Ligand Pharma Lifts Q4, 2013 Outlook; Backs 2014 Guidance - Quick Facts

(RTTNews) - Ligand Pharmaceuticals Inc. (LGND) said that it raised its revenue and net income guidance for the fourth quarter and full year 2013, as a result of higher-than-expected sales of Captisol material.

The company raised its fourth quarter of 2013 non-GAAP earnings from continuing operations guidance to a range of $0.31 - $0.32 per share, from the prior estimate of $0.22 - $0.24 per share.

The company now expects total revenues for the fourth quarter of 2013 to be between $14.0 million and $14.5 million, compared with previous guidance of between $11.0 million and $12.0 million.

Analysts polled by Thomson Reuters expect the company to report earnings of $0.17 per share and revenues of $11.84 million for the fourth-quarter. Analysts' estimates typically exclude special items.

For the full year 2013, the company now expects total revenues to be between $48.0 million and $48.5 million, compared with previous guidance of between $45.0 million and $46.0 million. Non-GAAP earnings from continuing operations per share for the full year 2013 is expected to be between $0.86 and $0.87, compared with prior guidance of between $0.77 and $0.79. Street currently is looking for fiscal year 2013 earnings of $0.52 per share on annual revenues of $46.08 million.

The company today said that its financial outlook for 2014 is unchanged.

Last month, the company had said it expected revenue to be in the range of $62 million to $64 million, with adjusted earnings per share of $1.40 to $1.45 for 2014. Analysts expect the company to report earnings of $1.23 per share and revenues of $63.89 million for fiscal 2014.