Ligand Pharma (LGND) Tops Q2 EPS by 24c, Revenues Beat; Raises FY20 EPS/Revenue Guidance Above Consensus
Ligand Pharma (NASDAQ: LGND) reported Q2 EPS of $1.00, $0.24 better than the analyst estimate of $0.76. Revenue for the quarter came in at $41.4 million versus the consensus estimate of $31.39 million.
“Outstanding second quarter financial results and operating execution have laid the foundation for our strong outlook for the rest of 2020 and beyond. We are exceeding our plans and expectations across the board, despite the challenges created by the pandemic. Our role in supporting treatments for COVID-19 includes numerous OmniAb®, Captisol® and Vernalis-based product candidates. In particular, sales of Captisol to partners advancing remdesivir for the treatment of COVID-19 are driving upside to the business, and we expect Captisol demand to increase significantly over the next couple of years,” said John Higgins, Chief Executive Officer of Ligand. “Given our outlook for Captisol, in early June we announced to all of our customers Ligand’s plans to deploy up to $60 million over the next year to increase our annual production capacity more than eight-fold.”
GUIDANCE:
Ligand Pharma sees FY2020 EPS of $4.10, versus the consensus of $3.71. Ligand Pharma sees FY2020 revenue of $165 million, versus the consensus of $142.45 million.
- Ligand is raising its 2020 financial guidance. Ligand now expects 2020 total revenues to be approximately $165 million and adjusted diluted EPS to be $4.10, up from previous guidance for total revenues of approximately $140 million and adjusted diluted EPS of $3.65.
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