Ligand Pharma Turns To Profit In Q1

(RTTNews) - Ligand Pharmaceuticals Inc. (LGND) reported that its net income for the first quarter of 2021 was $18.1 million or $1.05 per share, compared to net loss of $24.1 million, or $1.46 per share, for the same period in 2020.

Net income for the first quarter of 2021 included a $9.1 million net non-cash gain from the value of Ligand's short-term investments, while net loss for the first quarter of 2020 included a $29.7 million net non-cash loss from the value of Ligand's short-term investments.

Adjusted net income for the first quarter was $24.3 million or $1.41 per share, compared to $15.3 million, or $0.89 per share in the prior year.

Total revenues for the first quarter of 2021 were $55.2 million, compared with $33.2 million for the same period in 2020.

Ligand affirmed its guidance for 2021 total revenues to be about $291 million and 2021 adjusted earnings per share to be about $6.15.