Ligand reports Q1 revenue $31M; net income $86.1M on Viking gain; reaffirms guidance; $100M Agenus royalty deal

LIGAND PHARMACEUTICALS INC

2024-Q1 EPS reported $4.75 revenue$30,978,000

Q1 total revenue $31.0M vs $44.0M last year; royalties up $19.1M from $17.6M.
Net income $86.1M ($4.75 diluted) vs $43.6M, includes $60M realized gain on Viking stock.
Core adjusted EPS $1.20 vs $1.33; decrease due to prior-year $15.3M Travere milestone.
Reaffirms 2024 guidance: total revenue $130-142M, core adjusted EPS $4.25-4.75.
Entered $100M royalty financing with Agenus for six partnered oncology programs; $75M upfront.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

LIGAND PHARMACEUTICALS INC reported 2024 results: revenue $130 million to $142 million, EPS approximately $4.25 to $4.75. Guidance reaffirmed.

Period: 2024
Revenue: $130 million to $142 million
EPS: approximately $4.25 to $4.75
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

Ligand is reaffirming its 2024 financial guidance. The Company expects 2024 royalties ranging from $90 million to $95 million, sales of Captisol to range from $25 million to $27 million, and contract revenue ranging from $15 million to $20 million. These revenue components result in total revenue forecast of $130 million to $142 million. Ligand notes that with total revenue of $130 million to $142 million, core adjusted earnings per diluted share are expected to range from approximately $4.25 to $4.75.

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

LIGAND PHARMACEUTICALS INC reported the three months ended March 31, 2024 results: revenue $31.0 million, net income $86.1 million, EPS $4.75 per diluted share.

Period: the three months ended March 31, 2024
Revenue: $31.0 million
Net income: $86.1 million
EPS: $4.75 per diluted share
Result: reported results

Exact text from the filing

Total revenues and other income for the first quarter of 2024 were $31.0 million, compared with $44.0 million for the same period in 2023. Royalties for the first quarter of 2024 were $19.1 million, compared with $17.6 million for the same period in 2023, with the increase primarily attributable to Amgen’s (Nasdaq: AMGN) Kyprolis, Jazz Pharmaceuticals' (Nasdaq: JAZZ) RYLAZE, Merck and Co.’s (NYSE: MRK) VAXNEUVANCE and Travere Therapeutics’ (Nasdaq: TVTX) FILSPARI, partially offset by a decline in CASI’s (Nasdaq: CASI) EVOMELA. Captisol sales were $9.2 million for the first quarter of 2024, compared with $10.6 million for the same period in 2023, with the change due to the timing of customer orders. Contract revenue and other income was $2.7 million for the first quarter of 2024, compared with $15.7 million for the same period in 2023, with the difference driven by a $15.3 million milestone payment earned from Travere Therapeutics upon the FDA approval of FILSPARI in the prior year quar

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Source: SEC EDGAR

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