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Dec 31, 2021
Ligand Q4 2021 Earnings Report
Reported financial results with increased royalties driven by Pelican platform and progress towards OmniAb spin-off.
Key Takeaways
Ligand reported a net loss of $(5.0) million for Q4 2021, or $(0.30) per share, compared to a net income of $5.8 million, or $0.35 per diluted share for the same period in 2020. Total revenues for the fourth quarter of 2021 were $72.5 million, compared with $70.0 million for the same period in 2020.
Total revenues for Q4 2021 were $72.5 million, compared to $70.0 million for Q4 2020.
Royalties for Q4 2021 were $17.6 million, compared to $11.0 million for Q4 2020, driven by additional royalties from the Pelican platform.
Captisol sales were $35.4 million for Q4 2021, compared to $41.0 million for Q4 2020, due to lower sales for remdesivir manufacturing.
The company is planning for Ligand to directly fund the OmniAb business at the time of the spin-off.
Revenue by Segment
Forward Guidance
Ligand provides 2022 revenue guidance for the combined business and information about revenue estimated to be attributable to the OmniAb business.
Positive Outlook
- Ligand expects 2022 royalties of $55 million to $60 million.
- Material sales are expected to be $40 million to $50 million.
- Contract revenue is projected to be $52 million to $62 million.
- Total revenue is expected to be $147 million to $172 million for the combined Ligand business.
- OmniAb expects to file a Form 10 with the Securities and Exchange Commission and complete its separation in the first half of 2022.
Challenges Ahead
- The separation remains subject to final approval by Ligand’s Board of Directors.
- There can be no assurance that this process will result in Ligand pursuing a particular transaction or consummating any such transaction.
- There can be no assurance that the anticipated benefits of a separation will materialize should the separation be completed.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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