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.
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.
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