Ligand Q1 revenue rises 46% to $45.3 million; GAAP net loss $42.5 million
Ligand reported first quarter 2025 total revenues and other income of $45.3 million, up 46% from $31.0 million a year earlier, driven by higher royalty and Captisol revenue. The company posted a GAAP net loss of $42.5 million, or $2.21 per share, compared with GAAP net income of $86.1 million, or $4.75 per diluted share, a year earlier, mainly due to a $44.3 million one-time charge tied to the Castle Creek royalty financing. Ligand reaffirmed its 2025 guidance of $180 million to $200 million in total revenue and adjusted earnings per diluted share of approximately $6.00 to $6.25.
Key points
- Total revenues and other income were $45.3 million, up from $31.0 million; royalties were $27.5 million and Captisol sales were $13.5 million
- GAAP net loss was $42.5 million, or $2.21 per share, versus GAAP net income of $86.1 million, or $4.75 per diluted share, in Q1 2024
- Core adjusted net income was $26.6 million, or $1.33 per diluted share, compared with $1.20 per diluted share a year earlier
- Ligand reaffirmed 2025 total revenue guidance of $180 million to $200 million and adjusted EPS guidance of $6.00 to $6.25
The filing
Written by AI on Nov 8, 2026, 12:58 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 08, 2025.
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