HIGHOutside partySupplier
Hovione
“10-K Item 1A: 'Our ability to source Captisol from our sole supplier may be impacted by a supply interruption ... We obtain Captisol from Hovione, our third-party manufacturer'”
LGND · Concentration risk · 10-K extracted
Ligand Pharmaceuticals Incorpor (LGND) concentration risks
Updated
The most significant concentration Ligand Pharmaceuticals Incorpor discloses is Hovione, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Ligand Pharmaceuticals Incorpor’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH1
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inProduct / Revenue mix
Captisol
“10-K Item 1A: 'Revenues from sales of Captisol material to our collaboration partners, including Amgen, represent approximately half of our royalty revenues.'”
MEDIUMOutside partyProduct / Revenue mix
Kyprolis
“10-K Item 1A: 'A significant portion of our royalty revenue is based on sales of Kyprolis by Amgen'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile combines a high-share supplier dependency with two medium-share product exposures that are themselves interrelated. On the supply side, Captisol — the company's proprietary drug delivery technology — is sourced exclusively from Hovione, the sole third-party manufacturer. This is a high-share exposure with a dependency character: any supply interruption at Hovione would affect the company's ability to fulfill Captisol delivery obligations to its collaboration partners, with no disclosed alternative manufacturer. Captisol itself represents a medium-share structural concentration within the royalty revenue stream. Revenues from Captisol material sales to collaboration partners, including Amgen, represent approximately half of royalty revenues, meaning the technology's commercial performance is central to the revenue model. Layered on this is a separate medium-share dependency on Kyprolis, a product commercialized by Amgen, for a significant portion of royalty revenue. Because Kyprolis royalties flow from Amgen's commercial execution, the company has limited direct control over this revenue stream. Taken together, the profile features a concentrated supply chain (single-source Captisol manufacturing), a single-counterparty royalty exposure through Amgen across two claims, and a revenue model that is meaningfully tethered to the commercial performance of one external partner's drug franchise. The interplay between these exposures means an Amgen-specific or Hovione-specific disruption could affect multiple revenue lines simultaneously.
For the engine’s reasoning on LGND’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Biotechnology
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ACAD | ACADIA Pharmaceuticals Inc. | 2 | 0 | 0 | 2 |
| LGND● | Ligand Pharmaceuticals Incorpor | 1 | 2 | 0 | 3 |
| ACLX | Arcellx, Inc. | 1 | 1 | 0 | 2 |
| AGIO | Agios Pharmaceuticals, Inc. | 1 | 0 | 0 | 1 |
| ALMS | Alumis Inc. | 1 | 0 | 0 | 1 |
| ADMA | ADMA Biologics Inc | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.