Ligand Q1 revenue up 46% to $45.3M; core adjusted EPS $1.33; reaffirms FY guidance

LIGAND PHARMACEUTICALS INC

2025-Q1 EPS reported -$2.21 revenue$45,333,000

Total revenues $45.3M (+46% YoY), royalties $27.5M (+44%), Captisol $13.5M (+47%).
GAAP net loss $42.5M ($2.21/sh) includes $44.3M one-time R&D charge for Castle Creek; core adjusted net income $26.6M ($1.33/sh).
Reaffirms FY2025 guidance: revenue $180-200M, adjusted EPS $6.00-$6.25.
Pelthos to merge with Channel Therapeutics (NYSE: PTHS) backed by $50M capital; expected close summer 2025.
Led $50M of $75M Castle Creek royalty financing for D-Fi Phase 3; net mid-single digit royalty.

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