ligand pharmaceuticals (LGND) Key Developments
Ligand Pharmaceuticals Incorporated Announces FDA Acceptance of NDA Submission for Carbamazepine IV
Mar 10 14
Ligand Pharmaceuticals Incorporated's Captisol(R) licensee Lundbeck LLC announced that the U.S. Food and Drug Administration (FDA) has accepted for review a New Drug Application (NDA) for its investigational therapy intravenous carbamazepine, an intravenous formulation of the anti-epileptic drug carbamazepine. An action letter is anticipated before the end of 2014. Carbella(TM) (carbamazepine) Injection is the proposed U.S. trade name. With acceptance of the NDA filing, Ligand earns a $200,000 milestone payment.
Ligand Pharmaceuticals Incorporated Presents at 26th Annual ROTH Conference, Mar-11-2014 01:30 PM
Feb 20 14
Ligand Pharmaceuticals Incorporated Presents at 26th Annual ROTH Conference, Mar-11-2014 01:30 PM. Venue: The Ritz Carlton, 1 Ritz Carlton Dr, Dana Point, CA 92629, United States. Speakers: John L. Higgins, Chief Executive Officer, President and Executive Director, Matthew W. Foehr, Chief Operating Officer and Executive Vice President.
Ligand Pharmaceuticals Incorporated Announces Management Changes
Feb 11 14
Ligand Pharmaceuticals Incorporated announced it has named Nishan de Silva, M.D. Chief Financial Officer, Vice President of Finance and Strategy, to succeed John Sharp, who is leaving at the end of this month for a position with a private company. Dr. de Silva has served as Ligand's Vice President of Corporate Development since February 2012. Prior to joining Ligand, Dr. de Silva served as Principal at the private equity firm Warburg Pincus, and previously worked at Sprout Group.
Ligand Pharmaceuticals Incorporated Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Reaffirms Earnings Guidance for the Full Year of 2014 and Provides Earnings Guidance for the First Quarter 2014
Feb 11 14
Ligand Pharmaceuticals reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. Total revenues for the fourth quarter of 2013 were $14.7 million, an increase of 8% compared with $13.6 million for the same period in 2012. Net income for the fourth quarter of 2013 was $1.9 million or $0.09 per diluted share, compared with net income for the fourth quarter of 2012 of $1.1 million or $0.05 per diluted share. Income from continuing operations was $1.9 million or $0.09 diluted per share against income from continuing operations of $2.6 million or $0.13 per share for the comparable period last year. Non-GAAP net income from continuing operations for the fourth quarter of 2013 was $7.4 million or $0.35 per diluted share, compared with non-GAAP net income from continuing operations for the fourth quarter of 2012 of $6.4 million or $0.32 per diluted share.
Total revenues for 2013 increased 56% to $49.0 million compared with $31.4 million for 2012. Net income for 2013 was $11.4 million or $0.55 per diluted share, compared with a net loss of $0.5 million or $0.03 loss per share, in 2012. Income from continuing operations was $8.8 million or $0.43 diluted per share against loss from continuing operations of $2.7 million or $0.14 diluted loss per share for the comparable period last year. Non-GAAP net income from continuing operations for 2013 was $18.6 million or $0.90 per diluted share, compared with $3.0 million or $0.15 per diluted share, in 2012. The increase in non-GAAP income was driven by a 68% increase in royalty revenues, a doubling of Captisol material sales and improvement in gross margins from 62% to 70%, and a slight decrease in combined R&D and G&A expenses after backing out stock-based compensations.
Affirming its previous full-year 2014 financial forecast, the company expects total revenues to be between $62 million and $64 million, and non-GAAP earnings per diluted share to be between $1.40 and $1.45. Approximately half of 2014 revenue is forecasted to be derived from royalties, approximately 30% from material sales and approximately 20% from licensing and milestone payments. Non-GAAP earnings per share guidance do not include the effects of stock-based compensation expense or any increase or decrease in contingent liabilities. During 2014, the company expected $3 million of depreciation and amortization.
For the first quarter of 2014, the company expects total revenues to be between $13 million and $14 million and non-GAAP earnings per diluted share to be between $0.22 and $0.25. The non-GAAP earnings per diluted share guidance do not include the effects of any increase or decrease in contingent liabilities and noncash stock-based compensation expense.
Ligand Eyes Acquisitions
Feb 11 14
Ligand Pharmaceuticals Incorporated (NasdaqGM:LGND) intends to make acquisitions. John Higgins, President and Chief Executive Officer of the company said: “We are focused more than ever on building growth and a financial runway for the business through new deals, intellectual property and potential acquisitions.” He added: “Our appetite for acquisitions is still very strong.” He further said: “We are realistic. We understand that valuations have gone up and companies have more access -- more options for accessing capital. But our list of prospects is, frankly, as long or maybe longer than it has ever been. Having said that, as we look at acquisitions, we believe, given our cash flows and growing cash flows and royalties, we have significant borrowing capacity. We have a small cash balance today. We are not concerned about that at all. We believe that within a short amount of time there are a number of lenders who could lend us significant amounts of money if we needed capital to acquire assets.”