What is the 13F Pro Quality Score for LGND?

13F Pro ranks LIGAND PHARMACEUTICALS INC (LGND) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View LGND's current score at https://13fpro.ai/company/LGND (free sign-up required for the full ranking).

Which hedge funds own the most LGND stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of LGND include BlackRock,, Invesco Ltd., VANGUARD PORTFOLIO MANAGEMENT. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/company/LGND as soon as new 13F filings post.

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.

What sector is LGND in?

LIGAND PHARMACEUTICALS INC (LGND) is classified in the Healthcare sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/healthcare.

What drives LGND's revenue?

Per LIGAND PHARMACEUTICALS INC's latest 10-Q filed with the SEC on 2026-08-07, the biggest revenue drivers are: Royalties ($48.0M, +32% YoY); Captisol ($8.0M, -4% YoY); Contract revenue and income ($7.7M, +161% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/company/LGND.

What are LGND's largest expenses?

LIGAND PHARMACEUTICALS INC's latest 10-Q reports these as the largest expense items: General and administrative ($29.1M, +44% YoY); Research and development ($14.7M, +123% YoY); Amortization of intangibles ($8.1M, -2% YoY). Sourced directly from SEC EDGAR filing text for Q2 FY2026 (quarter ended June 30, 2026).

How often is LGND research updated on 13F Pro?

LGND's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

LIGAND PHARMACEUTICALS INC(LGND)Stock Analysis

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Healthcare →Nasdaqmid

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SEC EDGAR: CIK 886163 LGND stock profile & AI dashboard →

13F Pro Quality Score

76.0/100

Rank #91 of 2,961 stocksTOP 5%

View Healthcare peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Nov 14, 2026.

Revenue Growth

93.3/100

Profitability

99.0/100

Balance Sheet

89.8/100

Earnings Quality

57.9/100

Free Cash Flow

93.3/100

Institutional Flow

80.2/100

Revenue Scale

28.8/100

Dilution Risk

10.3/100

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Why LGND Scores 76/100

exact factor attribution · 2026-09-11

LGND's composite is driven by revenue growth and profitability, held back by scale and shareholder dilution. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Revenue growth

+8.7 pts

93th pct

Profitability

+7.3 pts

99th pct

Free cash flow

+6.5 pts

93th pct

Capital efficiency

+4.0 pts

90th pct

Earnings growth

+2.4 pts

97th pct

Institutional flow

+1.5 pts

80th pct

Earnings quality

+0.8 pts

58th pct

Shareholder dilution

-2.0 pts

10th pct

Scale

-3.2 pts

29th pct

Latest change (2026-08-07): 66 → 47 · ↓ Profit margin 90→28; ↓ Capital efficiency 66→36

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

Unusual Activity in LGND

Events flagged as statistical outliers against LGND's own multi-year baseline — not fixed dollar thresholds.

Score shock2026-08-07
LGND quality score dropped 19 points (66→47) on a new filing
View source filing →

LGND Stock Analysis & AI Quality Score

Data updated 2026-09-11

AI stock analysis and institutional research for LIGAND PHARMACEUTICALS INC (LGND), a Healthcare sector company. 13F Pro's AI-powered ranking engine scores LGND at 76.0/100 on a 32-signal composite quality model, placing it at rank #91 of 2,961 stocks — the top 5% of the AI-ranked universe. LGND scores in the top quartile across profitability (99.0), revenue growth (93.3), free cash flow (93.3). Areas of concern include revenue scale (28.8), which score below median versus the broader universe. Shareholder dilution risk is elevated at 10.3/100, 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, free cash flow of $24.0M. 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. LIGAND PHARMACEUTICALS INC's 13F Pro composite quality score has ranged between 32 and 76 since 2021, currently 76.0 — an improving long-term trajectory across 68 quarterly and live scoring snapshots.

✦

Fun facts about LIGAND PHARMACEUTICALS INC

Quirks, history, and lore behind LGND — the kind of stuff that makes a stock memorable.

1
The Basics
A small-cap pharmaceutical company headquartered in San Diego · listed on Nasdaq · operates in the healthcare sector with a very unusual business model.
2
The Numbers
Revenue is in the low hundreds of millions annually, yet its profit margins are the envy of Big Pharma — because it barely spends money making drugs itself.
3
The History
Founded in the early 1990s, it spent years as a traditional biotech before pivoting to become essentially a royalty collector for the pharmaceutical industry.
4
The Secret
Its actual product is intellectual property — it licenses drug technologies, collects royalties on other companies' sales, and lets everyone else do the hard manufacturing work.
5
The Lore
Its Captisol drug-formulation technology appears in a surprisingly large number of FDA-approved medicines, making it a quiet toll booth on the pharmaceutical highway.
6
The Giveaway
Think of it as the royalty streaming company of pharma — its portfolio includes stakes tied to Kyprolis, Teriparatide, and dozens more, all without running a single clinical trial itself.

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

✓ 27/27 datapoints verified

AI-extracted from LIGAND PHARMACEUTICALS INC's 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 →Share on X

Revenue

Q2 2026

$63.7M

Net Income

Q2 2026

$48.5M

Free Cash Flow

Q2 2026

$24.0M

ROIC

Q2 2026

1.6%

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

+60.4% YoY

$268.1MFY 2025

FY22 $196.2MFY23 $131.3MFY24 $167.1MFY25 $268.1M

Net Income

+3186.6% YoY

$124.5MFY 2025

FY22 $-33.4MFY23 $52.2MFY24 $-4.0MFY25 $124.5M

Operating Income

+281.4% YoY

$41.0MFY 2025

FY22 $3.0MFY23 $11.9MFY24 $-22.6MFY25 $41.0M

EPS (Diluted)

+2886.4% YoY

$6.13FY 2025

FY22 $-1.98FY23 $2.94FY24 $-0.22FY25 $6.13

Total Assets

+65.7% YoY

$1.56BFY 2025

FY22 $762.7MFY23 $787.2MFY24 $941.8MFY25 $1.56B

Op. Cash Flow

-49.1% YoY

$49.4MFY 2025

FY22 $137.8MFY23 $49.6MFY24 $97.0MFY25 $49.4M

Free Cash Flow

-48.6% YoY

$48.9MFY 2025

FY22 $119.9MFY23 $46.1MFY24 $95.2MFY25 $48.9M

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$268.1M +60.4%	$167.1M +27.3%	$131.3M -33.1%	$196.2M -18.8%	$241.5M +47.7%	$163.6M
Net Income	$124.5M +3186.6%	$-4.0M -107.7%	$52.2M +256.3%	$-33.4M -158.4%	$57.1M +2014.2%	$-3.0M
Operating Income	$41.0M +281.4%	$-22.6M -289.3%	$11.9M +293.2%	$3.0M -97.1%	$103.9M +176.9%	$37.5M
EPS (Diluted)	$6.13 +2886.4%	$-0.22 -107.5%	$2.94 +248.5%	$-1.98 -159.8%	$3.31 +1938.9%	$-0.18
Total Assets	$1.56B +65.7%	$941.8M +19.6%	$787.2M +3.2%	$762.7M -41.2%	$1.30B -4.7%	$1.36B
Operating Cash Flow	$49.4M -49.1%	$97.0M +95.8%	$49.6M -64.0%	$137.8M +74.9%	$78.8M +44.4%	$54.6M
Free Cash Flow	$48.9M -48.6%	$95.2M +106.8%	$46.1M -61.6%	$119.9M +71.2%	$70.0M +39.7%	$50.1M

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Available Research

13F Pro tracks comprehensive data for LIGAND PHARMACEUTICALS INC including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of LGND

BlackRock, Inc.
$980.2M3,100,996 sh
Invesco Ltd.
$379.8M1,201,644 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$359.8M1,138,316 sh
Jupiter Topco LLC
$328.9M1,040,578 sh
VANGUARD CAPITAL MANAGEMENT LLC
$275.3M870,950 sh
STATE STREET CORP
$261.3M826,539 sh
FMR LLC
$241.1M762,827 sh
FRANKLIN RESOURCES INC
$237.7M752,044 sh
CONGRESS ASSET MANAGEMENT CO /MA
$208.6M659,911 sh
GEODE CAPITAL MANAGEMENT, LLC
$186.2M589,020 sh

Fund	Value	Shares
BlackRock, Inc.	$980.2M	3,100,996
Invesco Ltd.	$379.8M	1,201,644
VANGUARD PORTFOLIO MANAGEMENT LLC	$359.8M	1,138,316
Jupiter Topco LLC	$328.9M	1,040,578
VANGUARD CAPITAL MANAGEMENT LLC	$275.3M	870,950
STATE STREET CORP	$261.3M	826,539
FMR LLC	$241.1M	762,827
FRANKLIN RESOURCES INC	$237.7M	752,044
CONGRESS ASSET MANAGEMENT CO /MA	$208.6M	659,911
GEODE CAPITAL MANAGEMENT, LLC	$186.2M	589,020

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Is LGND a good stock to buy?

13F Pro's AI-powered analysis of LIGAND PHARMACEUTICALS INC (LGND) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Healthcare sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for LGND are available on the LGND stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing. LGND is classified as a mid company.

Which hedge funds own LGND?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling LGND. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of LIGAND PHARMACEUTICALS INC's investment landscape.