Highest-materiality recent filing
Ligand Q2 royalty rev +32% YoY; raises 2026 adj EPS guidance; closes XOMA deal
Q2 royalty rev $48.0M (+32% YoY); total rev $63.7M (+34%); GAAP EPS $2.22 (vs $0.24); adj EPS $2.37 (vs $1.60).
Ligand completes acquisition of XOMA Royalty for $739M; portfolio exceeds 200 assets
Total equity value ~$739M; XOMA Royalty stockholders received $39/share cash plus one CVR per share.
Ligand closes $700M zero-coupon convertible notes offering; repurchases shares, hedges dilution
Closed $700M aggregate principal of 0.00% Convertible Senior Notes due 2031; net proceeds ~$678.2M.
Ligand proposes $550M convertible notes due 2031; amends credit facility covenants
Proposes $550M aggregate principal of convertible senior notes due 2031; additional $82.5M option granted to initial purchasers.
Ligand Q1 royalty revenue +56% to $43M; reaffirms raised guidance amid XOMA acquisition
Q1 royalty revenue $43.0M (+56% YoY); total revenue $51.7M (+14%).
Ligand terminates TR-Beta license with Viking over alleged material breach; Viking disputes
Termination of TR-Beta Program (including VK2809 and VK0214) effective May 4, 2026.
Ligand to acquire XOMA Royalty for $39/share cash plus CVR from Janssen litigation
Cash consideration of $39.00 per XOMA Royalty share plus CVRs representing 75% of net proceeds from Janssen litigation.
Ligand Q4 revenue $59.7M (+39% YoY), adjusted EPS $2.02 beats; FY25 core adj. EPS $8.13, +42%
Q4 GAAP net income $44.8M ($2.12 diluted EPS) vs loss of $31.1M in Q4 2024.
Ligand Q3 revenue $115.5M, net income $117.3M; raises FY guidance
Q3 royalties $46.6M, up 47% YoY, driven by Filspari, Ohtuvayre, Qarziba.
Ligand closes $460M 0.75% convertible notes due 2030; net proceeds $445.1M
Issued $460M aggregate principal of 0.75% convertible senior notes due Oct 1, 2030, including $60M greenshoe exercised.
Ligand proposes $400M convertible notes due 2030; up to $60M greenshoe
Offering $400M aggregate principal amount of convertible senior notes due Oct 1, 2030 to QIBs.
Q2 revenue $47.6M (+15% YoY); royalties $36.4M (+57%) driven by Qarziba and Filspari.
Ligand completes merger with Channel Therapeutics; Pelthos starts trading July 2 under PTHS
Ligand subsidiary merges with Channel; combined company renamed Pelthos Therapeutics, trading on NYSE American as PTHS.
Ligand Q1 revenue up 46% to $45.3M; core adjusted EPS $1.33; reaffirms FY guidance
Total revenues $45.3M (+46% YoY), royalties $27.5M (+44%), Captisol $13.5M (+47%).
Ligand subsidiary Pelthos to merge with Channel Therapeutics; $50M capital raise
Channel to acquire 100% of Pelthos; combined company renamed Pelthos Therapeutics, listing as PTHS on NYSE American.
Ligand Q4 revenue up 52% to $42.8M; core adj EPS $1.27; reaffirms 2025 guidance
Q4 total rev $42.8M (+52% YoY); royalties $34.8M (+55%) driven by Qarziba and Filspari.
Ligand leads $75M royalty financing for Castle Creek's D-Fi gene therapy Phase 3 trial
Ligand invested $50M and led syndicate of co-investors totaling $75M for high single-digit royalty on D-Fi worldwide sales.
Ligand Q3 revenue $51.8M (+58% YoY); raises 2024 guidance to $160-165M revenue, $5.50-5.70 adj EPS
Q3 total revenues & other income $51.8M (vs $32.9M); royalties $31.7M (+33% YoY) on QARZIBA and FILSPARI growth.
Ligand Q2 revenue rises 57% to $41.5M; GAAP net loss $51.9M on $33.8M Primrose Bio writedown
Total revenue $41.5M (+57% YoY); royalties $23.2M (+11%); Captisol $7.5M (+44%).
Ligand Pharmaceuticals announces departure of President and COO Matthew Korenberg
Korenberg's employment ends no later than October 31, 2024; he may resign earlier in writing.
Ligand completes acquisition of APEIRON Biologics for $100M cash plus up to $28M contingent
Ligand acquired all outstanding shares of APEIRON for $100M in cash at closing on July 15, 2024.
Ligand acquires APEIRON for $100M, adds QARZIBA royalty; raises 2024 guidance
Acquisition of APEIRON Biologics for $100M cash; up to $28M additional contingent consideration based on QARZIBA royalty thresholds by 2030/2034.
FDA approved Ohtuvayre (ensifentrine) for maintenance treatment of COPD in adults; first novel inhaled mechanism in over 20 years.
Ligand reports Merck vaccine FDA approval milestone and Takeda soticlestat Phase 3 miss
FDA approved Merck's CAPVAXIVE; Ligand earns $2M milestone + royalties on net sales.
Ligand acquires royalty rights on six partnered oncology programs and BOT/BAL from Agenus for $75M
Purchase price of $75M for 18.75% of licensed royalties and 31.875% of milestones on six partnered oncology programs (BMS, Gilead, Incyte, Merck, UroGen).
Q1 total revenue $31.0M vs $44.0M last year; royalties up $19.1M from $17.6M.
Ligand Q4 net income $18.2M ($1.03 diluted); reaffirms 2024 guidance
Q4 total revenue $28.1M (down from $50.4M in Q4 2022, which included $23.5M COVID Captisol sales); core adjusted EPS $1.05 vs $0.75.
FDA approves Ligand's ZELSUVMI for molluscum contagiosum in adults and children 1+
FDA approved ZELSUVMI (berdazimer topical gel, 10.3%) for molluscum contagiosum in patients 1 year and older.
Ligand expands Palvella partnership for QTORIN rapamycin; $5M upfront, higher royalty
Ligand pays $5M upfront; royalty on QTORIN rapamycin raised to 8.0%-9.8% of net sales.
Ligand Q3 adj EPS $1.02 beats, raises 2023 guidance; restates prior net loss per share to ($0.59)
Q3 total revenue $32.9M (down from $59.2M YoY, no COVID-19 sales); adjusted EPS $1.02 vs $0.60 YoY.
Ligand Q3 adjusted EPS $1.02, revenue $32.9M; raises 2023 guidance; invests $75M+
Q3 total revenue $32.9M; ex-COVID revenue $26.9M vs $26.9M prior year. Net loss $0.74 GAAP per share.
Ligand acquires 13% interest in soticlestat royalties and milestones from Ovid for $30M
Ligand will pay Ovid $30M for a 13% interest in all royalties and milestones owed to Ovid on soticlestat.
Ligand merges Pelican unit into Primrose Bio, retains 49.9% stake and milestone rights
Subsidiary Pelican Technology merged into Primrose Bio; Ligand owns 49.9% of the combined company.
Ligand Q2 adjusted EPS $1.42 beats; raises FY2023 adjusted EPS outlook to $4.85-$5.00
Q2 adjusted net income from continuing ops $25.1M ($1.42 diluted) vs $7.4M ($0.43) prior year; GAAP EPS $0.13.
Ligand Q1 revenue $44M beats prior year; raises FY2023 EPS guidance to $4.60-$4.75
Total revenue $44.0M, up 21% from $36.5M in Q1 2022; net income $43.6M vs loss $12.9M.
Ligand Q4 revenue $50.4M, net loss $14.5M; raises 2023 guidance on royalties and EPS
Q4 total revenues $50.4M (down 11% YoY); royalties $22.0M (up 25% YoY); net loss from continuing ops $14.5M ($0.86 per share).
On August 2, 2024, Ligand Pharmaceuticals Incorporated (the “Company”) announced that its President and Chief Operating Officer, Matthew Korenberg, will be departing from the Company.
On September 22, 2023, the board of directors (the “Board”) of Ligand Pharmaceuticals Incorporated (the “Company”) appointed Martine Zimmermann as a member of Board.
Mr. Higgins also resigned as a member of the Board, effective December 31, 2022.
John L. Higgins has retired as Chief Executive Officer of the Company
Todd C. Davis was appointed Chief Executive Officer of the Company
Sarah Boyce, Jennifer Cochran and Sunil Patel each resigned from Ligand’s board of directors.
Octavio Espinoza , 52, was appointed as Ligand’s Chief Financial Officer, replacing Mr. Korenberg in his roles as principal financial officer and principal accounting officer.
Matthew Foehr and Charles Berkman resigned as Ligand’s President and Chief Operating Officer and Senior Vice President, General Counsel and Secretary, respectively.
Sarah Boyce, Jennifer Cochran and Sunil Patel each resigned from Ligand’s board of directors.
Sarah Boyce, Jennifer Cochran and Sunil Patel each resigned from Ligand’s board of directors.
Matthew Korenberg , 47, who until then served as Ligand’s Executive Vice President, Finance and Chief Financial Officer was appointed as Ligand’s President and Chief Operating Officer.
Matthew Foehr and Charles Berkman resigned as Ligand’s President and Chief Operating Officer and Senior Vice President, General Counsel and Secretary, respectively.
Max materiality 0.90 · Median 0.70 · Most common event earnings