Oct 29, 7:14 AM ET
Ligand reported third-quarter 2026 results on October 29, 2026. Royalty revenue rose 51% to $70.3 million, helped by the XOMA acquisition, but total revenues and income fell 32% to $78.7 million against a prior-year period that included Pelthos divestiture income, and the company posted a GAAP net loss of $28.5 million. Ligand raised its full-year adjusted EPS guidance while reaffirming its revenue guidance, but the company's adjusted EPS excludes items such as share-based compensation and mark-to-market investment losses that affected GAAP results.
- Third-quarter royalty revenue rose 51% year-over-year to $70.3 million, while total revenues and income fell 32% to $78.7 million from $115.5 million, largely due to $53.1 million of prior-year Pelthos income.
- GAAP net loss was $28.5 million, or $1.43 per share, versus GAAP net income of $117.3 million, or $5.68 per diluted share, a year earlier; the quarter included $39.5 million of pre-tax investment losses.
- Third-quarter adjusted EPS was $2.67, compared with $3.09, a decrease of 14%.
- 2026 adjusted EPS guidance was raised to approximately $9.50 to $9.75 from $9.00 to $9.50; total revenue guidance of $270 million to $310 million was reaffirmed.
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Aug 6, 7:05 AM ET
Ligand reported second-quarter 2026 total revenue of $63.7 million, up 34% from a year earlier, and GAAP net income of $48.5 million, or $2.22 per diluted share, compared with $4.8 million, or $0.24, in the prior-year quarter. The company raised the low end of its 2026 adjusted EPS guidance to $9.00 to $9.50 and kept its revenue guidance unchanged, which shareholders may weigh against the non-cash gain that boosted GAAP results.
- Q2 2026 total revenue was $63.7 million vs. $47.6 million; royalties were $48.0 million vs. $36.4 million.
- GAAP net income was $48.5 million ($2.22 per diluted share), including a $35.7 million non-cash gain tied to Pelthos Therapeutics investments.
- Adjusted EPS guidance is now $9.00 to $9.50 (previously $8.50 to $9.50); 2026 total revenue guidance of $270 million to $310 million is reaffirmed.
- The $700 million 0.00% convertible notes due 2031 closed June 25, 2026; the XOMA Royalty acquisition closed July 14, 2026, with holders receiving $39.00 in cash per share plus a CVR.
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Jul 14, 9:20 AM ET
Ligand Pharmaceuticals completed its merger with XOMA Royalty on July 14, 2026, paying $39.00 per share in cash plus one contingent value right (CVR) per share, for a total equity value of approximately $739 million. In connection with the closing, Ligand entered an amended credit agreement providing a $125.0 million revolving credit facility maturing September 12, 2028. Ligand expects the deal to be immediately accretive, but CVR holders may receive no payment, depending on the outcome of pending litigation at XOMA Royalty.
- Consideration: $39.00 per XOMA Royalty share in cash plus one CVR per share, with total equity value of approximately $739 million
- Ligand expects the deal to add approximately $0.50 per share to projected 2026 adjusted EPS and $1.50 per share to projected 2027 adjusted EPS
- Amended Credit Agreement provides a $125.0 million revolving credit facility maturing September 12, 2028, secured by certain collateral and guaranteed by material domestic subsidiaries
- Ligand will provide an updated 5-year outlook at its Investor Day on December 8, 2026
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Jun 25, 5:00 PM ET
Ligand completed a private offering of $700.0 million of 0.00% convertible senior notes due September 15, 2031, including the full exercise of a $75.0 million option for additional notes. Net proceeds were approximately $678.2 million, with about $72.9 million used for convertible note hedge transactions and about $60.0 million used to repurchase 228,859 shares of common stock at $262.17 per share. The company said remaining proceeds will be used for general corporate purposes, including the previously announced acquisition of XOMA Royalty Corporation, and the notes add $700.0 million of senior unsecured debt.
- $700.0 million principal of 0.00% convertible senior notes due September 15, 2031, closed June 25, 2026
- Initial conversion price of about $334.27 per share, a premium of about 27.5% to the June 22, 2026 closing price
- Net proceeds of about $678.2 million; about $72.9 million for note hedges and about $60.0 million to repurchase 228,859 shares at $262.17
- Company may not redeem the notes before September 21, 2029
Read the filing on SEC.gov ↗
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