Ligand Pharmaceuticals Incorporated (LGND) Earnings
Ligand Pharmaceuticals Incorporated is expected to report next earnings on August 6, 2026 (in NaN days), with a consensus EPS estimate of $1.97. LGND has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +21.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $1.84 | $1.63 | -11.4% | $52M | -12.5% |
| Feb 26, 2026 | $1.46 | $2.02 | +38.4% | $60M | +7.3% |
| Nov 6, 2025 | $1.97 | $3.09 | +56.9% | $115M | +107.7% |
| Aug 7, 2025 | $1.54 | $1.60 | +3.9% | $48M | -9.9% |
| May 8, 2025 | $1.30 | $1.33 | +2.3% | $45M | +2.3% |
| Feb 27, 2025 | $1.37 | $-1.64 | -219.7% | $43M | +21.3% |
| Nov 7, 2024 | $0.75 | $-0.39 | -152.0% | $52M | +32.8% |
| Feb 27, 2024 | $0.58 | $1.05 | +81.0% | $28M | +9.3% |
| May 4, 2023 | $0.89 | $2.28 | +156.2% | $44M | +29.2% |
| Feb 22, 2023 | $1.23 | $1.36 | +10.6% | $50M | +14.3% |
| May 4, 2022 | $0.61 | $0.58 | -4.9% | $46M | +33.6% |
| Feb 17, 2022 | $1.38 | $1.80 | +30.4% | $72M | +11.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- 2026 is off to an exciting start with 56% royalty revenue growth and 23% EPS growth over 2025. - Shifted to pure royalty aggregation model in 2022, divested platform businesses, reduced employees and operating expenses. - Added experienced investment deal team and executed on royalty aggregation through three main deal approaches. - Palvella's Cuturin Rapamycin for MLMs achieved positive top-line Phase III results. - Announced acquisition of Zoma Royalty, adding over 120 assets, expected to be immediately accretive. - Travere's Filspari full FDA approval for FSGS, expanding its market. - Strong balance sheet and cash flows allow opportunistic execution on additional value-creating partnerships. - Will share longer-term view and update five-year plan at investor day in December.
Guidance
- Assuming ZOMA acquisition closes in third quarter, 2026 total revenue outlook is $270 million to $310 million, royalty revenue outlook is $225 million to $250 million, adjusted EPS outlook is $8.50 to $9.50. - 2027 expected approximately $1.50 per share of incremental adjusted EPS from full year contribution of ZOMA portfolio. - Expect combined operating cash flow of approximately $300 million in 2027, supporting capital deployment strategy of investing $150 million to $250 million annually in new royalty opportunities.
Segment performance
Total revenue was $52 million, up 14% year-over-year. Royalty revenue was $43 million, increasing 56%. Adjusted EPS was $1.63, up 23%. Filspari continues to perform well, Haute Touvaire delivered strong year-over-year growth. R&D expense was $2.1 million in the quarter compared to $50.1 million in the prior year period. G&A expense was $21 million compared with $19 million in the prior year. Non-operating expense was $41.6 million compared to $14 million in the prior year period. The acquisition of Zoma Royalty is expected to add 50 cents a share of adjusted EPS in 2026 and $1.50 in 2027. Zoma's portfolio includes seven commercial programs, 14 late-stage clinical programs, and over 100 earlier-stage programs.
Analyst Q&A
Q: Explain how the ZOMA deal came to pass and why it makes sense now.
A: Ligon has long-standing relationship with ZOMA team, ZOMA's business reached inflection point, parties engaged in December and reached alignment on terms in April. Provides ZOMA shareholders liquidity and attractive returns, and benefits Ligand by broadening portfolio, accelerating growth, and adding EPS accretion.
Q: Are there others in the pipeline similar to Zoma?
A: Majority of pipeline are single or double assets, Zoma portfolio is unique in breadth, there are other special opportunities with multiple assets but not as broad.
Q: Extent to which earlier stage portfolio impacts commitment to four to five deal targets per year.
A: Don't need additional deals to sustain growth, current portfolio has immense growth, but will continue to execute on late stage private to mid cap project finance arena.
Q: Reiterated guidance for year following Travere's record high new PSF for FOSBAR.
A: Phil Spari for FSGS was included in model, approved now but impact in 2026 is incremental, 50 cent increase in guidance purely related to ZOMA acquisition.
Q: AK filing regarding tier data program termination of Viking.
A: Objective is to move 2809 forward in development, intangible assets fully amortized, minor incremental legal expenses.
Q: C field label expansion to age one from age eight for delaying progression to stage three type one diabetes.
A: Encouraging, incremental addition to yield sales, market requires investment in screening.
Q: Captives on performance and contract revenue.
A: Captisol revenue visibility to early 2027, confident in meeting guidance range; contract revenue lumpy but confident in meeting guidance.
Q: Ease of challenge of integrating ZOMA post-closing and synergies.
A: Synergies extremely high, approaching 100%, scaling business may pick off some team, operating leverage beneficial.
Q: ZOMA acquisition impact on deal activity.
A: Balance sheet in good shape, have access to funds, deal pace could go up but in strong position.
Q: ZOMA's milestones in second half of 2026 and use of R&D assets and NOLs.
A: Expect some milestones in second half of 2026, NOLs quantum not disclosed yet, Section 174 R&D tax credits can be used immediately.