Ligand Pharmaceuticals (NASDAQ:LGND) reported second-quarter 2026 results marked by higher royalty revenue and adjusted earnings, while highlighting the post-quarter close of its XOMA Royalty acquisition and a $700 million zero-coupon convertible-note offering. Get alerts:Total revenue rose 34% year over year to $64 million, while royalty revenue increased 32% to $48 million. CEO Todd Davis said the XOMA Royalty acquisition, which closed shortly after the quarter ended, was the largest transaction in Ligand’s history. Ligand said the transaction more than doubles the size of its royalty portfolio and extends certain intellectual-property rights through 2040. Day One had previously guided to 2026 OJEMDA sales of $225 million to $250 million, according to Ligand.