| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 115.46 | 142.4% | 122.8% |
| Total Income | 115.46 | 142.4% | 122.8% |
| Expenditure | 60.53 | 54.5% | 24.4% |
| PBT | 141.14 | 1157.9% | 2326.2% |
| Net Profit | 117.27 | 2317.9% | 1735.6% |
| OPM | 47.58% | 29.85pp | 41.51pp |
| NPM | 100.00% | 89.82pp | 113.84pp |
| EPS | 5.99 | 2296.0% | 1635.9% |
Ligand Reports Q3 2025 Financial Results and Raises Guidance
04 May 2026 · 4 May, 7:41 am
Summary
Ligand Pharmaceuticals Incorporated reported strong financial results for the third quarter of 2025, with a significant increase in total revenues and royalty income. The company's Q3 revenue reached $115.5 million, a 123% increase compared to the same period in 2024, driven by higher royalty revenue and income from the Zelsuvmi out-license. Royalties increased by 47% to $46.6 million, and Captisol sales also saw growth. As a result of the strong performance, Ligand is increasing its 2025 full year financial guidance, expecting total core revenue of $225 million to $235 million. Todd Davis, CEO of Ligand, noted the pivotal quarter and the successful completion of a convertible debt financing to support growth initiatives.
Key Highlights
- 1
Ligand reported a 123% increase in total revenues and other income for Q3 2025, reaching $115.5 million compared to $51.8 million in Q3 2024.
- 2
Royalties for Q3 2025 increased by 47% to $46.6 million, driven by royalties earned on Filspari, Ohtuvayre, and Qarziba.
- 3
Captisol sales for Q3 2025 were $10.7 million, compared to $6.3 million for the same period in 2024.
- 4
GAAP net income for Q3 2025 was $117.3 million, or $5.68 per diluted share, compared to a net loss of $7.2 million, or $0.39 per share, for Q3 2024.
- 5
The company is increasing its 2025 full year financial guidance, now expecting total core revenue of $225 million to $235 million.
- 6
Adjusted net income for Q3 2025 was $63.8 million, or $3.09 per diluted share, compared to $35.3 million, or $1.84 per diluted share, for the same period in 2024.
- 7
For the nine months ended September 30, 2025, total revenues and other income increased by 68% to $208.4 million compared to $124.3 million in 2024.
Management Comments
Todd Davis
We are pleased to report an increase in our financial guidance for the second time this year, as a result of the continued strength and momentum of our growing commercial royalty portfolio. This was a pivotal quarter for Ligand. We successfully completed a convertible debt financing, providing us with additional resources to pursue strategic investment opportunities that support our growth initiatives. Additionally, I’m proud of our investment team’s ability to create superior returns through transactions such as the strategic merger of Pelthos with Channel Therapeutics, which has driven substantial value creation for our shareholders.
Informational and educational content only. Not investment advice.