Ligand Q4 revenue $59.7M (+39% YoY), adjusted EPS $2.02 beats; FY25 core adj. EPS $8.13, +42%

LIGAND PHARMACEUTICALS INC

2025-FY EPS reported $6.13 revenue$268,087,000

Q4 GAAP net income $44.8M ($2.12 diluted EPS) vs loss of $31.1M in Q4 2024.
Full year 2025 royalty revenue $161.0M (+48% YoY); total revenue $268.1M (+60% YoY).
Cash and short-term investments $733.5M at Dec 31, 2025; 2026 guidance reaffirmed: rev $245-285M, adj. EPS $8.00-9.00.
Filspari Q4 net sales $103M (+108% YoY); new patient starts all-time high of 908.
Palvella Phase 3 SELVA (Qtorin rapamycin) met primary endpoint; NDA submission H2 2026.

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