Ligand raises 2025 guidance as Q3 revenue rises 123% to $115.5 million
Ligand reported third-quarter 2025 total revenues and other income of $115.5 million, up from $51.8 million a year earlier, and GAAP net income of $117.3 million, or $5.68 per diluted share, compared with a net loss of $7.2 million in the prior-year quarter. The quarter was helped by a $28.6 million gain on the Pelthos business sale and $24.5 million of Zelsuvmi out-license income, and the company raised its 2025 revenue and adjusted earnings per share guidance for the second time this year.
Key points
- Q3 2025 total revenues and other income were $115.5 million, up 123% from $51.8 million in Q3 2024
- GAAP net income was $117.3 million, or $5.68 per diluted share, versus a net loss of $7.2 million, or $0.39 per share, a year earlier
- 2025 total core revenue guidance raised to $225 million to $235 million from $200 million to $225 million
- 2025 core adjusted earnings per diluted share guidance raised to $7.40 to $7.65 from $6.70 to $7.00
The filing
Written by AI on Nov 8, 2026, 12:59 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 November 06, 2025.
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