Ligand Pharmaceuticals vs Repligen
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KIRA’s take AI analyst
I put Ligand Pharmaceuticals and Repligen side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- Ligand Pharmaceuticals turned more of its sales into free cash flow (18.2% FCF margin, against 12.7%).
- Ligand Pharmaceuticals earned a higher return on the capital invested in it (4.9%, against 2.4%).
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Ligand Pharmaceuticals
LGND
7/8
Revenue growthOperating marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDA
Repligen
RGEN
1/8
5-year growth
Side by side
Best in the row
| Latest fiscal year | LGND FY25 | RGEN FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.8B | — |
| 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 | 33.1x | — |
| Piotroski F-score | 5 | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.