Ligand Q2 royalty rev +32% YoY; raises 2026 adj EPS guidance; closes XOMA deal

LIGAND PHARMACEUTICALS INC

Q2 royalty rev $48.0M (+32% YoY); total rev $63.7M (+34%); GAAP EPS $2.22 (vs $0.24); adj EPS $2.37 (vs $1.60).
2026 adj EPS guidance raised to $9.00-$9.50 (from $8.50-$9.50); total revenue guidance unchanged at $270M-$310M.
Completed XOMA Royalty acquisition on July 14 for $39.00/share + CVR; expected to add ~$0.50 to 2026 adj EPS and ~$1.50 to 2027 adj EPS.
Issued $700M 0% convertible notes due 2031; repurchased 228,859 shares at ~$262/share using $60M of proceeds.
Cash & short-term investments $1.36B at June 30, up from $733.5M at Dec 31, 2025.

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