This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Ligand Pharmaceuticals Reports Preliminary Third Quarter 2012 Results

Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) today announced preliminary financial results for the three months ended September 30, 2012 and provided a business update. In a separate announcement made today Ligand also announced plans to restate financial statements for 2011 and the first two quarters of 2012. Investors should rely on the forthcoming restated financial statements rather than previously filed financial statements and other financial information. The restatement relates to errors in the calculation of the fair value of the contingent liability related to what Ligand potentially owes Prism Pharmaceuticals (now Baxter International) and CyDex Contingent Value Rights holders out of the total proceeds potentially due from a license agreement with The Medicines Company.

"During the past several months, we saw numerous major events for our late-stage partnered programs and are projecting a strong fourth quarter financially as we finish out 2012," commented John Higgins, President and Chief Executive Officer. “Our business model is advancing very nicely as we build new sources of significant revenue growth and see continued success with our pipeline and partnered assets. We fully expect to finish the fourth quarter of 2012 being profitable and cash-flow positive from operations, and to enjoy financial growth as we move into 2013 and beyond."

Preliminary Third Quarter Results

Total revenues from continuing operations for the third quarter of 2012 were $6.4 million, consisting largely of Promacta royalties. Cost of goods sold was $0.7 million for the third quarter of 2012. Operating expenses were in line with expectations, with research and development expenses of $2.6 million and general and administrative expenses of $4.4 million.

Net loss for the third quarter of 2012 was $0.2 million, or ($0.01) per share.

As of September 30, 2012, Ligand had cash, cash equivalents, short-term investments and restricted investments of $8.4 million.

2012 Operating Forecast

For 2012 Ligand expects total revenues to be approximately $30 million to $31 million and combined research and development and general and administrative expenses to be approximately $26 million, including approximately $6 million of non-cash expense items. Previous guidance for 2012 was for revenues to be approximately $30 million and combined research and development and general and administrative expenses to be approximately $25 million. Additionally, Ligand continues to expect its operations to be profitable and cash-flow positive for the year.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,029.90 -9.59 -0.06%
S&P 500 1,991.74 -0.63 -0.03%
NASDAQ 4,544.0410 +11.9370 0.26%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs