Ligand Pharmaceuticals (LGND) Gross Margin (2010 - 2026)
Ligand Pharmaceuticals (LGND) posted Gross Margin of 93.67% for Q1 2026, down 1.38% sequentially from 94.99% in Q4 2025, and up 437.0% YoY from 17.44% in Q1 2025.
Ligand Pharmaceuticals (LGND) Gross Margin (2010 - 2026) Analysis & Trends
Ligand Pharmaceuticals has reported Gross Margin for 17 years, with the latest figure at 93.67% in Q1 2026.
- Quarterly Gross Margin rose 437.0% year-over-year to 93.67% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 95.27% (up 246.0% YoY) and the FY2025 annual result came in at 94.57%, up 120.0% from the prior year.
- Gross Margin fell to 93.67% in Q1 2026 per LGND's latest filing, from 94.99% in the prior quarter.
- Over five years, Gross Margin peaked at 96.71% in Q3 2025 and troughed at 57.1% in Q4 2022.
- A 5-year average of 88.55% and a median of 93.0% in 2024 frame the typical range for Gross Margin.
- The sharpest annual moves came in 2022 and 2023: Gross Margin slumped 2165 bps in 2022, then surged 3706 bps in 2023.
- Over 5 years, Gross Margin stood at 57.1% in 2022, then surged by 65 bps to 94.16% in 2023, then declined by 1 bps to 93.37% in 2024, then gained by 2 bps to 94.99% in 2025, then slipped by 1 bps to 93.67% in 2026.
- According to Business Quant data, Gross Margin over the past three periods registered 93.67%, 94.99%, and 96.71% for Q1 2026, Q4 2025, and Q3 2025 respectively.
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertex Pharmaceuticals | 128.13 Bn | 120.28 Bn | 2.84 Bn | 85.33% |
| 2 | Regeneron Pharmaceuticals | 112.33 Bn | 104.33 Bn | 3.93 Bn | 91.59% |
| 3 | Argenx Se | 53.24 Bn | 48.05 Bn | 1.41 Bn | 90.68% |
| 4 | Revolution Medicines | 43.64 Bn | 43.64 Bn | - | - |
| 5 | BeOne Medicines | 39.27 Bn | 34.17 Bn | 1.53 Bn | 89.76% |
| 6 | MindWalk Holdings | 35.32 Bn | 35.31 Bn | 1.82 Bn | 60,631,834.75% |
| 7 | Royalty Pharma | 33.72 Bn | 35.84 Bn | - | - |
| 8 | Alnylam Pharmaceuticals | 30.58 Bn | 27.27 Bn | 992.69 Mn | 76.90% |
| 9 | Insmed | 27.01 Bn | 25.85 Bn | 358.27 Mn | 84.20% |
| 10 | Ligand Pharmaceuticals | 5.87 Bn | 4.51 Bn | 60.48 Mn | 94.95% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 94.95% |
| Mar 31, 2026 | 93.67% |
| Dec 31, 2025 | 94.99% |
| Sep 30, 2025 | 96.71% |
| Jun 30, 2025 | 93.90% |
| Mar 31, 2025 | 89.30% |
| Dec 31, 2024 | 93.37% |
| Sep 30, 2024 | 95.27% |
| Jun 30, 2024 | 93.00% |
| Mar 31, 2024 | 90.70% |
| Dec 31, 2023 | 94.16% |
| Sep 30, 2023 | 89.40% |
| Jun 30, 2023 | 93.67% |
| Mar 31, 2023 | 91.55% |
| Dec 31, 2022 | 57.10% |
| Sep 30, 2022 | 76.10% |
| Jun 30, 2022 | 75.34% |
| Mar 31, 2022 | 87.13% |
| Dec 31, 2021 | 78.75% |
| Sep 30, 2021 | 80.83% |