Ligand Q3 revenue $115.5M, net income $117.3M; raises FY guidance

LIGAND PHARMACEUTICALS INC

2025-Q3 EPS reported $3.95 revenue$208,421,000

Q3 royalties $46.6M, up 47% YoY, driven by Filspari, Ohtuvayre, Qarziba.
Adjusted EPS $3.09 vs $1.84 YoY; GAAP net income $117.3M ($5.68 diluted).
FY 2025 core revenue guidance raised to $225M-$235M; core adj. EPS $7.40-$7.65.
Closed $460M 0.75% convertible notes due 2030; net proceeds ~$445M.
New royalty investments: $7M for AT220/AT292 rights; $25M in Orchestra BioMed.

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