LIGAND PHARMACEUTICALS INC (LGND) Form 8-K — Oct 29, 2026
Ligand Pharmaceuticals reported Q3 2026 results with royalty revenue up 51% year-over-year to $70.3 million, driven by the newly acquired XOMA portfolio and momentum in Filspari and Ohtuvayre royalties. GAAP results showed a net loss of $28.5 million (-$1.43 per share) versus prior-year net income of $117.3 million, but the swing was driven by non-cash mark-to-market losses and $23.9 million of XOMA transaction and integration costs; adjusted net income was $57.5 million or $2.67 per diluted share.
Key figures
- Eps
- -$1.43 GAAP diluted (Q3); adjusted $2.67 per diluted share
- Revenue
- $78.7 million total revenues and income for Q3 2026
- Guidance
- 2026 royalty revenue $225-$250M, Captisol $35-$40M, contract revenue $10-$20M, total revenue $270-$310M (reaffirmed); adjusted diluted EPS raised to $9.50-$9.75 from $9.00-$9.50
- Net Income
- -$28.5 million GAAP net loss (Q3); adjusted net income $57.5 million
- Total Debt
- $1,128,217 thousand net convertible senior notes
- Revenue Yoy
- -32% GAAP total; +26% excluding $53.1 million prior-year Pelthos divestiture income
- Total Assets
- $2,237,462 thousand ($2.24 billion)
- Cash Position
- $447.4 million cash, cash equivalents and short-term investments; ~$750 million deployable capital
- G and a q3
- $72.6 million vs $28.4 million (XOMA transaction/integration costs and share-based comp)
- Captisol sales q3
- $7.9 million vs $10.7 million prior year
- Royalty revenue q3
- $70.3 million (+51% YoY from $46.6 million)
- Royalty revenue ytd
- $161.3 million (+46% YoY)
- Sydnexis ryjunea upfront
- $23 million
- Avencell financing commitment
- up to $47 million ($41 million royalty financing + $6 million Series C)
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