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Mar 31, 2022
Ligand Q1 2022 Earnings Report
Reported solid financial performance driven by royalty-bearing products and core technology platforms, and the announced separation of OmniAb is underway.
Key Takeaways
Ligand Pharmaceuticals reported a decrease in revenue for Q1 2022, with $45.7 million compared to $55.2 million in the prior period, primarily due to a reduction in COVID-19 related Captisol sales. Royalty revenue grew 93% to $13.7 million, and contract revenue increased by 19% to $19.9 million. The company's net loss for the quarter was $(15.4) million, or $(0.91) per share, compared to a net income of $18.1 million, or $1.05 per diluted share, for the same period in 2021. Adjusted net income was $13.1 million, or $0.76 per diluted share, compared to $24.3 million, or $1.41 per diluted share, for the same period in 2021.
Revenue for Q1 2022 was $45.7 million, a decrease from $55.2 million in the prior period.
Royalty revenue grew 93% to $13.7 million, driven by sales from products using the Pelican platform.
Contract revenue increased 19% to $19.9 million.
Net loss for Q1 2022 was $(15.4) million, or $(0.91) per share, compared to net income of $18.1 million, or $1.05 per diluted share, for the same period in 2021.
Revenue by Segment
Forward Guidance
Ligand reaffirms its 2022 revenue guidance for the combined business and provides revenue estimates for the OmniAb business, anticipating the spin-off later this year. Excluding OmniAb and COVID-related Captisol, Ligand expects revenue to be $90 million to $100 million and adjusted earnings per diluted share to be $1.50 to $1.80.
Positive Outlook
- Ligand expects 2022 royalties of $55 million to $60 million.
- Captisol sales are projected to be $40 million to $50 million.
- Contract revenue is estimated at $52 million to $62 million.
- Total revenue for the combined business is expected to be $147 million to $172 million.
- Excluding OmniAb and COVID-related Captisol, Ligand anticipates revenue of $90 million to $100 million and adjusted earnings per diluted share of $1.50 to $1.80.
Challenges Ahead
- The contribution from COVID-related Captisol and the OmniAb business is expected to be between $0.20 and $0.40 per diluted share.
- Full company adjusted earnings per diluted share are projected to be $1.70 to $2.20.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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