<SEC-DOCUMENT>0001950047-25-008580.txt : 20251107
<SEC-HEADER>0001950047-25-008580.hdr.sgml : 20251107
<ACCEPTANCE-DATETIME>20251107170536
ACCESSION NUMBER:		0001950047-25-008580
CONFORMED SUBMISSION TYPE:	144
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251107
DATE AS OF CHANGE:		20251107

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIGAND PHARMACEUTICALS INC
		CENTRAL INDEX KEY:			0000886163
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				770160744
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		144
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	001-33093
		FILM NUMBER:		251463499

	BUSINESS ADDRESS:	
		STREET 1:		3911 SORRENTO VALLEY BLVD
		STREET 2:		SUITE 110
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121
		BUSINESS PHONE:		858-550-7500

	MAIL ADDRESS:	
		STREET 1:		3911 SORRENTO VALLEY BLVD
		STREET 2:		SUITE 110
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121

REPORTING-OWNER:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Gray Nancy Ryan
		CENTRAL INDEX KEY:			0001714949
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		144

	MAIL ADDRESS:	
		STREET 1:		C/O LIGAND PHARMACEUTICALS INCORPORATED
		STREET 2:		3911 SORRENTO VALLEY BOULEVARD, STE 110
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121
</SEC-HEADER>
<DOCUMENT>
<TYPE>144
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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    <headerData>
        <submissionType>144</submissionType>
        <filerInfo>
            <filer>
                <filerCredentials>
                    <cik>0001714949</cik>
                    <ccc>XXXXXXXX</ccc>
                </filerCredentials>
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            <liveTestFlag>LIVE</liveTestFlag>



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    <formData>
        <issuerInfo>
            <issuerCik>0000886163</issuerCik>
            <issuerName>LIGAND PHARMACEUTICALS INCORPORATED</issuerName>
            <secFileNumber>001-33093</secFileNumber>
            <issuerAddress>
                <ns2:street1>555 Heritage Drive, Suite 200</ns2:street1>
                <ns2:city>Jupiter</ns2:city>
                <ns2:stateOrCountry>FL</ns2:stateOrCountry>
                <ns2:zipCode>33458</ns2:zipCode>
            </issuerAddress>
            <issuerContactPhone>(858) 550-7500</issuerContactPhone>
            <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>NANCY GRAY</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <relationshipsToIssuer>
                <relationshipToIssuer>Director</relationshipToIssuer>
            </relationshipsToIssuer>
        </issuerInfo>
        <securitiesInformation>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <brokerOrMarketmakerDetails>
                <name>Morgan Stanley Smith Barney LLC Executive Financial Services</name>
                <address>
                    <ns2:street1>1 New York Plaza</ns2:street1>
                    <ns2:street2>8th Floor</ns2:street2>
                    <ns2:city>New York</ns2:city>
                    <ns2:stateOrCountry>NY</ns2:stateOrCountry>
                    <ns2:zipCode>10004</ns2:zipCode>
                </address>
            </brokerOrMarketmakerDetails>
            <noOfUnitsSold>6571</noOfUnitsSold>
            <aggregateMarketValue>1350011.95</aggregateMarketValue>
            <noOfUnitsOutstanding>19681720</noOfUnitsOutstanding>
            <approxSaleDate>11/07/2025</approxSaleDate>
            <securitiesExchangeName>NASDAQ</securitiesExchangeName>
        </securitiesInformation>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>11/07/2025</acquiredDate>
            <natureOfAcquisitionTransaction>Stock Option Exercise</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>6571</amountOfSecuritiesAcquired>
            <paymentDate>11/07/2025</paymentDate>
            <natureOfPayment>Cash</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <noticeSignature>
            <noticeDate>11/07/2025</noticeDate>
            <planAdoptionDates/>
            <signature>/s/ Nancy Ryan Gray</signature>
        </noticeSignature>
    </formData>
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