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Ligand Q1 2025 Earnings Report
Ligand Pharmaceuticals Incorporated reported its first quarter 2025 financial results, driven by strong royalty revenue growth and strategic transactions.
Key Takeaways
Ligand Pharmaceuticals reported a significant increase in total revenues and other income for the first quarter of 2025, primarily due to a 44% growth in royalty revenue. Despite the revenue growth, the company reported a GAAP net loss, largely influenced by a one-time charge related to a royalty financing agreement. Ligand reaffirmed its full-year 2025 financial guidance.
Total revenues and other income for Q1 2025 increased by 46% to $45.3 million, up from $31.0 million in Q1 2024.
Royalty revenue grew by 44% to $27.5 million in Q1 2025, compared to $19.1 million in Q1 2024, driven by Qarziba and Filspari.
GAAP net loss for Q1 2025 was $42.5 million, or $2.21 per share, primarily due to a $44.3 million one-time R&D charge.
Core adjusted net income for Q1 2025 was $26.6 million, or $1.33 per diluted share, an increase from $21.8 million, or $1.20 per diluted share, in Q1 2024.
Revenue by Segment
Forward Guidance
Ligand is reaffirming its 2025 full year financial guidance, expecting total revenues between $180 million and $200 million, and adjusted earnings per diluted share between $6.00 and $6.25.
Positive Outlook
- Reaffirming 2025 full year financial guidance for revenues and adjusted earnings per diluted share.
- Anticipated royalty revenue ranging from $135 million to $140 million for 2025.
- Expected Captisol sales ranging from $35 million to $40 million for 2025.
- Projected contract revenue ranging from $10 million to $20 million for 2025.
- Continued focus on accelerating the commercialization of Pelthos' ZELSUVMI.
Challenges Ahead
- The company acknowledges a challenging biopharmaceutical financing environment.
- Uncertainty regarding the timing of clinical and regulatory events of Ligand's partners.
- Potential for actual results to differ from expectations due to inherent risks and uncertainties in Ligand's business.
Historical Earnings Impact
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