---
schema_version: "secwatch.filing_event.v1"
accession: "0000886163-26-000003"
form_type: "8-K"
ticker: "LGND"
cik: "0000886163"
company_name: "LIGAND PHARMACEUTICALS INC"
filed_at: "2026-02-26T23:59:59+00:00"
generated_at: "2026-05-15T23:59:13.463319+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.82
calibrated_materiality_score: 0.82
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000886163-26-000003
- form_type: 8-K
- ticker: LGND
- cik: 0000886163
- company_name: LIGAND PHARMACEUTICALS INC
- filed_at: 2026-02-26T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.82
- calibrated_materiality_score: 0.82
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/886163/000088616326000003/0000886163-26-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/886163/000088616326000003/lgnd-20260226.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000886163-26-000003
- JSON: https://secwatch.observer/filing/0000886163-26-000003.json
- Plain text: https://secwatch.observer/filing/0000886163-26-000003.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.