Ligand Pharmaceuticals IncLGND
What Ligand Pharmaceuticals Inc does.
We are a biopharmaceutical royalty company focused on deploying capital and licensing technologies to acquire and create diversified royalty streams from high-value medicines. Our primary business is investing in and structuring royalty interests in mid- to late-stage development and commercial biopharmaceutical products, allowing us to generate long-duration, non-dilutive cash flows supported by a lean corporate cost structure. Capital deployment and technology licensing are the primary drivers of our long-term growth.
We partner capital through a range of transaction structures—including royalty purchases, development-stage financing arrangements, and acquisitions of companies or assets with embedded royalty rights—designed to create cash flowing royalties and produce attractive risk-adjusted returns. Our goal is to provide investors with exposure to biopharmaceutical innovation through a diversified portfolio of royalty interests while mitigating the binary risk and capital intensity traditionally associated with drug development.
In addition to our royalty investment activities, we operate two infrastructure-light, royalty-generating platform technologies, Captisol ® and NITRICIL ® . These technologies exemplify our platform technology investment criteria: infrastructure-light, scalable intellectual property with existing royalty streams and the potential to generate incremental royalties through partner-driven development and commercialization.
Revenue and profit, by fiscal year.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $163.6M | $241.5M | $196.2M | $131.3M | $167.1M | $268.1M |
| Net income | -$3.0M | $57.1M | -$33.4M | $52.2M | -$4.0M | $124.5M |
| Free cash flow | $50.1M | $70.0M | $119.9M | $46.1M | $95.2M | $48.9M |
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Figures from Ligand Pharmaceuticals Inc's filings with the U.S. SEC, standardised automatically; prices are end-of-day closes. Not financial advice.