Ligand Pharmaceuticals is a biotech royalty and platform company that invents or acquires technologies and then licenses them rather than selling finished drugs itself. It is known for Captisol, a formulation technology that improves solubility of many medicines, and for a portfolio of partnered programs that generate milestones and royalties. Its customers are pharmaceutical and biotech partners that commercialize the resulting therapies.
| Quarter | Revenue | YoY % | Earnings | YoY % |
|---|---|---|---|---|
| Q1 2025 | 45.3 | — | -42.5 | — |
| Q2 2025 | 47.6 | — | 4.8 | — |
| Q3 2025 | 115.5 | — | 117.3 | — |
| Q4 2025 | 59.7 | — | 44.8 | — |
| Q1 2026 | 51.7 | 14.1% | -13.3 | — |
| Q2 2026 | 63.7 | 33.7% | 48.5 | 900.8% |
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