Ligand Pharmaceuticals (LGND) Operating Expenses (2010 - 2026)
Ligand Pharmaceuticals (LGND) posted Operating Expenses of $34.4 million for Q1 2026, down 25.03% sequentially from $45.8 million in Q4 2025, and down 57.87% YoY from $81.5 million in Q1 2025.
Ligand Pharmaceuticals (LGND) Operating Expenses (2010 - 2026) Analysis & Trends
Ligand Pharmaceuticals has reported Operating Expenses for 17 years, with the latest figure at $34.4 million in Q1 2026.
- Quarterly Operating Expenses fell 57.87% year-over-year to $34.4 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $179.9 million (down 26.06% YoY) and the FY2025 annual result came in at $227.1 million, up 19.68% from the prior year.
- Operating Expenses eased to $34.4 million in Q1 2026 per LGND's latest filing, from $45.8 million in the prior quarter.
- Over five years, Operating Expenses peaked at $81.5 million in Q1 2025 and troughed at $28.0 million in Q1 2024.
- A 5-year average of $45.1 million and a median of $41.5 million in 2022 frame the typical range for Operating Expenses.
- The sharpest annual moves came in 2025 and 2026: Operating Expenses soared 191.35% in 2025, then tumbled 57.87% in 2026.
- Over 5 years, Operating Expenses stood at $70.5 million in 2022, then sank by 55.37% to $31.5 million in 2023, then soared by 66.72% to $52.4 million in 2024, then fell by 12.63% to $45.8 million in 2025, then fell by 25.03% to $34.4 million in 2026.
- According to Business Quant data, Operating Expenses over the past three periods registered $34.4 million, $45.8 million, and $60.5 million for Q1 2026, Q4 2025, and Q3 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertex Pharmaceuticals | 128.13 Bn | 120.28 Bn | 2.84 Bn | 2.09 Bn |
| 2 | Regeneron Pharmaceuticals | 112.33 Bn | 104.33 Bn | 3.93 Bn | 3.00 Bn |
| 3 | Argenx Se | 53.24 Bn | 48.05 Bn | 1.41 Bn | 2.89 Bn |
| 4 | Revolution Medicines | 43.64 Bn | 43.64 Bn | - | 505.13 Mn |
| 5 | BeOne Medicines | 39.27 Bn | 34.17 Bn | 1.53 Bn | 1.21 Bn |
| 6 | MindWalk Holdings | 35.32 Bn | 35.31 Bn | 1.82 Bn | 4,978.15 |
| 7 | Royalty Pharma | 33.72 Bn | 35.84 Bn | - | 541.02 Mn |
| 8 | Alnylam Pharmaceuticals | 30.58 Bn | 27.27 Bn | 992.69 Mn | 1.06 Bn |
| 9 | Insmed | 27.01 Bn | 25.85 Bn | 358.27 Mn | 427.03 Mn |
| 10 | Ligand Pharmaceuticals | 5.87 Bn | 4.51 Bn | 60.48 Mn | 55.10 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 55.10 Mn |
| Mar 31, 2026 | 34.35 Mn |
| Dec 31, 2025 | 45.82 Mn |
| Sep 30, 2025 | 60.53 Mn |
| Jun 30, 2025 | 39.18 Mn |
| Mar 31, 2025 | 81.55 Mn |
| Dec 31, 2024 | 52.45 Mn |
| Sep 30, 2024 | 48.67 Mn |
| Jun 30, 2024 | 60.63 Mn |
| Mar 31, 2024 | 27.99 Mn |
| Dec 31, 2023 | 31.46 Mn |
| Sep 30, 2023 | 31.91 Mn |
| Jun 30, 2023 | 28.35 Mn |
| Mar 31, 2023 | 29.77 Mn |
| Dec 31, 2022 | 70.48 Mn |
| Sep 30, 2022 | 46.88 Mn |
| Jun 30, 2022 | 41.46 Mn |
| Mar 31, 2022 | 34.38 Mn |
| Dec 31, 2021 | 41.28 Mn |
| Sep 30, 2021 | 34.60 Mn |