LGND is the ticker symbol for LIGAND PHARMACEUTICALS INC, a publicly traded Healthcare sector company listed on Nasdaq. 13F Pro tracks LGND with AI-powered analysis, an AI quality score, SEC EDGAR financials, insider transactions, and institutional 13F holdings — all sourced directly from public SEC filings.

Is LGND a good stock to buy?

13F Pro's AI ranking engine scores LGND at 75.8/100, ranked #87 of 2,925 stocks on a composite quality score built from its SEC filings, covering profitability, growth, balance sheet strength, and free cash flow. The full AI verdict and bull/bear case for LGND is available at https://13fpro.ai/company/LGND. Not investment advice — review the underlying SEC filings before making any trade.

Where does 13F Pro source LGND data?

All LIGAND PHARMACEUTICALS INC fundamentals and ownership data come directly from SEC EDGAR. LIGAND PHARMACEUTICALS INC files with the SEC under CIK 886163. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

LIGAND PHARMACEUTICALS INC LGND

NasdaqMid CapHealthcare

13F Pro quality score

Rank #87 of 2,925TOP 5%

Why it scores 76 Healthcare peers →

Rankings refresh quarterly once 80% of peers have filed. Next update: ~Nov 14, 2026.

Revenue

$63.69M

Quarter to Jun 30

Net income

$48.51M

Quarter to Jun 30

Free cash flow

$23.99M

Quarter to Jun 30

Operating margin

13.5%

Quarter to Jun 30

Top Institutional Holders

as of Q2 2026

$7.13B total

BlackRock, Inc.

$980.19M+4.7%

Invesco Ltd.

$379.83M+45.9%

VANGUARD PORTFOLIO MANAGEMENT LLC

$359.81M+3.5%

Jupiter Topco LLC

$328.91M--

VANGUARD CAPITAL MANAGEMENT LLC

$275.30M+2.7%

STATE STREET CORP

$261.25M+6.1%

FMR LLC

$241.12M+28.0%

FRANKLIN RESOURCES INC

$237.71M+31.2%

CONGRESS ASSET MANAGEMENT CO /MA

$208.59M+30.8%

GEODE CAPITAL MANAGEMENT, LLC

$186.21M+5.4%

NOMURA ASSET MANAGEMENT INTERNATIONAL INC.

$179.66M-0.9%

Chicago Capital, LLC

$174.94M-1.5%

Stephens Investment Management Group LLC

$150.34M-3.9%

DIMENSIONAL FUND ADVISORS LP

$135.70M+1.0%

MASSACHUSETTS FINANCIAL SERVICES CO /MA/

$118.77M-8.7%

GOLDMAN SACHS GROUP INC

$102.17M-15.2%

LOOMIS SAYLES & CO L P

$92.24M-17.4%

RICE HALL JAMES & ASSOCIATES, LLC

$85.36M-4.8%

Ranger Investment Management, L.P.

$81.42M-3.9%

NORTHERN TRUST CORP

$81.36M+1.3%

VICTORY CAPITAL MANAGEMENT INC

$80.21M-16.3%

DEUTSCHE BANK AG\

$78.90M-18.5%

Neuberger Berman Group LLC

$78.50MNew

GW&K Investment Management, LLC

$78.04M+65.1%

UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AME

$66.51M-1.2%

See all 418 institutional holders →

What's Driving LGND's Business? Latest 10-Q Breakdown

27/27 datapoints verified

AI-extracted from the 10-Q filed 2026-08-07 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Total revenue and income rose 34% to $63.7M on Filspari-led royalty growth of 32% to $48.0M, alongside a $700M 0.00% convertible note issuance.

Biggest Revenue Drivers

Royalties$48.0M+32% YoY

Primarily attributable to royalties earned on Filspari, Zelsuvmi, and Ohtuvayre

Captisol$8.0M-4% YoY

Primarily attributable to the timing of customer orders

Biggest Revenue Drivers

Total revenue: $63.7M+34% YoY

Royalties$48.0M+32% YoY

Primarily attributable to royalties earned on Filspari, Zelsuvmi, and Ohtuvayre

Within Royalties

Filspari$13.6M

9.0% effective royalty rate on $151.1M estimated partner product sales; FDA approved Filspari for FSGS in April 2026

Kyprolis$7.0M

2.1% effective royalty rate on $339.0M estimated partner sales, down from $398.0M a year ago

Captisol$8.0M-4% YoY

Primarily attributable to the timing of customer orders

Contract revenue and income$7.7M+161% YoY

Primarily attributable to the timing of milestone events under partner agreements

Largest Expense Items

General and administrative$29.1M+44% YoY

XOMA Acquisition transaction costs plus higher employee costs, headcount and share-based compensation

Research and development$14.7M+123% YoY

Driven by the $12.3M research and development funding arrangement with Orchestra BioMed

Amortization of intangibles$8.1M-2% YoY

Deconsolidation of LNHC, Inc. on July 1, 2025 in connection with the Pelthos Transaction

Cost of Captisol$3.2M+11% YoY

Lower gross margins resulting from changes in the mix of customers served during the period

Margins: Operating costs rose to 87% of revenue from 82% a year ago, as G&A and R&D outgrew revenue; Captisol cost rose 11% on lower gross margins from customer mix.

Watch Items from the Filing

Convertible debt reached $1.16B principal ($700M 2031 Notes plus $460M 2030 Notes); amended covenant requires minimum $100M consolidated EBITDA rising to $150M from Q2 2027.
XOMA Royalty acquisition closed July 14, 2026 at $39.00 cash per share plus a CVR, funded with cash on hand; management flags integration risk.
Legacy royalties decelerating: Kyprolis fell to $7.0M from $8.8M and Vaxneuvance to $1.4M from $2.6M year over year.
Litigation initiated against Viking over TR-Beta Program termination; Viking cross-complained, and Ligand cannot estimate the potential outcome or losses.
New risk factor: licensees may buy down or buy out royalty obligations for amounts less than the net present value of future royalties.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →

Key Metrics

Revenue

Q2 2026

EDGAR

Net Income

Q2 2026

EDGAR

EPS (Diluted)

Q2 2026

EDGAR

Operating Margin

Q2 2026

EDGAR

ROIC

Q2 2026

EDGAR

Free Cash Flow

Q2 2026

EDGAR

Debt/Equity

Q2 2026

EDGAR

Financial Trends

Revenue & Net Income

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Earnings Per Share

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LIGAND PHARMACEUTICALS INC reported revenue, net income and margins by fiscal period, from SEC filings.
Period	Form	Revenue	Net income	Op. marginOperating margin
FY 2025	10-K	$268.1M	$124.5M	15.3%
FY 2024	10-K	$167.1M	$-4.0M	-13.5%
FY 2023	10-K	$131.3M	$52.2M	9.1%
FY 2022	10-K	$196.2M	$-33.4M	1.6%
FY 2021	10-K	$241.5M	$57.1M	43.0%
FY 2020	10-K	$163.6M	$-3.0M	22.9%

About LIGAND PHARMACEUTICALS INC (LGND): stock profile, AI score and financials

LIGAND PHARMACEUTICALS INC (LGND) stock profile, AI quality score, and SEC EDGAR financial data, a Healthcare sector company. 13F Pro's AI-powered ranking engine scores LGND at 75.8/100 on a composite quality score built from its SEC filings, placing it at rank #87 of 2,925 stocks — the top 5% of the AI-ranked universe. LGND scores in the top quartile across profitability (98.8), revenue growth (93.7), free cash flow (93.7). Areas of concern include revenue scale (29.0), which score below median versus the broader universe. Shareholder dilution risk is elevated at 9.9/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), LIGAND PHARMACEUTICALS INC reports quarterly revenue of $63.7M, net income of $48.5M, an operating margin of 13.5%. Top institutional holders of LGND by reported 13-F value include BlackRock, Invesco Ltd., VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. LGND trades on the Nasdaq exchange and files with the SEC under CIK 886163. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate LGND daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for LIGAND PHARMACEUTICALS INC directly from SEC EDGAR.

Financials through the period ended Jun 30, 2026SEC EDGAR: CIK 886163 →

LIGAND PHARMACEUTICALS INC LGND

Top Institutional Holders

What's Driving LGND's Business? Latest 10-Q Breakdown

Biggest Revenue Drivers

Biggest Revenue Drivers

Largest Expense Items

Watch Items from the Filing

Key Metrics

Financial Trends

Revenue & Net Income

Earnings Per Share

LGND key financials by period

LGND insiders

Congress trading in LGND

About LIGAND PHARMACEUTICALS INC (LGND): stock profile, AI score and financials

LIGAND PHARMACEUTICALS INC LGND

Top Institutional Holders

What's Driving LGND's Business? Latest 10-Q Breakdown

Biggest Revenue Drivers

Key Metrics

Financial Trends

Revenue & Net Income

Earnings Per Share

LGND key financials by period

Companies similar to LGND

LGND insiders

Congress trading in LGND

About LIGAND PHARMACEUTICALS INC (LGND): stock profile, AI score and financials