Ligand Pharmaceuticals vs Arcus Biosciences
Ligand Pharmaceuticals reported revenue of $268 million in fiscal 2025, about the same as Arcus Biosciences' $247 million in fiscal 2025. Ligand Pharmaceuticals' revenue grew 60.4% in its latest year, and Arcus Biosciences' fell 4.3%. Ligand Pharmaceuticals had an operating margin of 15.3%, against -156.3% at Arcus Biosciences. Free cash flow was $49 million at Ligand Pharmaceuticals and −$484 million at Arcus Biosciences.
Side by side
| Ligand Pharmaceuticals | Arcus Biosciences | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $268M | $247M |
| Revenue growth | 60.4% | −4.3% |
| Revenue growth a year, last 5 years | 10.4% | 25.9% |
| Gross margin | — | — |
| Operating margin | 15.3% | −156.3% |
| Net margin | 46.4% | −142.9% |
| Free cash flow | $49M | −$484M |
| Free cash flow margin | 18.2% | −195.9% |
| Return on capital | 4.9% | — |
| Net debt to EBITDA | −3.8x | — |
| Dividends and buybacks | $15M | $0M |
| Change in diluted share count | 11.0% | 19.2% |
| Last close | $306.20 | $18.28 |
| P/E at the last close | 133.1× | — |
| Insider trades, last 12 months | sold $35.4 million | sold $11.0 million |
| Piotroski F-score | 5 of 8 | 0 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Ligand PharmaceuticalsArcus Biosciences
Operating margin
Percent of revenue
Ligand PharmaceuticalsArcus Biosciences
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Ligand PharmaceuticalsArcus Biosciences
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Ligand Pharmaceuticals and Arcus Biosciences pages.