Ligand Q1 revenue $44M beats prior year; raises FY2023 EPS guidance to $4.60-$4.75

LIGAND PHARMACEUTICALS INC

2023-Q1 EPS reported $2.33 revenue$43,979,000

Total revenue $44.0M, up 21% from $36.5M in Q1 2022; net income $43.6M vs loss $12.9M.
Raised FY2023 guidance: royalties $78-82M (prev $74-78M); diluted EPS $4.60-4.75 (prev $3.30-3.45).
Royalty revenue $17.2M (+28% YoY) driven by Kyprolis and Pelican platform; core Captisol sales $10.6M (+71%).
Sold 3.2M shares of Viking Therapeutics for $43M net proceeds; holds 3.6M VKTX shares as of Mar 31, 2023.
Travere's FILSPARI approved for IgA nephropathy in Feb; Phase 3 FSGS study missed primary endpoint.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

LIGAND PHARMACEUTICALS INC reported the three months ended March 31, 2023 results: revenue $44.0 million, net income $43.6 million, or $2.43 per diluted share. Guidance raised.

Period: the three months ended March 31, 2023
Revenue: $44.0 million
Net income: $43.6 million, or $2.43 per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

Ligand management will host a conference call today beginning at 4:30 p.m. Eastern time to discuss this announcement and answer questions. “2023 is off to a strong start with $44.0 million in first quarter revenues driven by the continued growth of our royalty revenue and the approval milestone from Travere's FILSPARI for the treatment of IgA nephropathy," said

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Source: SEC EDGAR

accession 0000886163-23-000024

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