LGND
Ligand Pharmaceuticals Incorporated
LGND's outlook is improving, though it still trails on the overall score.
LLY
Eli Lilly and Company
LLY has the edge over LGND overall, supported by stronger modeled upside and lower modeled downside.
LGND Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Stable | |
| Strong | |
| Weak |
LGND's cash flow is currently strong, and its profitability is stable, but its revenue and balance sheet are under pressure.
LLY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Healthy |
LLY's revenue, profitability, cash flow and balance sheet are all currently healthy.
LGND PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 25x | $62.36 | -80% |
| Forward | 29x | $316 | — |
| Fair | 42x | $106 | -67% |
| Expensive | 67x | $170 | -46% |
| Current | 125x | $316 | — |
Historical ranges are pointers, not guarantees.
LGND's PE is in its expensive range at 125x, but its recent earnings include one-off gains. If earnings grow as analysts expect, today's price would be 29x next year's earnings, in its cheap range.
LLY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 27x | $845 | -41% |
| Forward | 30x | $1,427 | — |
| Current | 46x | $1,427 | — |
| Fair | 48x | $1,466 | +2.7% |
| Expensive | 85x | $2,612 | +83% |
Historical ranges are pointers, not guarantees.
LLY has the edge over LGND in the historical PE scenario, which offers more potential upside but is not a forecast.
LGND Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for LGND, with profitability improving.
LLY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for LLY, with profitability improving.
LGND Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $10.93 | +330% |
| Q3 2026 | $2.54 | +26% |
| Q2 2026 | $9.65 | +$13.71 |
| Q1 2026 | $7.67 | +$14.85 |
| Q4 2025 | $6.13 | +$6.35 |
| Q3 2025 | $2.01 | -21% |
| Q2 2025 | -$4.06 | -273% |
| Q1 2025 | -$7.18 | -234% |
| Q4 2024 | -$0.22 | -107% |
LGND's earnings per share have fallen from their peak: $2.54 over the past year, against $29.34 in late 2019. Its recent earnings include one-off gains.
LLY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $46.82 | +52% |
| Q3 2026 | $30.81 | +51% |
| Q2 2026 | $29.80 | +95% |
| Q1 2026 | $28.15 | +129% |
| Q4 2025 | $22.95 | +96% |
| Q3 2025 | $20.44 | +121% |
| Q2 2025 | $15.30 | +88% |
| Q1 2025 | $12.29 | +81% |
| Q4 2024 | $11.71 | +102% |
LLY has the edge over LGND on earnings, with more consistent year-over-year improvement.
LGND Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $78.7M | -32% |
| Q2 2026 | $63.7M | +34% |
| Q1 2026 | $51.7M | +14% |
| Q4 2025 | $59.7M | +39% |
| Q3 2025 | $115.5M | +123% |
| Q2 2025 | $47.6M | +15% |
| Q1 2025 | $45.3M | +46% |
| Q4 2024 | $42.8M | +52% |
LGND's revenue fell from its 2025 peak and has held roughly level since: $79M last quarter, down 32% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -20% | -68 points |
| Q2 2026 | 13% | -4.2 points |
| Q1 2026 | 34% | +114 points |
| Q4 2025 | 23% | +46 points |
| Q3 2025 | 48% | +42 points |
| Q2 2025 | 18% | +64 points |
| Q1 2025 | -80% | -90 points |
| Q4 2024 | -23% | -11 points |
LGND's operating margin was −20% last quarter, down 68 points from the same quarter a year ago.
LLY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $24.4B | +39% |
| Q2 2026 | $23B | +48% |
| Q1 2026 | $19.8B | +56% |
| Q4 2025 | $19.3B | +43% |
| Q3 2025 | $17.6B | +54% |
| Q2 2025 | $15.6B | +38% |
| Q1 2025 | $12.7B | +45% |
| Q4 2024 | $13.5B | +45% |
LLY has the edge over LGND on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 34% | -6.6 points |
| Q2 2026 | 40% | -3.3 points |
| Q1 2026 | 45% | +18 points |
| Q4 2025 | 43% | +5.6 points |
| Q3 2025 | 41% | +27 points |
| Q2 2025 | 44% | +12 points |
| Q1 2025 | 27% | -1.8 points |
| Q4 2024 | 37% | +10 points |
LLY has the edge over LGND on profitability, with a higher operating margin.
LGND Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$27.7M | -312% |
| Q2 2026 | $24M | +54% |
| Q1 2026 | $48.5M | +$74.1M |
| Q4 2025 | $45.9M | +65% |
| Q3 2025 | $13.1M | -64% |
| Q2 2025 | $15.6M | +21% |
| Q1 2025 | -$25.7M | -238% |
| Q4 2024 | $27.8M | +263% |
LGND usually generates cash, though not every quarter: the latest was −$28M, but it generated $91M over the past year.
LLY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $8.2B | +22% |
| Q2 2026 | $7.8B | +458% |
| Q1 2026 | $3B | +1826% |
| Q4 2025 | $677.9M | -31% |
| Q3 2025 | $6.7B | +186% |
| Q2 2025 | $1.4B | +476% |
| Q1 2025 | $156.1M | -13% |
| Q4 2024 | $977.8M | +$2.4B |
LLY has the edge over LGND on cash flow, with more consistent year-over-year improvement.
LGND Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -8.6% | -1.9M shares |
| 1 year | -3.2% | -667K shares |
| 3 years | +15% | +2.6M shares |
| 5 years | +16% | +2.8M shares |
| Available history | +16% | +2.7M shares |
LGND has the edge over LLY on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q4 2025 | — |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | $4.7M |
| Q3 2020 | — |
LLY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -300K shares |
| 1 year | -0.6% | -5.4M shares |
| 3 years | -0.7% | -6.4M shares |
| 5 years | -1.9% | -17.4M shares |
| Available history | -4.5% | -42.3M shares |
LLY has 893M diluted shares, down 0.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $377M |
| Q2 2026 | $1.6B |
| Q1 2026 | $2.4B |
| Q4 2025 | $1.5B |
| Q3 2025 | $708.1M |
| Q2 2025 | $692.2M |
| Q1 2025 | $1.2B |
| Q4 2024 | $2.1B |
LLY spent $5.8B buying back its own shares over the past year, up 26% from the year before.
LGND Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 18.2x | High |
| Q2 2026 | 0.9x | Very low |
| Q1 2026 | -0.9x | Net Cash |
| Q4 2025 | -2.3x | Net Cash |
| Q3 2025 | -2.7x | Net Cash |
| Q2 2025 | -104.6x | Net Cash |
| Q4 2024 | -5.7x | Net Cash |
| Q3 2024 | -3.3x | Net Cash |
LGND's net debt is about 18 years of its operating earnings (EBITDA), after holding more cash than debt a year ago.
LLY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.2x | Healthy |
| Q2 2026 | 1.3x | Healthy |
| Q1 2026 | 1.2x | Healthy |
| Q4 2025 | 1.3x | Healthy |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 2.0x | Healthy |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 2.1x | Moderate |
LLY has the edge over LGND on leverage, with a lower net debt burden relative to earnings.
LGND Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.7 | Neutral |
| Stochastic | 80.9 | Overbought |
LGND's weekly RSI is 65 (neutral) and its Stochastic is 81 (overbought).
LLY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 68.3 | Neutral |
| Stochastic | 84.1 | Overbought |
LLY's weekly RSI is 68 (neutral) and its Stochastic is 84 (overbought).
LGND PE vs Healthcare Sector
| Metric | LGND | Sector median | Relative |
|---|---|---|---|
| PE | 125x | 26x | 382% above |
| PE % | 100 | 29 | 71 pts above |
LGND is trading at 125x earnings, a 382% premium to the Healthcare sector's median of 26x, though its recent earnings include one-off gains.
LLY PE vs Healthcare Sector
| Metric | LLY | Sector median | Relative |
|---|---|---|---|
| PE | 46x | 26x | 79% above |
| PE % | 48 | 29 | 19 pts above |
LLY has the edge over LGND on valuation relative to its sector.
LGND Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $306.3 | 3.2% above |
| 20 week MA | $299.3 | 5.7% above |
| 50 week MA | $247.3 | 28% above |
| 100 week MA | $191.1 | 66% above |
| 200 week MA | $135.3 | 134% above |
LGND is in an uptrend: it's above all five of its weekly moving averages, and 134% above its 200-week average.
LLY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,279.4 | 12% above |
| 20 week MA | $1,218.8 | 17% above |
| 50 week MA | $1,102.2 | 29% above |
| 100 week MA | $954.1 | 50% above |
| 200 week MA | $797.5 | 79% above |
LLY is in an uptrend: it's above all five of its weekly moving averages, and 79% above its 200-week average.
LGND Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $66.7 | $66.2 | -0.8% |
| 2021 | $66.2 | $100.6 | +52% |
| 2022 | $100.6 | $67.3 | -33% |
| 2023 | $67.3 | $71.4 | +6.1% |
| 2024 | $71.4 | $109.2 | +53% |
| 2025 | $109.2 | $195.8 | +79% |
| 2026 YTD | $195.8 | $316.3 | +62% |
LGND has the edge over LLY on returns for 2026, with the stronger performance.
LLY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $131.5 | $166.7 | +27% |
| 2021 | $166.7 | $273.1 | +64% |
| 2022 | $273.1 | $367.9 | +35% |
| 2023 | $367.9 | $582.9 | +58% |
| 2024 | $582.9 | $783.2 | +34% |
| 2025 | $783.2 | $1,077.8 | +38% |
| 2026 YTD | $1,077.8 | $1,427.3 | +32% |
LLY has finished every year since 2020 higher, and it's up 32% so far in 2026.