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Mar 31, 2021
Ligand Q1 2021 Earnings Report
Ligand reported solid financial performance and great results from all of its core technology platforms. The smooth and efficient integration of the four acquisitions closed last year was reported, and the company played a key role supporting the manufacture of remdesivir through the supply of Captisol®.
Key Takeaways
Ligand Pharmaceuticals Incorporated reported financial results for the three months ended March 31, 2021. Total revenues for the first quarter of 2021 were $55.2 million, compared with $33.2 million for the same period in 2020. Net income for the first quarter of 2021 was $18.1 million, or $1.05 per diluted share, compared with net loss of $(24.1) million, or $(1.46) per share, for the same period in 2020.
Total revenues for the first quarter of 2021 were $55.2 million, compared with $33.2 million for the same period in 2020.
Royalties for the first quarter of 2021 were $7.1 million, compared with $6.6 million for the same period in 2020.
Captisol sales were $31.3 million for the first quarter of 2021, compared with $21.1 million for the same period in 2020, with the increase primarily due to higher sales of Captisol for use with remdesivir.
Net income for the first quarter of 2021 was $18.1 million, or $1.05 per diluted share, compared with net loss of $(24.1) million, or $(1.46) per share, for the same period in 2020.
Revenue by Segment
Forward Guidance
Ligand today affirms its guidance for 2021 total revenues to be approximately $291 million and 2021 adjusted earnings per diluted share to be approximately $6.15.
Challenges Ahead
- Ligand’s revenue guidance is subject to unexpected changes in demand for Captisol related to remdesivir
- Ligand’s revenue guidance is subject to the timing and amount of contract payments from milestone events
- Ligand may update total revenue guidance at any time during the year
- Revenue guidance changes may occur in particular as the COVID-19 pandemic and demand for Captisol related to remdesivir continues to evolve.
Historical Earnings Impact
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