Ligand Q2 royalties up 57% to $36.4M; raises FY2025 guidance to $200-225M revenue and $6.70-7.00 adj. EPS

LIGAND PHARMACEUTICALS INC

2025-Q2 EPS reported -$1.95 revenue$92,960,000

Q2 revenue $47.6M (+15% YoY); royalties $36.4M (+57%) driven by Qarziba and Filspari.
GAAP net income $4.8M ($0.24 diluted) vs loss $51.9M in Q2 2024; core adj. EPS $1.60 vs $1.40.
FY2025 guidance raised: revenue $200-225M (prev $180-200M), adj. EPS $6.70-7.00 (prev $6.00-6.25).
Pelthos merger closed; Zelsuvmi launched July 10; Ligand earned $5M milestone and 13% royalty.
Merck acquiring Verona for ~$10B; Ligand holds 3% royalty on Ohtuvayre (COPD).

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