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Ligand To Present Growth Prospects, Review Key Portfolio Assets And Introduce Financial Guidance At Analyst Day Event

Stocks in this article: LGND

Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) will be providing a detailed review of its business model and growth strategy, along with introducing financial guidance for 2013 and 2014, during its Analyst Day event being held today in New York City.

Chief Executive Officer John Higgins plans to highlight the success of Ligand’s “Shots-on-Goal” business model, reviewing the company’s significant expansion of its partnered portfolio from a total of nine programs several years ago to 70 programs today. He will detail how its current partnered portfolio could result in as many as six new drug launches over the next three years, which would double the number of products generating royalty revenue for Ligand.

Mr. Higgins will also highlight that Ligand is at an inflection point for financial growth as a result of the recent approvals of key partnered products, including Promacta ® and Kyprolis™. Ligand’s efficient operating model is projected to generate significant cash flow, which Ligand plans to use for acquisitions to continue building its asset portfolio, or to return capital to shareholders through share repurchases and dividends.

Ligand’s financial forecast includes the following:

  • Revenue in 2013 is projected to be between $41 million and $44 million, and is projected to grow to more than $60 million in 2014, representing a 40% compound annual growth rate from 2012 expected revenue of $30 million to $31 million.
  • Net income in 2013 is projected to be more than $0.35 per diluted share, and is projected to increase by 200% to more than $1.05 per diluted share in 2014.
  • Income per diluted share from discontinued operations in 2012 is expected to be $0.18, and Ligand projects a loss per share from continuing operations for the year of between $0.09 and $0.13.

John Sharp, Ligand’s Chief Financial Officer, will provide a detailed analysis of Ligand’s more than $500 million in tax assets, which include net operating loss carryforwards, tax credits and future tax deductions. As a result of these tax assets, Ligand’s actual tax payments are expected to be less than 2% of pre-tax income from 2013 through 2017.

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