Company / R&D Expense
Ligand Pharmaceuticals, Inc. R&D Expense History
FY2016-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest R&D Expense
$81.2M
FY2025
5-year range
$21.4M / $81.2M
FY2021-FY2025
Trend
+278.9%
vs FY2024
Sector context
#154 of 210
Health Care
What the data says
R&D Expense changed +279% YoY in FY2025, a notable deviation from the 9-year average annual change of +37%.
Based on SEC 10-K filings.
$81M in FY2025 with a 5-year CAGR of +14.9%.
Improved from $25M to $81M over the past 2 years.
Health Care sector context is included.
R&D Expense over time
Growth rates
- 3-Year CAGR
- +31.0%
- 5-Year CAGR
- +14.9%
- 10-Year CAGR
- -
Sector benchmark
#154 of 210 in Health CareTop 73% of 210This company $81.2M Sector average $644.1M
▼
-87.4% below sector average
Key checks
Key Insights
- 5-year CAGR of +14.9%, indicating consistent growth.
- In FY2025, r&d expense increased 278.9% year-over-year.
- Ranks #154 out of 210 companies in the Health Care sector.
- Lowest r&d expense in the period was in FY2016.
Company context
Key Data Points
- Low earnings quality (accrual-heavy earnings)
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | R&D ExpenseValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | $81.2M | +278.9% |
| FY2024 | $21.4M | -12.7% |
| FY2023 | $24.5M | -32.0% |
| FY2022 | $36.1M | +12.4% |
| FY2021 | $32.1M | -20.7% |
| FY2020 | $40.5M | -27.6% |
| FY2019 | $55.9M | +100.7% |
| FY2018 | $27.9M | +3.6% |
| FY2017 | $26.9M | +26.7% |
| FY2016 | $21.2M | +92.8% |
As of FY2025 · SEC 10-K · Updated Feb 28, 2026