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Jun 30, 2022
Ligand Q2 2022 Earnings Report
Reported financial results for the second quarter of 2022 and raised 2022 financial guidance.
Key Takeaways
Ligand Pharmaceuticals reported revenue of $57.4 million for the second quarter of 2022, with royalty revenue increasing by 108% to $18.0 million. The company is progressing with the spin-off of the OmniAb business, expected to close in the fourth quarter of this year.
Second quarter revenue was $57.4 million, compared to $84.7 million for the same period in 2021.
Royalty revenue increased 108% to $18.0 million, driven by Kyprolis and Pelican platform sales.
Net loss for the second quarter of 2022 was $(0.9) million, or $(0.05) per share, compared with net income of $30.7 million, or $1.79 per diluted share, for the same period in 2021.
Ligand repurchased $62.0 million in principal amount of its 2023 Notes for $60.0 million in cash during the second quarter of 2022.
Revenue by Segment
Forward Guidance
Ligand is raising 2022 revenue guidance for the combined business and is reaffirming revenue estimated to be attributable to the OmniAb business anticipating the spin-off occurs later this year.
Positive Outlook
- 2022 royalties of $62 million to $66 million
- Captisol sales of $55 million to $60 million
- Contract revenue of $52 million to $62 million
- Total revenue of $169 million to $188 million for the combined business
- $35 million to $45 million of revenue will be attributable to OmniAb
Historical Earnings Impact
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Avg. Return Before/After Earnings
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