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Jun 30, 2025
Ligand Q2 2025 Earnings Report
Ligand reported strong second quarter 2025 financial results, driven by significant growth in royalty revenue and an increase in full-year guidance.
Key Takeaways
Ligand Pharmaceuticals reported a robust second quarter in 2025, with total revenues increasing by 15% year-over-year, primarily due to a 57% surge in royalty revenue. The company also significantly raised its full-year 2025 revenue and adjusted EPS guidance, reflecting continued strength in its commercial-stage royalty portfolio and key partnership milestones.
Total revenues for Q2 2025 reached $47.6 million, a 15% increase from Q2 2024.
Royalty revenue grew by 57% to $36.4 million in Q2 2025, driven by Qarziba and Filspari.
GAAP net income was $4.8 million, or $0.24 per diluted share, a significant improvement from a net loss in the prior year.
Full-year 2025 revenue guidance was increased to $200 million - $225 million, and adjusted EPS guidance was raised to $6.70 - $7.00.
Revenue by Segment
Forward Guidance
Ligand increased its full-year 2025 financial guidance, expecting higher total revenue and adjusted earnings per diluted share, driven by strong royalty performance and increased contract revenue expectations.
Positive Outlook
- Full-year 2025 total revenue guidance increased to $200 million - $225 million (previously $180 million - $200 million).
- Adjusted earnings per diluted share guidance increased to $6.70 - $7.00 (previously $6.00 - $6.25).
- Royalties are now expected to be in the range of $140 million to $150 million (previously $135 million to $140 million).
- Contract revenue guidance increased to $25 million - $35 million (previously $10 million - $20 million).
- Commercial launch of Zelsuvmi by Pelthos and Merck's acquisition of Verona are expected to accelerate Ohtuvayre's launch trajectory.
Challenges Ahead
- No specific negative forward guidance points were explicitly stated in the report regarding the company's outlook.
- The report does not detail any specific headwinds or challenges anticipated for the upcoming periods.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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