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Mar 31, 2024
Ligand Q1 2024 Earnings Report
Reported strong financial results driven by the performance of the commercial royalty portfolio and built portfolio of development stage royalty assets to deliver future growth.
Key Takeaways
Ligand Pharmaceuticals reported a decrease in total revenues to $31.0 million compared to $44.0 million in the same period last year, while royalties increased to $19.1 million. Net income from continuing operations was $86.1 million, or $4.75 per diluted share, primarily due to gains from short-term investments associated with Viking Therapeutics stock of $60.0 million.
Total revenues for the first quarter of 2024 were $31.0 million, compared to $44.0 million for the same period in 2023.
Royalties for the first quarter of 2024 were $19.1 million, compared to $17.6 million for the same period in 2023.
Net income from continuing operations for the first quarter of 2024 was $86.1 million, or $4.75 per diluted share.
Ligand reaffirmed its 2024 financial guidance, expecting royalties ranging from $90 million to $95 million and total revenue forecast of $130 million to $142 million.
Revenue by Segment
Forward Guidance
Ligand reaffirmed its 2024 financial guidance.
Positive Outlook
- Expects 2024 royalties ranging from $90 million to $95 million.
- Sales of Captisol are expected to range from $25 million to $27 million.
- Contract revenue is expected to range from $15 million to $20 million.
- Total revenue is forecast to be $130 million to $142 million.
- Core adjusted earnings per diluted share are expected to range from approximately $4.25 to $4.75.
Challenges Ahead
- Guidance excludes the $60 million gain from short-term investments on the sale of Viking Therapeutics stock.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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