Ligand Pharmaceuticals Sees Strong Royalty Growth Ahead of Investor Day, Oppenheimer Says

MT Newswires Live10-31 01:12

Ligand Pharmaceuticals (LGND) raised its 2026 adjusted EPS guidance but maintained its royalty and total revenue guidance, which Oppenheimer views as conservative in light of stronger-than-expected royalty growth.

The company's Q3 royalty revenue grew 51% year over year to $70.3 million, exceeding Oppenheimer's and Street consensus estimates of $64.8 million and $63.7 million, respectively, as XOMA Royalty (XOMA) contributions and ongoing Filspari and Ohtuvayre momentum supported a growing revenue base, according to the note Friday.

Its Q3 adjusted EPS of $2.67 declined 14% year over year, reflecting prior-year Pelthos out-license income and higher general and administrative expenses, partially offset by royalty growth, the note added.

Ligand's recent investments include milestone and royalty rights for Ryjunea in Europe, as well as an investment in AvenCell's CAR-T platform. AvenCell's milestone-based funding structure offers broad pipeline exposure while aligning capital commitments with development progress, Oppenheimer said.

The brokerage said it looks to the company's Dec. 8 investor day for greater clarity on the growing portfolio's earnings contribution and capital deployment over the next five years.

Oppenheimer maintained its outperform rating on Ligand and raised its price target to $346 from $334.

Price: 321.02, Change: +3.69, Percent Change: +1.16

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