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Jun 30, 2023
Ligand Q2 2023 Earnings Report
Reported financial results for Q2 2023 and provided an operating forecast and business updates.
Key Takeaways
Ligand reported Q2 2023 revenues of $26.4 million. Royalties were $20.4 million, and core Captisol sales were $5.2 million. Net income from continuing operations was $2.3 million, or $0.13 per diluted share, and adjusted net income from continuing operations was $25.1 million, or $1.42 per diluted share. The company had $219 million in cash, cash equivalents and short-term investments as of June 30, 2023.
Total revenues for the second quarter of 2023 were $26.4 million.
Royalties for the second quarter of 2023 were $20.4 million, with the increase primarily attributable to Kyprolis, Rylaze and Vaxneuvance.
Core Captisol sales were $5.2 million for the second quarter of 2023.
Adjusted net income from continuing operations for the second quarter of 2023 was $25.1 million, or $1.42 per diluted share.
Revenue by Segment
Forward Guidance
Ligand is reaffirming its 2023 revenue guidance of $124 million to $128 million and raising adjusted EPS guidance to $4.85 to $5.00. Guidance for royalties is unchanged at $78 million to $82 million. Sales of Captisol are now expected to be $24 million and contract revenue is now expected to be $22 million.
Positive Outlook
- Revenue guidance reaffirmed at $124 million to $128 million.
- Adjusted EPS guidance raised to $4.85 to $5.00.
- Royalties guidance unchanged at $78 million to $82 million.
- Captisol sales now expected to be $24 million.
- Contract revenue now expected to be $22 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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