. The company was incorporated in 1987 and is based in Jupiter, Florida.

Who owns it

Insiders2.4%
Institutions97.6%
Public & other0.0%

544 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.15.56%
Invesco Ltd.6.03%
Vanguard Portfolio Management LLC5.71%
Jupiter Topco LLC5.22%
Janus Henderson Group PLC5.07%
Vanguard Capital Management LLC4.37%
State Street Corporation4.15%
FMR, LLC3.83%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

No major accounting red flags in the fundamentals we have — profit is backed by cash and returns look healthy.

Cash conversion1.14×

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Net margin trend39.7% → 46.4%

Margin has expanded by about 6.7 points — the business is getting more profitable.

Growth qualityrev 43% · PAT 54%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $96.6M · EPS 3.01

Est. earnings growth +48.9%

Next fiscal year

Rev $380.5M · EPS 11.93

Est. earnings growth +28.1%

Analyst consensus estimates — not the company's own guidance.

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$268.1M

Net margin

46.4%

ROE

12.2%

Revenue CAGR (2y)

+42.9%

Profit CAGR (2y)

+54.5%

EPS (FY2025)

6.13

Net profit (FY2025)

$124.5M

Ask MarketChacha about LGND

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Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$268.1M	$124.5M	6.13	46.4%	12.2%
FY2024	$167.1M	$-4.0M	-0.22	-2.4%	-0.5%
FY2023	$131.3M	$52.2M	2.94	39.7%	7.4%

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q2	$63.7M	$48.5M*	2.22	—
2026Q1	$51.7M	$-13.3M	-0.67	-25.8%
2025Q3	$115.5M	$117.3M*	5.68	—
2025Q2	$47.6M	$4.8M	0.24	10.2%
2025Q1	$45.3M	$-42.5M	-2.21	-93.6%
2024Q3	$51.8M	$-7.2M	-0.39	-13.8%
2024Q2	$41.5M	$-51.9M	-2.88	-125.0%
2024Q1	$31.0M	$86.1M*	4.75	—
2023Q3	$32.9M	$-10.3M	-0.59	-31.3%
2023Q2	$26.4M	$2.3M	0.13	8.7%
2023Q1	$44.0M	$41.9M*	2.33	—

* Net profit includes one-off / non-operating items (e.g. a settlement or accounting gain), so it doesn’t reflect operating performance — net margin is hidden for that period.

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

10-Q filing
SEC8/7/2026
8-K — Results of operations, Exhibits
SEC8/6/2026material
8-K — Material agreement, Completion of acquisition/disposition, Material financial obligation, Reg FD disclosure, Exhibits
SEC7/14/2026material
8-K — Material agreement, Material financial obligation, Unregistered equity sale, Other events, Exhibits
SEC6/25/2026material
8-K — Material agreement, Other events, Exhibits
SEC6/22/2026material
8-K — Executive/director change, Shareholder vote results
SEC6/9/2026material
8-K — Material agreement, Exhibits
SEC5/18/2026material
10-Q filing
SEC5/8/2026
8-K — Results of operations, Exhibits
SEC5/7/2026material
8-K — Termination of agreement
SEC4/30/2026material
8-K — Material agreement, Other events
SEC4/27/2026material
10-K filing
SEC2/27/2026
8-K — Results of operations, Exhibits
SEC2/26/2026material

2025

8-K — Reg FD disclosure
SEC12/18/2025material
10-Q filing
SEC11/7/2025
8-K — Results of operations, Exhibits
SEC11/6/2025material
8-K — Material agreement, Material financial obligation, Exhibits
SEC9/16/2025material
8-K — Material agreement, Material financial obligation, Unregistered equity sale, Other events, Exhibits
SEC8/14/2025material
8-K — Material agreement, Other events, Exhibits
SEC8/11/2025material
10-Q filing
SEC8/8/2025
8-K — Results of operations, Exhibits
SEC8/7/2025material

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.