secwatch.observer — SEC 8-K summary
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Issuer:     LIGAND PHARMACEUTICALS INC (LGND)
CIK:        0000886163
Form:       8-K
Filed at:   2026-02-26T23:59:59+00:00
Accession:  0000886163-26-000003
Event type: earnings
Sentiment:  positive
Materiality: 0.82
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/886163/000088616326000003/0000886163-26-000003-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/886163/000088616326000003/lgnd-20260226.htm
  HTML page:      https://secwatch.observer/filing/0000886163-26-000003

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer