Ligand Pharmaceuticals Inc

Latest Results (20.08.2024):

Total Revenue Growth

Ligand Pharmaceuticals Inc. reported total revenues and other income of $41.5 million for the second quarter of 2024, a significant increase from $26.4 million in the same period of 2023. This growth was primarily driven by an increase in royalty revenue and milestone payments earned upon the approval of several key programs.

Royalties and Sales

Royalties for the second quarter of 2024 were $23.2 million, up from $20.9 million in the same period of 2023. This increase was mainly due to higher sales of Travere Therapeutics’ FILSPARI™ and Amgen's KYPROLIS®. Additionally, Captisol® sales rose to $7.5 million from $5.2 million in the second quarter of 2023, reflecting the timing of customer orders.

Net Income and Loss

Ligand Pharmaceuticals Inc. reported a GAAP net loss from continuing operations of $51.9 million, or $2.88 per share, for the second quarter of 2024. This contrasts with a GAAP net income from continuing operations of $2.3 million, or $0.13 per diluted share, for the same period in 2023. The loss included significant non-cash unrealized losses from short-term investments and a decrease in the carrying value of investments.

Adjusted Net Income

Adjusted net income from continuing operations for the second quarter of 2024 was $25.8 million, or $1.40 per diluted share, compared to $25.1 million, or $1.42 per diluted share, for the same period in 2023. The increase in core adjusted net income was primarily driven by a 58% increase in revenue, excluding the impact of gains from sales of Viking Therapeutics stock in the prior year.

Financial Position and Guidance

As of June 30, 2024, Ligand Pharmaceuticals Inc. had cash, cash equivalents, and short-term investments totaling $226.9 million. The company reaffirmed its 2024 financial guidance, expecting royalties to range from $100 million to $105 million, Captisol sales from $25 million to $27 million, and contract revenue from $15 million to $25 million, resulting in a total revenue forecast of $140 million to $157 million. Core adjusted earnings per diluted share are projected to be between $5.00 and $5.50.