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Ligand Pharmaceuticals Earnings Calls
| Release date | May 14, 2026 |
| EPS estimate | $1.84 |
| EPS actual | $1.63 |
| EPS Surprise | -11.41% |
| Revenue estimate | 59.099M |
| Revenue actual | 51.722M |
| Revenue Surprise | -12.48% |
| Release date | Feb 26, 2026 |
| EPS estimate | $1.46 |
| EPS actual | $2.02 |
| EPS Surprise | 38.36% |
| Revenue estimate | 55.589M |
| Revenue actual | 59.666M |
| Revenue Surprise | 7.33% |
| Release date | Nov 06, 2025 |
| EPS estimate | $1.97 |
| EPS actual | $3.09 |
| EPS Surprise | 56.85% |
| Revenue estimate | 55.589M |
| Revenue actual | 115.461M |
| Revenue Surprise | 107.71% |
| Release date | Aug 07, 2025 |
| EPS estimate | $1.54 |
| EPS actual | $1.60 |
| EPS Surprise | 3.90% |
| Revenue estimate | 52.831M |
| Revenue actual | 47.627M |
| Revenue Surprise | -9.85% |
Last 4 Quarters for Ligand Pharmaceuticals
Below you can see how LGND performed 4 days prior and 4 days after releasing the earnings report. Also, you can see the pre-estimates and the actual earnings. This information can give you a slight idea of what you might expect for the next quarter's release.
| Release date | Aug 07, 2025 |
| Price on release | $146.32 |
| EPS estimate | $1.54 |
| EPS actual | $1.60 |
| EPS surprise | 3.90% |
| Date | Price |
|---|---|
| Aug 01, 2025 | $132.72 |
| Aug 04, 2025 | $135.39 |
| Aug 05, 2025 | $135.15 |
| Aug 06, 2025 | $142.40 |
| Aug 07, 2025 | $146.32 |
| Aug 08, 2025 | $150.06 |
| Aug 11, 2025 | $147.01 |
| Aug 12, 2025 | $152.69 |
| Aug 13, 2025 | $156.01 |
| 4 days before | 10.25% |
| 4 days after | 6.62% |
| On release day | 2.56% |
| Change in period | 17.55% |
| Release date | Nov 06, 2025 |
| Price on release | $208.22 |
| EPS estimate | $1.97 |
| EPS actual | $3.09 |
| EPS surprise | 56.85% |
| Date | Price |
|---|---|
| Oct 31, 2025 | $191.31 |
| Nov 03, 2025 | $191.24 |
| Nov 04, 2025 | $189.45 |
| Nov 05, 2025 | $190.38 |
| Nov 06, 2025 | $208.22 |
| Nov 07, 2025 | $202.48 |
| Nov 10, 2025 | $209.29 |
| Nov 11, 2025 | $208.70 |
| Nov 12, 2025 | $205.61 |
| 4 days before | 8.84% |
| 4 days after | -1.25% |
| On release day | -2.76% |
| Change in period | 7.47% |
| Release date | Feb 26, 2026 |
| Price on release | $196.17 |
| EPS estimate | $1.46 |
| EPS actual | $2.02 |
| EPS surprise | 38.36% |
| Date | Price |
|---|---|
| Feb 20, 2026 | $183.98 |
| Feb 23, 2026 | $183.65 |
| Feb 24, 2026 | $189.00 |
| Feb 25, 2026 | $191.39 |
| Feb 26, 2026 | $196.17 |
| Feb 27, 2026 | $198.31 |
| Mar 02, 2026 | $202.55 |
| Mar 03, 2026 | $204.24 |
| Mar 04, 2026 | $208.95 |
| 4 days before | 6.63% |
| 4 days after | 6.51% |
| On release day | 1.09% |
| Change in period | 13.57% |
| Release date | May 14, 2026 |
| Price on release | $218.98 |
| EPS estimate | $1.84 |
| EPS actual | $1.63 |
| EPS surprise | -11.41% |
| Date | Price |
|---|---|
| May 08, 2026 | $221.41 |
| May 11, 2026 | $220.48 |
| May 12, 2026 | $222.00 |
| May 13, 2026 | $221.21 |
| May 14, 2026 | $218.98 |
| May 15, 2026 | $213.21 |
| May 18, 2026 | $207.89 |
| May 19, 2026 | $207.78 |
| May 20, 2026 | $217.75 |
| 4 days before | -1.10% |
| 4 days after | -0.562% |
| On release day | -2.63% |
| Change in period | -1.65% |
Ligand Pharmaceuticals Earnings Call Transcript Summary of Q1 2026
Key points for investors:
- Strong Q1 2026 results: total revenue $52M (+14% YoY), royalty revenue $43M (+56% YoY), adjusted EPS $1.63 (+23% YoY).
- Updated 2026 guidance (assuming XOMA close in Q3): total revenue $270M–$310M, royalty revenue $225M–$250M, adjusted EPS $8.50–$9.50. Management expects ~+$1.50 adjusted EPS in 2027 from a full-year XOMA contribution.
- XOMA Royalty acquisition (announced April, expected close Q3): adds >120 assets across commercial, clinical and preclinical stages, including 7 marketed products; management expects immediate accretion, high operational synergies, and meaningful long-term growth and tax benefits. Management cited an expected incremental ~$0.50 adjusted EPS in 2026 and ~$1.50 in 2027 from XOMA.
- Portfolio catalysts and drivers: full FDA approval of Filspari for FSGS (now Ligand's largest commercial royalty), continuing growth from Ohtuvayre and Qarziba, and Palvella's positive Phase III SELVA results for QTORIN rapamycin in microcystic lymphatic malformations (NDA planned H2 2026). Several other XOMA and portfolio milestones are anticipated in H2 2026.
- Balance sheet and capital deployment: cash & investments approximately $780M plus $200M undrawn revolver (~$1B available capital pre-close); management expects combined operating cash flow of ~ $300M (benefitting from acquired tax attributes) and plans to invest ~$150M–$250M annually in new royalty opportunities.
- Strategy and positioning: since 2022 Ligand pivoted to a pure royalty aggregation model, reduced operating costs, scaled a deal team (18 people) and executed 18 deals in 3 years. Management emphasizes predictable, compounding royalty revenue and continued selective deal activity (project finance, royalty monetizations, special situations).
- Risk/other: GAAP results impacted by fair value adjustments (equity holdings); CVR tied to XOMA litigation with Janssen provides upside to former XOMA shareholders and Ligand retains 25% of any net proceeds; Ligand has no obligation to fund litigation.
