Ligand Pharmaceuticals Reports First Quarter Results

Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) today reported financial results for the first quarter ended March 31, 2012, and provided an operating forecast and program updates.

"2012 has opened strong for Ligand and our partnered programs. GSK has confirmed the planned sNDA filing for Promacta in Hepatitis C based on the positive Phase 3 ENABLE Trials. This is a significant development particularly given the growth trend of recent sales for Promacta and the potential for further market expansion," said John Higgins, President and Chief Executive Officer of Ligand. "ONYX is set for an ODAC panel meeting next month, Pfizer announced they will soon be filing an NDA for Aprela and Merck recently updated they will initiate Phase 3 trials for the important cancer drug dinaciclib. In addition, we closed three licensing deals in the past few months, see a strong book of orders for Captisol this year, and project being profitable and cash-flow positive on operations in 2012."

Financial Results

Total revenues from continuing operations for the first quarter of 2012 were $5.6 million, compared with $3.9 million for the same period in 2011. The increase was primarily due to higher Promacta royalties and license revenues.

Total operating costs and expenses from continuing operations in the first quarter of 2012 were $6.4 million, compared with $5.8 million in the first quarter of 2011. Cost of goods sold was $0.2 million for the first quarter of 2012, compared to $0.5 million for the first quarter of 2011. Research and development expenses increased by $0.8 million compared with the first quarter of 2011, primarily due to increased spending on internal projects. General and administrative expenses were essentially flat this quarter compared to the same quarter a year ago. The Company also recorded $0.2 million of other income in the first quarter of 2012 compared with $2.1 million of other expense for the first quarter of 2011, primarily related to the change in fair value of its liability for contingent value rights.

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