UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
Amendment No.: 1*
Name of Issuer: Ligand Pharmaceuticals Incorporated
Title of Class of Securities: Common Stock
CUSIP Number: 53220K20-7
Date of Event Which Requires Filing of this Statement: 12/31/2005
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed.
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a
reporting
person's initial filing on this form with respect to the subject
class
of securities, and for any subsequent amendment containing
information which would alter the disclosures provided in a prior
cover page.
The information required in the remainder of this cover page shall
not be deemed to be "filed" for the purpose of Section 18 of the
Securities
Exchange Act of 1934 ("Act") or otherwise subject to the
liabilities of
that section of the Act but shall be subject to all other
provisions of
the Act (however, see the Notes).
CUSIP No.: 53220K20-7
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Janus Capital Management LLC
EIN #75-3019302
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
a. ___
b. ___
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
5. SOLE VOTING POWER
3,108,840**
6. SHARED VOTING POWER
-0-
7. SOLE DISPOSITIVE POWER
3,108,840**
8. SHARED DISPOSITIVE POWER
-0-
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
3,108,840**
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES
Not applicable
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.2%**
12. TYPE OF REPORTING PERSON
IA, HC
** See Item 4 of this filing
Item 1.
(a). Name of Issuer: Ligand Pharmaceuticals Incorporated
("Ligand")
(b). Address of Issuer's Principal Executive Offices:
10275 Science Center Drive
San Diego, CA 92121-1117
Item 2.
(a).-(c). Name, Principal Business Address, and Citizenship of
Persons
Filing:
(1) Janus Capital Management LLC ("Janus Capital")
151 Detroit Street
Denver, Colorado 80206
Citizenship: Delaware
(d). Title of Class of Securities: Common Stock
(e). CUSIP Number: 53220K20-7
Item 3.
This statement is filed pursuant to Rule 13d-1 (b) or 13d-2(b) and
the person
filing, Janus Capital, is an investment adviser in accordance with
Section 240.13d-1(b)(ii)(E) as well as a parent holding
company/control person in accordance with Section 240.13d-
1(b)(ii)(G). See Item 4 for additional information.
Item 4. Ownership
The information in items 1 and 5 through 11 on the cover page(s)
on Schedule 13G
is hereby incorporated by reference.
Janus Capital has an indirect 77.5% ownership stake in Enhanced
Investment Technologies LLC ("INTECH") and an indirect 30%
ownership stake in Perkins, Wolf, McDonnell and Company, LLC
("Perkins Wolf"). Due to the above ownership structure, holdings
for Janus Capital, Perkins Wolf and INTECH are aggregated for
purposes of this filing. Janus Capital, Perkins Wolf and INTECH
are registered investment advisers, each furnishing investment
advice to various investment companies registered under Section 8
of the Investment Company Act of 1940 and to individual and
institutional clients (collectively referred to herein as "Managed
Portfolios").
As a result of its role as investment adviser or sub-adviser to
the Managed Portfolios, Janus Capital may be deemed to be the
beneficial owner of 3,108,840
shares or 4.2% of the shares outstanding of Ligand Common Stock
held by such
Managed Portfolios. However, Janus Capital does not have the
right to receive
any dividends from, or the proceeds from the sale of, the
securities held in the
Managed Portfolios and disclaims any ownership associated with
such rights.
Item 5. Ownership of Five Percent or Less of a Class
The Managed Portfolios, set forth in Item 4 above, have the right
to receive all
dividends from, and the proceeds from the sale of, the securities
held in their respective accounts.
This statement is being filed to report the fact that the
reporting persons have
ceased to be the beneficial owners of more than five percent of
the class of securities.
These shares were acquired in the ordinary course of business, and
not with the purpose of changing or influencing control of the
Issuer.
Item 6. Ownership of More than Five Percent on Behalf of Another
Person
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company
Not applicable.
Item 8. Identification and Classification of Members of the Group
Not applicable.
Item 9. Notice of Dissolution of Group
Not applicable.
Item 10. Certification
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose
of and do not have the effect of changing
or influencing the control of the issuer of such securities and
were not acquired in connection with or as a participant in any
transaction having such purposes or effect.
SIGNATURES
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement
is true, complete and correct.
JANUS CAPITAL MANAGEMENT LLC
By /s/ David R. Kowalski 2/14/2006
David R. Kowalski, Date
Senior Vice President and CCO