Earnings Releases·Oct 29, 2026, 7:14 AM ET

Ligand Pharmaceuticals — Third Quarter 2026 Earnings Summary

Royalty revenue surged 51% year-over-year to $70.3 million, driving a 26% increase in total revenues and income (excluding prior-year Pelthos divestiture income), while adjusted net income fell 10% to $57.5 million due to non-operating mark-to-market losses.
Management raised full-year 2026 adjusted diluted EPS guidance to $9.50–$9.75 and reaffirmed total revenue guidance of $270 million to $310 million, citing strong commercial momentum from the XOMA portfolio.
Strategic expansion includes the completed acquisition of XOMA Royalty, adding seven commercial products and 14 late-stage programs, alongside new royalty interests in Santen's Ryjunea and a structured financing deal with AvenCell Therapeutics.
The company maintains a robust liquidity position with $447.4 million in cash and short-term investments, supported by $750 million in deployable capital, while advancing key clinical milestones including FDA Priority Review for Qtorin rapamycin and full enrollment for Orchestra BioMed's BACKBEAT trial.