Ligand Pharma (LGND) Tops Q1 EPS by 23c; Raises Outlook

Ligand Pharma (NASDAQ: LGND) reported Q1 EPS of $0.89, $0.23 better than the analyst estimate of $0.66. Revenue for the quarter came in at $33.2 million versus the consensus estimate of $26.53 million.

“Our first quarter financial results feature strong sales of Captisol to partners evaluating remdesivir in multiple clinical trials and scaling-up for potential treatment courses for COVID-19. We continue to meet Captisol requirements to support these trials as well as manufacturing scale-up, and are proud to play a role in developing potential treatments to address the pandemic both with Captisol and with various OmniAb® and Vernalis-derived product candidates,” said John Higgins, Chief Executive Officer of Ligand. “We recently closed a strategic acquisition, and throughout the first quarter we added a number of Shots on Goal with new agreements for various technologies, in particular our OmniAb platform. Overall, our business is performing very well, especially given the difficult business environment due to the pandemic. As such, we are pleased to be raising our 2020 financial guidance.”

GUIDANCE:

Ligand Pharma sees FY2020 EPS of $3.65, versus the consensus of $3.57. Ligand Pharma sees FY2020 revenue of $140 million, versus the consensus of $129.2 million.

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

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