Ligand Pharmaceuticals
LGND · Biotechnology
$303.53
1.4%Repligen
RGEN · Biotechnology
$176.93
1.0%The short version
- Repligen is the larger business, with $738M of revenue in fiscal 2025 against $268M for Ligand Pharmaceuticals, about 2.8 times as much.
- Ligand Pharmaceuticals grew revenue faster (60.4%, against 16.4%).
- Ligand Pharmaceuticals kept more of each dollar of sales as operating profit (15.3% operating margin, against 7.5% operating margin).
- Ligand Pharmaceuticals turned more of its sales into free cash flow (18.2% FCF margin, against 12.7% FCF margin).
- Ligand Pharmaceuticals earned a higher return on the capital invested in it (4.9%, against 2.4%).
| Latest fiscal year | LGND · FY25 | RGEN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.6B | — |
| Revenue | $268M | $738M |
| Free cash flow | $48.9M | $93.9M |
| Net income | $125M | $48.9M |
| Growth | ||
| Revenue growth | 60.4% | 16.4% |
| 5-year growth | 10.4% | 15.1% |
| Share count change | 11.0% | — |
| Profitability | ||
| Gross margin | — | 52.3% |
| Operating margin | 15.3% | 7.5% |
| Net margin | 46.4% | 6.6% |
| FCF margin | 18.2% | 12.7% |
| Return on capital | 4.9% | 2.4% |
| Return on equity | 13.5% | 2.4% |
| Balance sheet | ||
| Net debt | −$287M | −$225M |
| Net debt / EBITDA | −3.8x | −1.7x |
| Dividends and buybacks | $15.0M | $0.0M |
| Valuation & quality | ||
| P/E | 32.3x | — |
| Piotroski F-score | 5 | — |
FY16
LGND $109M
RGEN $105M
FY17
LGND $141M
RGEN $141M
FY18
LGND $252M
RGEN $194M
FY19
LGND $120M
RGEN $270M
FY20
LGND $164M
RGEN $366M
FY21
LGND $242M
RGEN $671M
FY22
LGND $196M
RGEN $802M
FY23
LGND $131M
RGEN $632M
FY24
LGND $167M
RGEN $634M
FY25
LGND $268M
RGEN $738M
LGND
RGEN
FY16
LGND 40.3%
RGEN 15.3%
FY17
LGND 48.3%
RGEN 9.9%
FY18
LGND 65.1%
RGEN 13.4%
FY19
LGND 671.0%
RGEN 13.4%
FY20
LGND 22.9%
RGEN 19.1%
FY21
LGND 43.0%
RGEN 24.9%
FY22
LGND 1.6%
RGEN 28.0%
FY23
LGND 9.1%
RGEN 7.5%
FY24
LGND −13.5%
RGEN −5.5%
FY25
LGND 15.3%
RGEN 7.5%
LGND
RGEN
FY16
LGND $58.9M
RGEN $3.2M
FY17
LGND $86.4M
RGEN $12.0M
FY18
LGND $193M
RGEN $22.1M
FY19
LGND −$31.9M
RGEN $48.7M
FY20
LGND $50.1M
RGEN $40.2M
FY21
LGND $70.0M
RGEN $51.9M
FY22
LGND $120M
RGEN $87.3M
FY23
LGND $46.1M
RGEN $77.7M
FY24
LGND $95.2M
RGEN $150M
FY25
LGND $48.9M
RGEN $93.9M
LGND
RGEN
FY16
LGND —
RGEN 15.2%
FY17
LGND —
RGEN 4.3%
FY18
LGND 30.0%
RGEN 3.9%
FY19
LGND 156.4%
RGEN 4.6%
FY20
LGND 6.9%
RGEN 7.7%
FY21
LGND 13.4%
RGEN 11.4%
FY22
LGND 0.2%
RGEN 12.4%
FY23
LGND 2.0%
RGEN 1.7%
FY24
LGND −2.1%
RGEN −1.6%
FY25
LGND 4.9%
RGEN 2.4%
LGND
RGEN
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.