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Dec 31, 2022
Ligand Q4 2022 Earnings Report
Reported financial results for Q4 and full year 2022, with total revenues of $50.4 million for the quarter.
Key Takeaways
Ligand reported a net loss of $14.5 million for Q4 2022, with total revenues of $50.4 million. The results were impacted by a $24.8 million deferred tax asset valuation allowance and a $44.2 million non-cash gain from short-term investments. Adjusted net income was $23.5 million, or $1.36 per diluted share.
Total revenues for the fourth quarter of 2022 were $50.4 million, compared to $56.4 million for the same period in 2021.
Royalties for the fourth quarter of 2022 were $22.0 million, compared to $17.6 million for the same period in 2021.
Net loss from continuing operations for the fourth quarter of 2022 was $14.5 million, or $0.86 per share, compared to $3.2 million, or $0.19 per share, for the same period in 2021.
As of December 31, 2022, Ligand had cash, cash equivalents and short-term investments of $211.9 million.
Revenue by Segment
Forward Guidance
Ligand is increasing 2023 financial guidance introduced at its Investor and Analyst Day held on December 13, 2022. They now expect 2023 royalties of $74 million to $78 million, sales of Captisol of $21 million and contract revenue of $25 million. These revenue components result in total revenue of $120 million to $124 million.
Positive Outlook
- 2023 royalties of $74 million to $78 million (previously $72 million to $76 million)
- Sales of Captisol of $21 million (unchanged)
- Contract revenue of $25 million (unchanged)
- Total revenue of $120 million to $124 million (previously $118 million to $122 million)
- Adjusted diluted EPS of $3.30 to $3.45 (previously $3.10 to $3.30).
Challenges Ahead
- Due to the unpredictable nature of the pandemic and related Captisol sales, Ligand excludes Captisol for remdesivir from guidance
- Will update investors as orders are received and shipped each quarter.
- Uncertainty regarding the commercial performance of products.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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