Ligand Q2 2026: net income +901% to $48.5M on non-operating gains; XOMA deal doubles portfolio

Filed August 7, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 8, 2025 · ~1 min read

Key Changes

• high

  Net income surged 901% to $48.5M (EPS $2.22, +825%) while operating income rose only 2% to $8.6M — the $43.5M net below-the-line swing came from non-operating/other +$52.9M and income tax -$9.4M, not from operations.

  MD&A: Operating Results / Notes: Income Statement verify on EDGAR →
• high

  Royalty revenue rose 42% YTD to $91.0M, driven by Filspari ($24.9M, +110% YTD), Ohtuvayre ($7.1M), Capvaxive ($4.3M), and Kyprolis ($13.8M); Filspari received FDA approval for FSGS (first-in-class) and Chugai filed in Japan for IgAN.

  MD&A: Royalty Revenue / Notes: Revenue Disaggregation verify on EDGAR →
• high

  Volixibat met the primary endpoint in the VISTAS Phase 2b study for PSC (2.72-point pruritus reduction), received Breakthrough Therapy Designation, held a pre-NDA meeting, and completed enrollment in the VANTAGE Phase 2b study for PBC.

  MD&A: Volixibat Clinical Updates verify on EDGAR →