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AI brief of an SEC Form 8-K · Ligand Pharmaceuticals (LGND)

Ligand Q4 revenue rises 39% to $59.7 million; 2026 guidance reiterated

Positive Impact 3 of 5 earnings Written later

Ligand reported fourth quarter 2025 total revenue of $59.7 million, up 39% from a year earlier, and GAAP net income of $44.8 million, or $2.12 per diluted share, compared with a net loss in the prior-year quarter. For the full year, revenue rose to $268.1 million from $167.1 million, and the company reiterated its 2026 guidance of $245 million to $285 million in total revenue and $8.00 to $9.00 in adjusted earnings per diluted share.

Key points

  • Q4 2025 royalties were $50.5 million, up 45% from $34.8 million, driven mainly by Filspari, Capvaxive and Ohtuvayre sales.
  • Full-year 2025 GAAP net income was $124.5 million, or $6.13 per diluted share, versus a net loss of $4.0 million in 2024.
  • Full-year 2025 research and development expenses rose to $81.2 million from $21.4 million, including a $44.3 million one-time charge tied to the Castle Creek financing and a $17.8 million charge tied to Orchestra BioMed.
  • 2026 guidance calls for royalty revenue of $200 million to $225 million, Captisol sales of $35 million to $40 million and contract revenue of $10 million to $20 million.

The filing

CompanyLigand Pharmaceuticals (LGND)
Form8-K, current report
Filed with the SECFeb 26, 2026, 7:05 AM ET
Accession number0000886163-26-000003

Items reported: 2.02 Results of Operations

Read the filing on SEC.gov ↗

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 February 26, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.