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Mar 31, 2023
Ligand Q1 2023 Earnings Report
Reported strong first quarter results driven by royalty revenue growth and milestone from Travere's FILSPARI approval, while also increasing 2023 revenue and EPS guidance.
Key Takeaways
Ligand Pharmaceuticals reported a strong start to 2023 with $44.0 million in first quarter revenues, driven by royalty revenue growth and the approval milestone from Travere's FILSPARI. The company increased its 2023 revenue and EPS guidance.
Total revenues for Q1 2023 were $44.0 million, compared to $36.5 million in Q1 2022.
Net income from continuing operations for Q1 2023 was $43.6 million, or $2.43 per diluted share, compared to a net loss of $12.9 million, or $0.77 per share, for the same period in 2022.
Ligand is increasing 2023 revenue guidance to $124 million to $128 million and EPS guidance to $4.60 to $4.75.
Travere Therapeutics received FDA accelerated approval for FILSPARI™ (sparsentan) for the treatment of IgA nephropathy (IgAN) on February 17, 2023.
Revenue by Segment
Forward Guidance
Ligand is increasing 2023 financial guidance. They now expect 2023 royalties of $78 million to $82 million, sales of Captisol of $21 million, and contract revenue of $25 million. These revenue components result in total revenue of $124 million to $128 million. They now expect 2023 diluted EPS of $4.60 to $4.75.
Positive Outlook
- Royalties are expected to be $78 million to $82 million.
- Sales of Captisol are expected to be $21 million.
- Contract revenue is expected to be $25 million.
- Total revenue is expected to be $124 million to $128 million.
- Diluted EPS is expected to be $4.60 to $4.75.
Challenges Ahead
- Guidance excludes Captisol for remdesivir due to the unpredictable nature of COVID-19.
- The company will update investors if and when orders are received and shipped each quarter.
- The company faces risks and uncertainties inherent in its business.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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