Ligand Pharmaceuticals Q4 revenue rises 39% on royalty growth

Ligand Pharmaceuticals Incorporated

26/02/2026 12:12

Overview

Biopharmaceutical firm's Q4 2025 revenue grew 39% yr/yr, driven by royalty revenue

Adjusted EPS for Q4 2025 exceeded initial full-year guidance by 30%

Company reiterates 2026 financial guidance, expects revenue of $245-$285 mln

Outlook

Ligand reiterates 2026 revenue guidance of $245-$285 mln

Company expects 2026 adjusted EPS of $8.00-$9.00

Ligand projects 2026 royalty revenue of $200-$225 mln

Result Drivers

ROYALTY REVENUE - 45% increase in Q4 royalty revenue driven by sales of Travere Therapeutics' Filspari and Merck's Capvaxive and Ohtuvayre

ZELSUVMI LAUNCH - Successful out-licensing and partner launch of Zelsuvmi contributed to Q4 growth

STRATEGIC INVESTMENTS - CEO Todd Davis highlighted investments in high-value assets addressing unmet clinical needs as a growth driver

Company press release: ID:nGNXcgyrbq

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 EPS
$2.12
Q4 Net Income
$44.78 mln
Q4 Basic EPS
$2.27
Q4 Operating Income
$13.84 mln
Q4 Pretax Profit
$56.78 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

The average consensus recommendation for the pharmaceuticals peer group is "buy"

Wall Street's median 12-month price target for Ligand Pharmaceuticals Inc is $239.00, about 24.9% above its February 25 closing price of $191.39

The stock recently traded at 23 times the next 12-month earnings vs. a P/E of 26 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)