Ligand Pharmaceuticals Incorporated (LGND) Stock

Ligand Pharmaceuticals Incorporated (LGND) is a Healthcare stock trading at $286.06 (as of 2026-08-21), with a market capitalization of $5.70B and a trailing P/E of 41.0. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Ligand Pharmaceuticals Incorporated is a biopharmaceutical company developing or acquiring technologies used by pharmaceutical companies to discover and develop medicines. Its commercial products include therapies and formulations such as Kyprolis and Evomela for multiple myeloma, Veklury for COVID-19, and multiple other products including vaccines and specialty drug formulations used in areas like osteoporosis, postpartum depression, and leukemia.

Understand Ligand Pharmaceuticals Incorporated: how it makes money

Ligand Pharmaceuticals develops and acquires technologies to help pharmaceutical companies discover and develop medicines, and it commercializes biopharmaceutical programs, earning revenue through core sales as well as contract and royalty streams.

The profit model is driven by a mix of core revenue plus contract and royalty revenue, meaning results depend on ongoing performance of partnered medicines and the monetization of Ligand-linked intellectual property and programs.

Revenue by segment (latest quarter)
Core	$0.1B

Business quality (Solid): Revenue appears to be diversified across multiple labeled streams (core, contract, royalty), but the provided data does not include a clean, complete segment breakdown that sums to the stated total revenue, so investors should focus on the trend and mix of these streams rather than any single product line.

Valuation: At 40× earnings, LGND trades 135% above the Pharmaceutical Products average (17×). Note: one-time items can distort reported P/E.

Bull case

Multiple commercial programs spanning oncology, COVID-19, osteoporosis, pneumococcal disease prevention, and related indications: This breadth can support a more resilient revenue mix when different programs are at different stages.
Revenue streams include core, contract, and royalty revenue labels: This indicates Ligand monetizes its technology and partnerships through more than one mechanism, not only direct sales.

Bear case

Some revenue is explicitly categorized as contract revenue and royalty revenue: These streams can be sensitive to changes in partner product demand, contract economics, and the commercial outcomes of the underlying medicines.
Only partial segment data is provided, and the segment figures shown do not clearly reconcile to the stated total revenue: That makes it harder to pinpoint which revenue sources are actually driving period to period changes.

Valuation — source: SEC EDGAR (first-party)
Price	$286.06
Market Cap	$5.70B
P/E Ratio	41.0
EV / EBITDA	37.2
Price / Book	5.89
Price / Sales	20.18
FCF Yield	3.0%
DCF Value (model)	$41.22
DCF Upside vs Price	-85.6%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$268.09M
Net Margin	46.4%
Revenue Growth (YoY)	33.7%
EPS Growth (YoY)	868.0%
FCF Growth (YoY)	-819.2%

Financial Health — source: SEC EDGAR
Altman Z-Score	7.71 (safe)

Valuation vs Sector & Industry
Stock P/E	41.0
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.2
vs Sector	88.6%
vs Industry	138.7%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($591.35M)
Institutional Holders Tracked	10
Congressional Trades (recent)	4

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Todd C. Davis
Employees	68
Country	US
IPO Date	1992-11-18

Related Companies (Pharmaceutical Products; 8 comparable drugmakers)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.