LGNDLIGAND PHARMACEUTICALS INC
Pharmaceutical Preparations
- Revenue
- $268M
- 60% YoY
- Operating margin
- 15.3%
- 213% YoY
- EBITDA
- $75M
- 492% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 14.3×
- $1.1B net debt
- AI in 10-K
- —
Red flags 2 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashFired40% of net incomeCash flow under 80% of net income
- Dilutive SBCFired17% of revenueOver 10% of revenue
- Payouts exceed cash flowClear30% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear9% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $242M | $196M | $131M | $167M | $268M | 60% |
| Operating income | $104M | $3M | $12M | −$23M | $41M | 281% |
| Net income | $57M | −$33M | $52M | −$4M | $124M | 3187% |
| Operating cash flow | $79M | $138M | $50M | $97M | $49M | 49% |
| Capex | $9M | $18M | $4M | $2M | $452K | 75% |
| Stock-based comp | $39M | $60M | $26M | $41M | $47M | 14% |
| Buybacks | $0 | $0 | $0 | $0 | $15M |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 279 | 125 |
| FY2024 | — | — | 158 | 93 |
| FY2023 | — | — | 105 | 94 |
| FY2022 | — | — | 99 | 90 |
| FY2021 | — | — | 155 | 100 |