--- title: "Ligand Pharmac-B | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 51.72 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285536409.md" datetime: "2026-05-07T11:08:11.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285536409.md) - [en](https://longbridge.com/en/news/285536409.md) - [zh-HK](https://longbridge.com/zh-HK/news/285536409.md) --- # Ligand Pharmac-B | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 51.72 M Revenue: As of FY2026 Q1, the actual value is USD 51.72 M, missing the estimate of USD 58.86 M. EPS: As of FY2026 Q1, the actual value is USD -0.67, missing the estimate of USD 0.9783. EBIT: As of FY2026 Q1, the actual value is USD 12.46 M. #### First Quarter 2026 Financial Results **Total Revenues and Income**Ligand Pharmaceuticals Incorporated (Ligand 制药) reported total revenues and income of $51.7 million for the first quarter of 2026, marking a 14% increase from $45.3 million in the same period of 2025, primarily due to higher royalty revenue. **Royalties**Royalties for the first quarter of 2026 were $43.0 million, a 56% year-over-year increase from $27.5 million in the first quarter of 2025, mainly driven by royalties from Filspari, Ohtuvayre, and Capvaxive. Revenue from intangible royalty assets was $32,931 thousand in Q1 2026, up from $21,587 thousand in Q1 2025. Income from financial royalty assets increased to $10,027 thousand in Q1 2026 from $5,902 thousand in Q1 2025. **Captisol Sales**Captisol sales decreased to $8.7 million in the first quarter of 2026 from $13.5 million in the same period of 2025, attributed to the timing of customer orders. **Contract Revenue and Income**Contract revenue and income was $110 thousand for the first quarter of 2026, a significant decrease from $4,384 thousand in the first quarter of 2025. **Cost of Captisol**The cost of Captisol was $3.3 million for the first quarter of 2026, compared to $4.8 million for the same period in 2025, reflecting the decrease in Captisol sales. **Amortization of Intangibles**Amortization of intangibles was $8.1 million in Q1 2026, a slight decrease from $8.3 million in Q1 2025. **Research and Development Expenses**Research and development expenses were $2.1 million for the first quarter of 2026, a substantial decrease from $50.1 million in the same period of 2025. The prior year included a $44.3 million one-time charge related to a royalty financing agreement and $2.7 million in R&D expenses from the former Pelthos business. **General and Administrative Expenses**General and administrative expenses rose to $20.8 million in Q1 2026 from $18.8 million in Q1 2025, primarily due to higher employee-related costs, increased headcount, and share-based compensation. **Operating Income (Loss)**Operating income was $17,368 thousand in Q1 2026, a significant improvement from an operating loss of - $36,216 thousand in Q1 2025. **Non-operating Expense, Net**Non-operating expense, net, was $41.6 million for the first quarter of 2026, compared to $14.0 million for the same period in 2025. This change was mainly due to a - $49.2 million non-cash loss from changes in the fair value of equity-method investment in Pelthos Therapeutics and Pelthos Series A Preferred Shares, partially offset by a $3.9 million gain from short-term investments and $4.9 million of net interest income. **GAAP Net Loss**The GAAP net loss was - $13.3 million, or - $0.67 per share, for the first quarter of 2026, an improvement from a GAAP net loss of - $42.5 million, or - $2.21 per share, for the same period in 2025. **Adjusted Net Income**Adjusted net income (non-GAAP) grew 30% to $34.6 million, or $1.63 per diluted share, in Q1 2026, up from $26.6 million, or $1.33 per diluted share, in Q1 2025. This increase was primarily driven by the 56% year-over-year growth in royalty revenue. **Cash, Cash Equivalents, and Short-term Investments**As of March 31, 2026, Ligand Pharmaceuticals Incorporated (Ligand 制药) had $779.4 million in cash, cash equivalents, and short-term investments, an increase from $733.5 million at December 31, 2025. #### 2026 Financial Guidance Update Ligand Pharmaceuticals Incorporated (Ligand 制药) reaffirms its 2026 full-year financial guidance, projecting total revenue between $270 million and $310 million and adjusted earnings per diluted share between $8.50 and $9.50. 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