This Day On The Street
Continue to site
ADVERTISEMENT
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

Ligand Reports Third Quarter Financial Results

Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) today reported financial results for the third quarter and nine months ended September 30, 2013, and provided an operating forecast and program updates.

Highlights for the third quarter of 2013 include:

  • Total revenues of $13.0 million
  • Non-GAAP net income from continuing operations of $2.5 million, or $0.12 per diluted share
  • Net income of $2.0 million, or $0.09 per diluted share

A description of the non-GAAP calculations and reconciliation to comparable GAAP financial measures is provided in the accompanying table titled “Non-GAAP Financial Measures.”

“Ligand continued to post significant revenue growth and to demonstrate the strength of its business model during the third quarter,” commented John Higgins, President and Chief Executive Officer of Ligand. “Recently, two significant partnered programs received regulatory approvals. Pfizer’s Duavee™ received FDA approval for the treatment of moderate-to-severe vasomotor symptoms associated with menopause and the prevention of postmenopausal osteoporosis. GlaxoSmithKline’s Revolade™ (Promacta®) received European Commission marketing approval to treat low platelet counts in patients with chronic hepatitis C infection. These are exciting developments, along with portfolio additions and other late-stage advancements that reinforce the long-term potential of Ligand's partnered portfolio.”

Third Quarter 2013 Financial Results

Total revenues for the third quarter of 2013 were $13.0 million, an increase of 104% compared with $6.4 million for the same period in 2012. Royalty revenues increased to $5.7 million from $3.2 million for the same period in 2012, primarily due to higher royalties from Promacta® and new royalties from Kyprolis®. Material sales increased to $6.7 million from $1.8 million for the same period in 2012 due to timing of customer purchases of Captisol.

Cost of goods sold was $2.5 million for the third quarter of 2013, compared with $0.7 million for the third quarter of 2012, with the increase primarily due to higher material sales. Other operating costs and expenses from continuing operations for the third quarter of 2013 were $7.4 million, compared with $7.1 million for the third quarter of 2012. Research and development expenses decreased $0.2 million, primarily due to lower spending on internal development programs, and general and administrative expenses increased $0.5 million, primarily due to higher non-cash stock-based compensation expense.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs