Company: LGNZZ
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000886163-25-000051
Chunk: 49

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 1
Chunk 49
---
IgAN) who are at risk for disease progression.

31

Results of Operations

Revenue and Other Income

(Dollars in thousands)Q2 2025Q2 2024Change% ChangeYTD 2025YTD 2024Change% Change    Revenue from intangible royalty assets$30,084 $22,603 $7,481 33 %$51,671 $40,960 $10,711 26 %    Income from financial royalty assets6,313 559 5,754 1,029 %12,215 1,297 10,918 842 %Royalties36,397 23,162 13,235 57 %63,886 42,257 21,629 51 %Captisol8,287 7,500 787 10 %21,747 16,712 5,035 30 %Contract revenue and other income2,943 10,869 (7,926)(73)%7,327 13,540 (6,213)(46)%Total revenue and other income$47,627 $41,531 $6,096 15 %$92,960 $72,509 $20,451 28 %

Q2 2025 vs. Q2 2024

Total revenue and other income increased by $6.1 million, or 15%, to $47.6 million in Q2 2025 compared to $41.5 million in Q2 2024. Royalties increased by $13.2 million, or 57%, to $36.4 million in Q2 2025 compared to $23.2 million in Q2 2024, primarily due to income from Qarziba financial royalty asset acquired in Q3 2024 and an increase in Filspari sales. Captisol sales increased by $0.8 million, or 10%, to $8.3 million in Q2 2025 compared to $7.5 million in Q2 2024, primarily due to the timing of customer orders. Contract revenue and other income decreased by $7.9 million, or 73%, to $2.9 million in Q2 2025 compared to $10.9 million in Q2 2024, with the difference due to the timing of partner milestone events.

YTD 2025 vs. Y