Short answer
LIGAND PHARMACEUTICALS INC (LGND) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $268M (+60.4% year over year) and net income of $124M.
- Top risk flagged: Regulatory risk: Section 162(m) limitation increased tax expense by $3.9 million (156%) in 2024 affecting effective tax rate
FY2025 key financial metrics · XBRL
- Revenue
- $268M
- +60.4% YoY
- Net income
- $124M
- +3186.6% YoY
- Operating margin
- 15.3%
- +28.8 pp YoY
- EPS (diluted)
- $6.13
- +2886.4% YoY
- ROE
- 12.2%
- +12.7 pp YoY
- Operating cash flow
- $49M
- −49.1% YoY
Source: XBRL data from the LIGAND PHARMACEUTICALS INC (LGND) FY2025 10-K on SEC EDGAR. USD.
LIGAND PHARMACEUTICALS INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: biopharmaceutical royalty company focused on capital deployment and licensing for diversified royalty streams from mid- to late-stage products
- New emphasis on NITRICIL platform acquired via Novan in 2023, supporting multiple royalty-bearing products including FDA-approved Zelsuvmi
- Strategic refinement since 2022 to a high-margin, low-infrastructure model after spinoffs of OmniAb, Pelican Expression, and Pelthos Therapeutics
- Invested $50 million in Castle Creek's D-Fi Phase 3 gene therapy and $25 million in Orchestra BioMed late-stage cardiology programs in 2025
- Expanded royalty portfolio to 12 major commercial royalties and over 90 additional programs, showing growing diversity and disciplined capital allocation
Management Discussion & Analysis
- No forward-looking statements or guidance mentioned
Risk Factors
- Regulatory risk: Section 162(m) limitation increased tax expense by $3.9 million (156%) in 2024 affecting effective tax rate
- Macroeconomic threat: $460 million 2030 Notes issued in August 2025 increases interest expense by $1.7 million (55%) vs prior year
- Operational risk: Deconsolidation of Novan acquisition payments from July 1, 2025 impacts interest accrued and financial reporting
- Market disruption risk: Unrealized fair value loss $5.1 million on Viking common stock in 2025 vs $9.0 million gain in 2024
- Financial risk: Concentration in equity method investments, e.g., $90.7 million gain from Pelthos stock fair value changes in 2025
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.