LIGAND PHARMACEUTICALS INC

Ligand Pharmaceuticals Inc. reported a net loss of $28.5 million for the third quarter of 2026, a significant shift from a net income of $117.3 million in the same period of 2025. Revenue from intangible royalty assets saw an increase to $47.4 million, while income from financial royalty assets also rose to $22.9 million. However, total revenues and income decreased to $78.7 million from $115.5 million year-over-year. The company's balance sheet shows substantial growth in both total assets to $2.24 billion and total liabilities to $1.28 billion by the end of the third quarter of 2026.

Ligand Pharmaceuticals reported strong financial results for Q2 2026, with net income soaring to $48.5 million, a 900% increase year-over-year, and basic EPS reaching $2.42. Total revenues and income grew 33.7% to $63.7 million. The company also significantly improved its cash position, with cash and cash equivalents reaching over $1 billion, partly due to the issuance of $700 million in Convertible Senior Notes. Additionally, Ligand repurchased $60 million of common stock.

Ligand Pharmaceuticals reported strong second-quarter 2026 financial results, with royalty revenue increasing 32% and adjusted diluted EPS growing 48% year-over-year. The company also raised the low end of its full-year 2026 adjusted EPS guidance, reflecting stronger synergies from the recently completed acquisition of XOMA Royalty and benefits from a $700 million convertible debt financing. The XOMA acquisition significantly expanded Ligand's royalty portfolio, adding over 120 commercial, clinical, and preclinical-stage assets.

Ligand Pharmaceuticals Incorporated has completed its acquisition of XOMA Royalty Corporation for approximately $739 million in cash, significantly expanding its biopharmaceutical royalty asset portfolio to over 200 assets. The transaction is expected to be immediately accretive, adding $0.50 and $1.50 per share to Ligand's projected 2026 and 2027 adjusted earnings per share, respectively. Concurrently, Ligand entered into an Amended and Restated Credit Agreement, establishing a new $125.0 million revolving credit facility maturing in September 2028.

Ligand Pharmaceuticals announced the completion of its previously announced offering of $700.0 million aggregate principal amount of 0.00% convertible senior notes due 2031. The net proceeds, approximately $678.2 million, were used to enhance financial flexibility. A portion of the proceeds, $72.9 million, was used for convertible note hedge transactions to reduce potential dilution, and approximately $60.0 million was used to repurchase 228,859 shares of common stock at $262.17 per share. The remaining net proceeds are intended for general corporate purposes, including investments in complementary businesses and the previously announced acquisition of XOMA Royalty Corporation.

Ligand Pharmaceuticals announced the pricing of $625.0 million in 0.0% convertible senior notes due 2031 in a private placement. The company estimates net proceeds of approximately $605.3 million, which will be used to fund convertible note hedge transactions, repurchase 228,859 shares of its common stock for $60 million, and for general corporate purposes, including investing in complementary businesses. The offering includes an option for initial purchasers to buy an additional $75.0 million in notes.

Ligand Pharmaceuticals announced a proposed private offering of $550 million in convertible senior notes due 2031, with an option for initial purchasers to acquire an additional $82.5 million. Concurrently, the company amended its Credit Agreement to facilitate this offering and adjusted its minimum Consolidated EBITDA covenants to $100 million for the next year and $150 million thereafter. Ligand plans to use a portion of the net proceeds, up to $75 million, to repurchase its common stock and fund convertible note hedge transactions to mitigate potential dilution, with the remainder allocated to general corporate purposes and the acquisition of Xoma Royalty Corporation.

Ligand Pharmaceuticals announced its intention to offer $550.0 million in convertible senior notes due 2031 in a private placement, with an option for initial purchasers to buy an additional $82.5 million. A portion of the proceeds will be used to fund convertible note hedge transactions to offset potential dilution and to repurchase up to $75 million of common stock. The remaining funds are earmarked for general corporate purposes, including investments in complementary businesses.

Ligand Pharmaceuticals Incorporated announced it will host an Investor Day in New York City on Tuesday, December 8, 2026, at 10:30 a.m. Eastern time at the Harvard Club. The event will feature presentations from senior management covering the company's strategy, recent investment activities, royalty portfolio, and long-term financial outlook. A live webcast will be accessible through the company's Investor Relations website.

Ligand Pharmaceuticals held its 2026 Annual Meeting of Stockholders on June 5, 2026. During the meeting, stockholders approved an amendment and restatement of the Company's 2002 Stock Incentive Plan. Additionally, eight directors were elected to the Board, the selection of Ernst & Young LLP as the independent auditor was ratified, and a non-binding advisory resolution on executive compensation was approved.