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Side-by-side financial comparison of LIGAND PHARMACEUTICALS INC (LGND) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
LIGAND PHARMACEUTICALS INC is the larger business by last-quarter revenue ($59.7M vs $57.6M, roughly 1.0× Phathom Pharmaceuticals, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs 39.4%). LIGAND PHARMACEUTICALS INC produced more free cash flow last quarter ($45.9M vs $-167.0M).
Ligand Pharmaceuticals is an American biopharmaceutical company that focuses on acquiring and developing royalty-generating assets. As of 2024, the company's portfolio included royalty rights to approximately 90 pharmaceutical products across a range of therapeutic areas. Notable products from which Ligand receives royalties include the multiple myeloma (cancer) treatments Kyprolis and Evomela, the kidney disease therapy Filspari, and the pneumococcal vaccine Vaxneuvance. The company also own...
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
LGND vs PHAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $57.6M |
| Net Profit | $44.8M | — |
| Gross Margin | — | 86.7% |
| Operating Margin | 23.2% | — |
| Net Margin | 75.1% | — |
| Revenue YoY | 39.4% | 94.1% |
| Net Profit YoY | 244.1% | 71.6% |
| EPS (diluted) | $2.42 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $59.7M | $57.6M | ||
| Q3 25 | $115.5M | $49.5M | ||
| Q2 25 | $47.6M | $39.5M | ||
| Q1 25 | $45.3M | $28.5M | ||
| Q4 24 | $42.8M | $29.7M | ||
| Q3 24 | $51.8M | $16.4M | ||
| Q2 24 | $41.5M | $7.3M | ||
| Q1 24 | $31.0M | — |
| Q4 25 | $44.8M | — | ||
| Q3 25 | $117.3M | $-30.0M | ||
| Q2 25 | $4.8M | $-75.8M | ||
| Q1 25 | $-42.5M | $-94.3M | ||
| Q4 24 | $-31.1M | — | ||
| Q3 24 | $-7.2M | $-85.6M | ||
| Q2 24 | $-51.9M | $-91.4M | ||
| Q1 24 | $86.1M | — |
| Q4 25 | — | 86.7% | ||
| Q3 25 | — | 87.5% | ||
| Q2 25 | — | 87.2% | ||
| Q1 25 | — | 86.9% | ||
| Q4 24 | — | 87.1% | ||
| Q3 24 | — | 85.6% | ||
| Q2 24 | — | 81.2% | ||
| Q1 24 | — | — |
| Q4 25 | 23.2% | — | ||
| Q3 25 | 47.6% | -30.8% | ||
| Q2 25 | 17.7% | -151.7% | ||
| Q1 25 | -79.9% | -276.5% | ||
| Q4 24 | -22.5% | — | ||
| Q3 24 | 6.1% | -433.0% | ||
| Q2 24 | -46.0% | -1055.4% | ||
| Q1 24 | 9.6% | — |
| Q4 25 | 75.1% | — | ||
| Q3 25 | 101.6% | -60.5% | ||
| Q2 25 | 10.2% | -191.9% | ||
| Q1 25 | -93.6% | -330.7% | ||
| Q4 24 | -72.6% | — | ||
| Q3 24 | -13.8% | -523.3% | ||
| Q2 24 | -125.0% | -1248.6% | ||
| Q1 24 | 278.1% | — |
| Q4 25 | $2.42 | — | ||
| Q3 25 | $5.68 | $-0.41 | ||
| Q2 25 | $0.24 | $-1.05 | ||
| Q1 25 | $-2.21 | $-1.31 | ||
| Q4 24 | $-1.70 | — | ||
| Q3 24 | $-0.39 | $-1.32 | ||
| Q2 24 | $-2.88 | $-1.56 | ||
| Q1 24 | $4.75 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $733.5M | $130.0M |
| Total DebtLower is stronger | — | $209.1M |
| Stockholders' EquityBook value | $1.0B | $-438.2M |
| Total Assets | $1.6B | $259.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $733.5M | $130.0M | ||
| Q3 25 | $664.5M | $135.2M | ||
| Q2 25 | $245.0M | $149.6M | ||
| Q1 25 | $208.9M | $212.3M | ||
| Q4 24 | $256.2M | $297.3M | ||
| Q3 24 | $219.6M | $334.7M | ||
| Q2 24 | $226.9M | $276.2M | ||
| Q1 24 | $310.6M | — |
| Q4 25 | — | $209.1M | ||
| Q3 25 | — | $207.1M | ||
| Q2 25 | — | $205.1M | ||
| Q1 25 | — | $203.2M | ||
| Q4 24 | — | $201.4M | ||
| Q3 24 | — | $175.7M | ||
| Q2 24 | — | $174.4M | ||
| Q1 24 | — | — |
| Q4 25 | $1.0B | $-438.2M | ||
| Q3 25 | $950.2M | $-422.5M | ||
| Q2 25 | $828.5M | $-405.8M | ||
| Q1 25 | $795.5M | $-338.4M | ||
| Q4 24 | $830.4M | $-253.6M | ||
| Q3 24 | $841.2M | $-187.1M | ||
| Q2 24 | $775.2M | $-233.8M | ||
| Q1 24 | $806.5M | — |
| Q4 25 | $1.6B | $259.1M | ||
| Q3 25 | $1.5B | $240.3M | ||
| Q2 25 | $948.6M | $250.2M | ||
| Q1 25 | $905.4M | $294.2M | ||
| Q4 24 | $941.8M | $378.3M | ||
| Q3 24 | $954.9M | $387.0M | ||
| Q2 24 | $866.4M | $319.4M | ||
| Q1 24 | $913.9M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $45.9M | $-166.8M |
| Free Cash FlowOCF − Capex | $45.9M | $-167.0M |
| FCF MarginFCF / Revenue | 76.9% | -290.0% |
| Capex IntensityCapex / Revenue | 0.0% | 0.4% |
| Cash ConversionOCF / Net Profit | 1.03× | — |
| TTM Free Cash FlowTrailing 4 quarters | $48.9M | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.9M | $-166.8M | ||
| Q3 25 | $13.1M | $-14.1M | ||
| Q2 25 | $15.8M | $-62.7M | ||
| Q1 25 | $-25.4M | $-84.9M | ||
| Q4 24 | $28.5M | $-266.8M | ||
| Q3 24 | $36.5M | $-63.6M | ||
| Q2 24 | $13.3M | $-70.7M | ||
| Q1 24 | $18.7M | — |
| Q4 25 | $45.9M | $-167.0M | ||
| Q3 25 | $13.1M | $-14.1M | ||
| Q2 25 | $15.6M | $-62.8M | ||
| Q1 25 | $-25.7M | $-84.9M | ||
| Q4 24 | $27.8M | $-266.9M | ||
| Q3 24 | $35.9M | $-63.6M | ||
| Q2 24 | $12.9M | $-70.8M | ||
| Q1 24 | $18.6M | — |
| Q4 25 | 76.9% | -290.0% | ||
| Q3 25 | 11.3% | -28.6% | ||
| Q2 25 | 32.7% | -159.0% | ||
| Q1 25 | -56.6% | -297.9% | ||
| Q4 24 | 64.8% | -899.8% | ||
| Q3 24 | 69.4% | -389.0% | ||
| Q2 24 | 31.1% | -966.2% | ||
| Q1 24 | 60.1% | — |
| Q4 25 | 0.0% | 0.4% | ||
| Q3 25 | 0.0% | 0.1% | ||
| Q2 25 | 0.4% | 0.2% | ||
| Q1 25 | 0.5% | 0.1% | ||
| Q4 24 | 1.7% | 0.5% | ||
| Q3 24 | 1.2% | 0.3% | ||
| Q2 24 | 1.0% | 0.6% | ||
| Q1 24 | 0.3% | — |
| Q4 25 | 1.03× | — | ||
| Q3 25 | 0.11× | — | ||
| Q2 25 | 3.26× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.22× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LGND
| Intangible Royalty Assets | $40.7M | 68% |
| Financial Royalty Assets | $9.8M | 16% |
| Material Sales Captisol | $7.8M | 13% |
| Vaxneuvance | $1.4M | 2% |
PHAT
Segment breakdown not available.
