Ligand Pharma Q1 Profit Declines, Backs 2015 Outlook - Quick Facts

(RTTNews) - Ligand Pharmaceuticals Inc. (LGND) reported that first-quarter net income declined to $0.75 million or $0.04 per share from $2.10 million or $0.10 per share in the prior-year quarter.

Excluding items, adjusted net income from continuing operations for the quarter was $6.88 million or $0.33 per share, compared to $7.35 million or $0.35 per share in the year-ago quarter.

On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the quarter decreased to $14.60 million from $15.96 million in the same quarter last year. Analysts expected revenue of $13.53 million for the quarter.

The company noted that the results reflect continued strong growth in royalty revenues from both of its lead commercial assets, Promacta and Kyprolis, and strong growth in operating cash flow.

Looking ahead to the second quarter, Ligand expects adjusted earnings in a range of $0.37 to $0.40 per share, on projected total revenues between $17.0 million and $17.5 million. Analysts expect the company to report earnings of $0.32 per share on quarterly revenues of $16.42 million.

For fiscal 2015, the company continues to expect adjusted earnings in the range of $2.14 to $2.18 per share, and total revenues between $81.0 million and $83.0 million. Street is currently looking for full-year 2015 earnings of $2.13 per share on annual revenue of $82.29 million.