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Ligand Reports Fourth Quarter And Full Year 2012 Financial Results

Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) today announced financial results for the three and 12 months ended December 31, 2012 and reviewed business highlights for the fourth quarter of 2012 and early 2013. Ligand’s 2012 Form 10-K is expected to be filed before March 12, 2013. Financial information related to contingent value rights contained in this news release is being finalized and is therefore subject to adjustment.

“2012 was a transformational year for Ligand. Our operations reached profitability and positive cash-flow by year-end, and progress made in our late-stage partnered and unpartnered programs demonstrated the tremendous potential of our unique business model,” commented John Higgins, President and Chief Executive Officer of Ligand. “We are very pleased with the continued revenue growth of Promacta ®, partnered with GlaxoSmithKline, and believe the approval of Onyx's drug Kyprolis ® in 2012 is a significant event for Ligand and our Captisol ® business. Today, we have seven drugs generating royalties, with a potential for six more royalty-bearing products to be approved in the next three years. We expect to see continued advancement of our pipeline as well as revenue and net income growth in 2013 and beyond.”

Fourth Quarter Financial Results

Total revenues from continuing operations for the fourth quarter of 2012 were $13.6 million, compared with $12.9 million for the fourth quarter of 2011. The $0.7 million increase is primarily due to higher royalty revenues from increased sales of Promacta, partially offset by lower Captisol sales and license and milestone revenues.

Cost of goods sold was $2.3 million for the fourth quarter of 2012, an increase of $0.3 million compared with the fourth quarter of 2011. Other operating costs and expenses from continuing operations for the fourth quarter of 2012 were $6.9 million, compared with other operating costs and expenses of $6.5 million for the fourth quarter of 2011. Research and development expenses of $2.5 million were roughly flat compared with the fourth quarter of 2011. General and administrative expenses were $4.3 million, an increase of $0.6 million compared with the fourth quarter of 2011, primarily due to costs associated with tax consulting projects.

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