Ligand Pharmaceuticals Expected to Issue Conservative 2026 Outlook at Upcoming Investor Day, RBC Says

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Ligand Pharmaceuticals (LGND) is expected to issue conservative 2026 guidance at its upcoming investor day, with updates to its royalty outlook anchored by Zelsuvmi and the upcoming Filspari regulatory decision, RBC Capital markets said in a note Tuesday.

RBC expects 2026 adjusted core EPS of $7.91 and revenue of $251 million.

The company's recent launch of Zelsuvmi has shown "strong momentum" with IQVIA (IQV) monthly prescriptions rising from 113 in July to 1,291 in October, RBC noted.

Filspari is a major near-term catalyst with an upcoming regulatory decision in January 2026 and RBC estimates the therapy could contribute roughly $148 million in royalty receipts by 2030.

The company's investor day is scheduled on Dec. 9.

RBC reiterated its outperform rating on Ligand Pharmaceuticals and set a $234 price target.

Price: 206.29, Change: -0.60, Percent Change: -0.29

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