Ligand Pharmaceuticals Inc

Latest Results (11.10.2025):

Ligand Pharmaceuticals Inc reported strong financial results for the second quarter of 2025, driven by significant growth in its royalty revenue. The company has also raised its full-year 2025 revenue and adjusted earnings per diluted share guidance, reflecting the robust performance of its commercial-stage portfolio.

Revenue Growth

Total revenues and other income for the second quarter of 2025 reached $47.6 million, marking a 15% increase compared to $41.5 million in the same period last year. This growth was primarily driven by a substantial rise in royalty revenues.

Significant Increase in Royalty Revenue

Royalty revenues surged by 57% to $36.4 million in the second quarter of 2025, up from $23.2 million in Q2 2024. This increase was mainly due to royalties earned from Recordati’s Qarziba and Travere Therapeutics’ Filspari.

Enhanced Earnings

GAAP net income for Q2 2025 was $4.8 million, or $0.24 per diluted share, a significant improvement from a net loss of $51.9 million in Q2 2024. Core adjusted net income also rose to $32.0 million, or $1.60 per diluted share, driven by the 15% increase in revenue.

Raised 2025 Financial Guidance

Ligand has increased its full-year 2025 revenue guidance to $200 million - $225 million, up from the previous forecast of $180 million - $200 million. Additionally, the guidance for adjusted earnings per diluted share has been raised to $6.70 - $7.00, up from $6.00 - $6.25.

Strategic Developments

The company highlighted key milestones, including the commercial launch of Zelsuvmi by Pelthos and Merck's acquisition of Verona, which are expected to accelerate the launch and development of Ohtuvayre in COPD and other indications. These developments underscore the value of Ligand’s partnerships and its effective royalty aggregation model.