Ligand Q2 FY26 adjusted EPS climbs 48% to $2.37; revenue rises 34% to $63.7 million

• Ligand Pharmaceuticals posted Q2 GAAP net income of $48.51 million, or $2.22 per diluted share, versus $4.85 million, or $0.24, a year earlier.
• Total revenue rose 34% year over year to $63.69 million, driven by royalties of $48.03 million, up 32%.
• Non-GAAP adjusted net income climbed 59% to $50.78 million, lifting adjusted diluted EPS 48% to $2.37.
• Cash, cash equivalents and short-term investments totaled $1.36 billion at June 30, up from $733.52 million at year-end, following a $700 million 0.00% convertible senior notes due 2031 offering.
• Reaffirmed 2026 total revenue guidance of $270 million-$310 million, raising the low end of non-GAAP adjusted EPS to about $9-$9.5 from $8.5-$9.5.

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