Ligand Pharma (NASDAQ: LGND) reported Q2 EPS of $2.59, $0.25 better than the analyst estimate of $2.34. Revenue for the quarter came in at $90 million versus the consensus estimate of $82.2 million.

“The second quarter was punctuated by major positive corporate events that are driving our financial success and highlighting the potential of our business model. Our OmniAb business is flourishing. We continue to enter new OmniAb drug research contracts, there are now a record number of OmniAb programs in clinical trials and we entered a $47 million amendment with WuXi to grant it additional flexibility to pursue more antibody-based deals while preserving our royalty economics. Our two lead partnered financial assets, Promacta and Kyprolis, hit all-time revenue highs in the second quarter, putting both drugs squarely on course to exceed $1 billion in revenue in 2018. As well, we saw a flurry of other positive news from partners and an expanding calendar of expected clinical, regulatory or business events including from partners such as Sage, Viking, Seelos, Immunovant and others,” said John Higgins, Chief Executive Officer of Ligand. “The Ligand business model is delivering significant and positive results that match our expectations for the company. We are very pleased with Ligand’s performance.”

GUIDANCE:

Ligand Pharma sees FY2018 EPS of $6.30, versus the consensus of $6.21. Ligand Pharma sees FY2018 revenue of $232 million, versus the consensus of $216.58 million.

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