Ligand Pharmaceuticals Inc ( (LGND) ) has released its Q3 earnings. Here is a breakdown of the information Ligand Pharmaceuticals Inc presented to its investors.
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Ligand Pharmaceuticals Inc., a biopharmaceutical company, specializes in enabling scientific advancements through financing and licensing technologies, primarily focusing on royalty revenue from biotech and pharmaceutical products. In its latest earnings report, Ligand Pharmaceuticals announced a significant increase in third-quarter revenues, driven by a 47% growth in royalty revenue and strategic transactions, including the out-license of Zelsuvmi and the sale of the Pelthos business. The company reported total revenues of $115.5 million for the quarter, a 123% increase from the previous year, and raised its full-year revenue guidance to between $225 million and $235 million.
The company’s financial performance was bolstered by increased royalties from products such as Travere Therapeutics’ Filspari and Merck’s Ohtuvayre, along with a notable gain from the Pelthos transaction. Ligand’s adjusted net income for the quarter rose to $63.8 million, or $3.09 per diluted share, compared to $35.3 million, or $1.84 per diluted share, in the same period last year. The company also completed a convertible debt financing, raising $460 million to support further strategic investments.
Ligand’s strategic initiatives included acquiring global royalty rights to biosimilar products and investing in late-stage cardiology programs. The company also highlighted significant developments in its portfolio, including FDA approvals and strategic mergers, which are expected to drive future growth.
Looking ahead, Ligand Pharmaceuticals remains optimistic about its growth prospects, with management raising its financial guidance for the second time this year. The company anticipates continued momentum in its royalty revenue streams and strategic investments, positioning it well for sustained value creation for shareholders.