Ligand Q3 GAAP net loss of $28.5 million; raises 2026 adjusted EPS guidance
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.
Key points
- 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.
The filing
Written by AI on Nov 7, 2026, 11:17 PM ET, from this filing only.
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