LIGAND PHARMACEUTICALS INC
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
LGND$314.15+2.6%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations
(in thousands, except per share amounts)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenue and income: | |||
| Revenue from intangible royalty assets | $132,534 | $95,329 | $83,910 |
| Income from financial royalty assets | 28,467 | 13,444 | 1,049 |
| Royalties | 161,001 | 108,773 | 84,959 |
| Captisol | 40,213 | 30,883 | 28,372 |
| Contract revenue and income | 66,873 | 27,477 | 17,983 |
| Total revenue and income | 268,087 | 167,133 | 131,314 |
| Operating costs and expenses: | |||
| Cost of Captisol | 14,549 | 11,074 | 10,512 |
| Amortization of intangibles | 32,708 | 32,959 | 33,654 |
| Research and development | 81,182 | 21,425 | 24,537 |
| General and administrative | 92,449 | 78,654 | 52,790 |
| Financial royalty assets impairment | 6,197 | 30,572 | — |
| Fair value adjustments to partner program derivatives | — | 15,055 | — |
| Total operating costs and expenses | 227,085 | 189,739 | 121,493 |
| Gain on sale of Pelican | — | — | (2,121) |
| Operating income (loss) from continuing operations | 41,002 | (22,606) | 11,942 |
| Non-operating income and expenses: | |||
| Gain from short-term investments | 18,433 | 75,024 | 46,365 |
| Gain (loss) from change in fair value of equity method investments and other investments | 90,670 | (34,601) | — |
| Interest income | 13,659 | 8,055 | 7,711 |
| Interest expense | (4,715) | (3,037) | (656) |
| Other non-operating expense, net | (89) | (20,317) | (1,702) |
| Total non-operating income, net | 117,958 | 25,124 | 51,718 |
| Income before income tax from continuing operations | 158,960 | 2,518 | 63,660 |
| Income tax expense | (34,507) | (6,550) | (9,841) |
| Net income (loss) from continuing operations | 124,453 | (4,032) | 53,819 |
| Net loss from discontinued operations | — | — | (1,665) |
| Net income (loss): | $124,453 | $(4,032) | $52,154 |
| Basic net income (loss) from continuing operations per share | $6.44 | $(0.22) | $3.11 |
| Basic net loss from discontinued operations per share | $— | $— | $(0.10) |
| Basic net income (loss) per share | $6.44 | $(0.22) | $3.02 |
| Shares used in basic per share calculation | 19,338 | 18,290 | 17,298 |
| Diluted net income (loss) from continuing operations per share | $6.13 | $(0.22) | $3.03 |
| Diluted net loss from discontinued operations per share | $— | $— | $(0.09) |
| Diluted net income (loss) per share | $6.13 | $(0.22) | $2.94 |
| Shares used in diluted per share calculation | 20,294 | 18,290 | 17,757 |
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