Ligand Pharmaceuticals Incorporated's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Ligand Pharmaceuticals Incorporated (LGND) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Ligand Pharmaceuticals Incorporated vs Its Competitors
- TTM: Trailing 12-month revenue of 254M vs 325,434M combined for its competitors (0.1% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+24.1% annualized vs trailing 12 months), vs accelerating (+8.6%) for its tracked peer group.
- Growth: Ligand Pharmaceuticals Incorporated generated -31.8% revenue growth year over year in Q3 2026, vs 15.9% for its competitors combined.
- Profitability: Its -36.2% net margin compares with 15.6% for the peer group.
- Scale: Ligand Pharmaceuticals Incorporated ranks #50 of 545 companies by market capitalization in the Major Pharmaceutical Preparations industry, holding 0.1% of industry market cap.
- Peer revenue share: Ligand Pharmaceuticals Incorporated accounted for 0.1% of combined revenue among its tracked peer group, down from 0.2% a year earlier.
- Peer differentiation: Revenue per employee of $5.40M compares with $1.00M for the peer group (5.4x).
- Structure: Ligand Pharmaceuticals Incorporated operates in the following segments: Development and Licensing of Biopharmaceutical Assets.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
LGND Sales vs. its Competitors, Q3 2026
Ligand Pharmaceuticals Incorporated reported revenue contraction of 31.80 % year on year in Q3 2026, below its competitors' combined revenue growth of 15.91 %.
With a net margin of -36.17 %, Ligand Pharmaceuticals Incorporated reported lower profitability than its competitors (15.55 %).
Ligand Pharmaceuticals Incorporated generated 0.09 % of the combined sales of its peer group, down from 0.15 % a year earlier.
API endpoints for this dataset
Ligand Pharmaceuticals Incorporated vs. its Competitors, Q3 2026
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Ligand Pharmaceuticals Incorporated reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Ligand Pharmaceuticals Incorporated and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Ligand Pharmaceuticals Incorporated | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (1) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (5) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (2) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Ligand Pharmaceuticals Incorporated's competitor groups requires a Commercial License.
For context: the Major Pharmaceutical Preparations industry grew revenue 8.9% year over year, combined, vs -31.8% for Ligand Pharmaceuticals Incorporated. Ligand Pharmaceuticals Incorporated's share of combined industry revenue moved from 0.02% to 0.02%, a loss of 0.01 percentage points.
Ligand Pharmaceuticals Incorporated's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Ligand Pharmaceuticals Incorporated | Yes | Yes | No | No |
| Competitors combined (76) | ||||
| High-Confidence Competitors (3) | - | |||
| Similar-Size Competitors (10) | ||||
| Similar Growth & Profitability (8) | 87.50 % (7 of 8) | 75.00 % (6 of 8) | 0.00 % (0 of 8) | 12.50 % (1 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
LGND Stock Performance relative to its Competitors
LGND Stock Performance relative to High-Confidence Competitors
LGND Stock Performance relative to Similar-Size Competitors
LGND Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Gt Biopharma Inc | 282.9% | Outperformed |
| 2 | Adlai Nortye Ltd | 282.9% | Outperformed |
| 3 | Prelude Therapeutics Inc | 282.9% | Outperformed |
| 4 | Enliven Therapeutics Inc | 282.9% | Outperformed |
| 5 | Organon and Co | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Ligand Pharmaceuticals Incorporated's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Ligand Pharmaceuticals Incorporated's Comment on Competition and Industry Peers
Publicly Traded Peers of Ligand Pharmaceuticals Incorporated
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Ligand Pharmaceuticals Incorporated |
6,271.06 | 253.83 |
 Eli Lilly And Company |
1,261,319.90 | 86,462.00 |
 Johnson and Johnson |
690,774.55 | 99,335.00 |
 Beone Medicines Ltd |
628,232.68 | 6,128.24 |
 Merck and Co Inc |
367,313.70 | 66,569.00 |
 Novartis Ag |
320,013.95 | 56,674.00 |
| SUBTOTAL | 4,683,318.46 | 651,892.95 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Ligand Pharmaceuticals Incorporated versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Ligand Pharmaceuticals Incorporated's Competitors Named by the Company
Competitive relationships identified from Ligand Pharmaceuticals Incorporated reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Pelthos Therapeutics Inc | Company report | 85% |
| CHRO | Company report | 85% |
| Soligenix inc | Company report | 85% |
| Abcellera Biologics Inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Ligand Pharmaceuticals Incorporated's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Ligand Pharmaceuticals Incorporated's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Ligand Pharmaceuticals Incorporated | Development and Licensing of Biopharmaceutical Assets 100.00 % |
| Eli Lilly And Company | Reportable 100.00 % |
| Johnson and Johnson | Oncology 29.93 % |
| Merck and Co Inc | Pharmaceutical segment 89.95 % |
| Amgen Inc | Reportable 100.00 % |
| Vertex Pharmaceuticals Inc | Pharmaceuticals 100.00 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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Ligand Pharmaceuticals Incorporated's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Ligand Pharmaceuticals Incorporated | 6,271 | 5,400,574 | 1,094,936 |
| Eli Lilly And Company | 1,261,320 | 1,729,240 | 551,594 |
| Johnson and Johnson | 690,775 | 705,504 | 114,311 |
| Beone Medicines Ltd | 628,233 | 510,686 | 54,642 |
| Merck and Co Inc | 367,314 | 887,587 | 42,267 |
| Novartis Ag | 320,014 | 752,973 | 185,566 |
| PEERS TOTAL | 4,677,047 | 1,001,683 | 157,621 |
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Ligand Pharmaceuticals Incorporated's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Eli Lilly And Company | United States 62.04 % |
| Johnson and Johnson | United States 58.90 % |
| Beone Medicines Ltd | United States 54.39 % |
| Merck and Co Inc | EMEA 21.50 % |
| Gilead Sciences Inc | United States 76.66 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
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Ligand Pharmaceuticals Incorporated's Position in Industry Market Structure
Market-capitalization share and concentration across all 495 companies in Ligand Pharmaceuticals Incorporated's industry classification, broader than the peer set above. Market cap in millions of $.Ligand Pharmaceuticals Incorporated ranks #50 of 495 companies by market capitalization in its industry, holding 0.12 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 885, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Eli Lilly And Company | 1,232,412 | 20.92 % |
| 2 | Johnson and Johnson | 679,690 | 11.54 % |
| 3 | Beone Medicines Ltd | 623,340 | 10.58 % |
| 4 | Abbvie Inc | 514,617 | 8.74 % |
| 5 | Merck and Co Inc | 1,234 | 5.2% |
| 6 | Novartis Ag | 1,234 | 5.2% |
| 7 | Abbott Laboratories | 1,234 | 5.2% |
| 8 | Novo Nordisk A | 1,234 | 5.2% |
| 9 | Pfizer Inc | 1,234 | 5.2% |
| 10 | Astrazeneca Plc | 1,234 | 5.2% |
| 50 | Ligand Pharmaceuticals Incorporated | 6,805 | 0.12 % |
Market cap and industry share for the rest of Ligand Pharmaceuticals Incorporated's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-09.
Ligand Pharmaceuticals Incorporated's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 45 | Rhythm Pharmaceuticals Inc | 7,764 | 14.93 % |
| 46 | Redhill Biopharma Ltd | 7,582 | -67.65 % |
| 47 | Cytokinetics Incorporated | 7,108 | -10.75 % |
| 48 | Arrowhead Pharmaceuticals Inc | 7,059 | 24.33 % |
| 49 | Axsome Therapeutics Inc | 1,234 | 12.3% |
| 50 | Ligand Pharmaceuticals Incorporated | 6,805 | 49.67 % |
| 51 | Amneal Pharmaceuticals Inc | 1,234 | 12.3% |
| 52 | Abivax Sa | 1,234 | 12.3% |
| 53 | Ptc Therapeutics inc | 1,234 | 12.3% |
| 54 | Mirum Pharmaceuticals Inc | 1,234 | 12.3% |
| 55 | Veradermics Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Ligand Pharmaceuticals Incorporated's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-09. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Ligand Pharmaceuticals Incorporated's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Major Pharmaceutical Preparations industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (445 companies). See the full Major Pharmaceutical Preparations industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 86.41 % | 37.84 % (avg) | +48.6 pp |
| Operating Margin | 9.47 % | industry median | +3.1 pp |
| EBITDA Margin | 31.25 % | -6.50 % (avg) | +37.7 pp |
| Capital Intensity (Capex / Revenue) | 0.16 % | 7.56 % (avg) | -7.4 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Ligand Pharmaceuticals Incorporated's Valuation vs Competitive Position
Valuation multiples vs the Major Pharmaceutical Preparations industry average (445 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Major Pharmaceutical Preparations industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 126.9x | 26.6x | +100.3x |
| EV / EBITDA | 81.5x | 15.5x | +65.9x |
| P/B | 6.0x | 4.3x | +1.7x |
| Return on Equity | 5.22 % | industry aggregate | -19.97 % |
| Return on Invested Capital | 0.86 % | -9.84 % (avg) | 10.70 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Ligand Pharmaceuticals Incorporated's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 78.21 % | -52.17 % | 54.98 % | 48.66 % | -29.19 % | -33.09 % | 27.28 % | 60.40 % |
| Operating Margin | 65.11 % | 670.99 % | 13.86 % | 28.47 % | 1.55 % | 9.09 % | -13.53 % | 15.29 % |
| Return on Invested Capital | 9.97 % | 31.79 % | 1.35 % | 3.90 % | 0.18 % | 0.84 % | -1.32 % | 1.97 % |
| P/E | 15.2x | 2.2x | - | 44.1x | - | 20.4x | - | 32.5x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Ligand Pharmaceuticals Incorporated's Strategic Group Map
Ligand Pharmaceuticals Incorporated is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Ligand Pharmaceuticals Incorporated's trailing-12-month revenue growth of 1.1% and operating margin of 9.5% compares with an average of 1.4% growth and 9.0% margin across its 8 closest peers by combined growth, margin and ROIC -- Ligand Pharmaceuticals Incorporated sits below that peer average on growth and above it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Ligand Pharmaceuticals Incorporated's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Ligand Pharmaceuticals Incorporated falls in the Dog quadrant: relative market share of 0.01x vs its largest competitor, in an industry growing revenue 8.1% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Ligand Pharmaceuticals Incorporated's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 885 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 0.16 % vs industry average 7.56 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Ligand Pharmaceuticals Incorporated's dedicated Suppliers and Customers pages, not here.
Ligand Pharmaceuticals Incorporated's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Ligand Pharmaceuticals Incorporated falls in the Low attractiveness / Medium strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Ligand Pharmaceuticals Incorporated's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+24.1% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Return on equity 20.0 points below the industry aggregate.
- Low relative market share vs the industry leader (0.01x).
Opportunities
- A meaningful share of competitors (45.30 %) show financial-distress signals, a possible opening to gain share.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
Ligand Pharmaceuticals Incorporated's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Ligand Pharmaceuticals Incorporated | 2.16 | 6.02 | 0.91 |
| Eli Lilly And Company | 0.16 | 1.44 | 1.44 |
| Johnson and Johnson | 0.36 | 1.04 | 0.60 |
| Beone Medicines Ltd | 2.30 | 3.16 | 0.23 |
| Merck and Co Inc | 0.40 | 1.46 | 1.01 |
| Novartis Ag | 0.42 | 1.12 | 0.02 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Ligand Pharmaceuticals Incorporated's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Ligand Pharmaceuticals Incorporated | Q3 2026 | -31.8 % | - |
| Eli Lilly And Company | Q3 2026 | +38.6 % | +15.6 % |
| Johnson and Johnson | Q3 2026 | +5.9 % | -95.9 % |
| Beone Medicines Ltd | Q2 2026 | +29.7 % | +151.3 % |
| Merck and Co Inc | Q2 2026 | +5.1 % | - |
| Novartis Ag | Q4 2025 | +9.6 % | +17.0 % |
| PEERS TOTAL | +10.4 % | -5.7 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Ligand Pharmaceuticals Incorporated's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Ligand Pharmaceuticals Incorporated | Q3 2026 | +26.0 % | +846.7 % |
| Eli Lilly And Company | Q3 2026 | +30.7 % | +52.2 % |
| Johnson and Johnson | Q3 2026 | +10.9 % | +17.7 % |
| Beone Medicines Ltd | Q2 2026 | +6.4 % | -57.0 % |
| Merck and Co Inc | Q2 2026 | +23.6 % | +16.9 % |
| Novartis Ag | Q4 2025 | +18.3 % | +13.3 % |
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Ligand Pharmaceuticals Incorporated's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Ligand Pharmaceuticals Incorporated | 2.74% | 2.84% | 5.22% |
| Eli Lilly And Company | 21.24% | 32.00% | 83.65% |
| Johnson and Johnson | 8.06% | 10.53% | 19.55% |
| Beone Medicines Ltd | 7.82% | 10.32% | 14.24% |
| Merck and Co Inc | 2.42% | 3.24% | 6.59% |
| Novartis Ag | 12.59% | 12.62% | 30.00% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Ligand Pharmaceuticals Incorporated's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Ligand Pharmaceuticals Incorporated | 134.83 | 24.71 |
| Eli Lilly And Company | 45.84 | 14.59 |
| Johnson and Johnson | 42.68 | 6.95 |
| Beone Medicines Ltd | 948.48 | 102.51 |
| Merck and Co Inc | 119.93 | 5.52 |
| Novartis Ag | 22.88 | 5.65 |
| PEERS AVERAGE | 45.65 | 7.18 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.