Ligand Pharma (LGND) Tops Q3 EPS by 29c, Revenues Beat; Raises FY18 Revenue Guidance Above Consensus

Ligand Pharma (NASDAQ: LGND) reported Q3 EPS of $1.32, $0.29 better than the analyst estimate of $1.03. Revenue for the quarter came in at $45.66 million versus the consensus estimate of $41.7 million.

“This quarter was marked by several events that demonstrate the strength of Ligand’s business model. First, our partners continued to deliver solid commercial and clinical development results. Specifically, sales of Promacta hit an all-time quarterly high and our partner Viking Therapeutics announced positive topline results for its Phase 2 trial of VK2809, with the potential for efficacy in patients with liver diseases such as non-alcoholic fatty liver disease and NASH. Additionally, we closed the acquisition of Vernalis in October, which provides several high-value shots on goal, as well as a top-notch R&D team, all for a modest cash outlay,” said John Higgins, Chief Executive Officer of Ligand. “Despite the recent turbulence in the financial markets, Ligand continues to execute on its business model, and we will remain focused and will work to capitalize on opportunities the economic cycle brings us.”

GUIDANCE:

Ligand Pharma sees FY2018 revenue of $240 million, versus the consensus of $234.8 million.

For earnings history and earnings-related data on Ligand Pharma (LGND) click here.

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