Ligand targets $150-$250 million in annual investments as royalty revenue tops $225 million in 2026 guidance
LGND•Convertible financing terms
Ligand's $700 million 2031 convertible financing was priced at a 0% coupon with a 27.5% conversion premium; the call spread targets no dilution up to $524.
Quarterly results and acquisition impact
Q2 2026 revenue reached $64 million; royalties totaled $48 million; adjusted EPS came in at $2.37.
The XOMA acquisition closed on July 14, 2026; management expects immediate EPS accretion of about $0.5 in 2026 and $1.5 in 2027.
2026 guidance and revenue outlook
Ligand guided to 2026 adjusted EPS of $9-$9.5 on total revenue of $270-$310 million.
Royalty revenue outlook is set at $225-$250 million; non-royalty revenue includes Captisol at $35-$40 million.
