Income Statement All numbers in thousands Revenue 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Total Revenue 141,102 108,973 71,914 64,538 Cost of

6) Ligand Pharmaceuticals (LGND) has a P/E ratio of 45 while Pfizer (PFE) has a P/E ratio of 14.5.

Ligand

Pfizer

Based on the above financials, why are the P/E ratios so different?

• Attachment 1
• Attachment 2

Income StatementAll numbers in thousandsRevenue12/31/201712/31/201612/31/201512/31/2014Total Revenue141,102108,97371,91464,538Cost of Revenue32,25326,79216,81218,883Gross Profit108,84982,18155,10245,655