LGNDLIGAND PHARMACEUTICALS INC

Pharmaceutical Preparations

Revenue: $268M; 60% YoY
Operating margin: 15.3%; 213% YoY
EBITDA: $75M; 492% YoY
Market cap: $6.5B
Employees: —
Net debt / EBITDA: 14.3×; $1.1B net debt
AI in 10-K: 1.2; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
40% of net income
Cash flow under 80% of net income
Dilutive SBCYes
17% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
30% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
9% of assets
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 39th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
14.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$35M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$242M	$196M	$131M	$167M	$268M	60%
Operating income	$104M	$3M	$12M	−$23M	$41M	281%
Net income	$57M	−$33M	$52M	−$4M	$124M	3187%
Operating cash flow	$79M	$138M	$50M	$97M	$49M	49%
Capex	$9M	$18M	$4M	$2M	$452K	75%
Stock-based comp	$39M	$60M	$26M	$41M	$47M	14%
Buybacks	$0	$0	$0	$0	$15M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $35M · 131
Net: −$35M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	279	125
FY2024	—	—	158	93
FY2023	—	—	105	94
FY2022	—	—	99	90
FY2021	—	—	155	100