LIGAND PHARMACEUTICALS INC
For the period ended Sep 30, 2026. Filed Oct 30, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 30, 2026
LGND$314.16+0.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
| Three months ended · Nine months ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2026 | 2025 | 2026 | 2025 | |
| Revenues and income: | ||||
| Revenue from intangible royalty assets | $47,427 | $40,161 | $117,720 | $91,832 |
| Income from financial royalty assets | 22,857 | 6,425 | 43,554 | 18,640 |
| Royalties | 70,284 | 46,586 | 161,274 | 110,472 |
| Captisol | 7,946 | 10,672 | 24,578 | 32,419 |
| Contract revenue and income | 516 | 58,203 | 8,309 | 65,530 |
| Total revenues and income | 78,746 | 115,461 | 194,161 | 208,421 |
| Operating costs and expenses: | ||||
| Cost of Captisol | 2,650 | 3,801 | 9,137 | 11,557 |
| Amortization of intangibles | 10,205 | 8,097 | 26,399 | 24,612 |
| Research and development | 2,766 | 21,019 | 19,582 | 77,671 |
| General and administrative | 72,616 | 28,446 | 122,575 | 67,422 |
| Fair value adjustments to contingent liabilities | 6,267 | (456) | 5,775 | 1,475 |
| Fair value adjustments to partner program derivatives | — | (833) | — | — |
| Total operating costs and expenses | 94,504 | 60,074 | 183,468 | 182,737 |
| Operating (loss) income | (15,758) | 55,387 | 10,693 | 25,684 |
| Non-operating income and expenses: | ||||
| (Loss) gain from short-term investments | (3,817) | 7,798 | 11,806 | (3,630) |
| (Loss) gain from change in fair value of equity-method investments and other investments | (35,727) | 75,887 | (49,229) | 75,887 |
| Interest income | 5,492 | 3,874 | 19,445 | 7,266 |
| Interest expense | (2,898) | (910) | (6,393) | (2,930) |
| Other non-operating income (expense), net | 8,614 | (899) | 9,629 | (97) |
| Total non-operating (expenses) income, net | (28,336) | 85,750 | (14,742) | 76,496 |
| (Loss) income before income taxes | (44,094) | 141,137 | (4,049) | 102,180 |
| Income tax benefit (expense) | 15,609 | (23,864) | 10,727 | (22,511) |
| Net (loss) income | $(28,485) | $117,273 | $6,678 | $79,669 |
| Basic net (loss) income per share | $(1.43) | $5.99 | $0.33 | $4.11 |
| Shares used in basic per share calculation | 19,962 | 19,578 | 19,970 | 19,367 |
| Diluted net (loss) income per share | $(1.43) | $5.68 | $0.31 | $3.95 |
| Shares used in diluted per share calculation | 19,962 | 20,629 | 21,822 | 20,170 |
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