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Ligand Pharmaceuticals
reported upbeat earnings for the third quarter.
The La Jolla, California-based company posted quarterly net income of $1.3 million, or $0.06 per share, versus $2.0 million, or $0.09 per share, in the year-ago period. Excluding certain items, the company earned $0.36 per share.
Its revenue climbed 15% to $15 million in the period. However, analysts were estimating earnings of $0.31 per share on revenue of $14.56 million.
Royalty revenue climbed 31% to $7.5 million from $5.7 million, while collaborative research and development and other revenue jumped to $1.2 million from $0.6 million.
As of September 30, 2014, the company had cash, cash equivalents, short-term investments and restricted investments of $187.8 million.
John Higgins, President and Chief Executive Officer of Ligand said, “During the quarter, we further expanded the foundation of our growing business. Partners received important regulatory approvals for new drugs and new indications, we entered into a multi-product Captisol license agreement and we licensed or advanced various unpartnered programs. We also took advantage of historically low interest rates and favorable financing conditions to complete a convertible notes offering that provides capital to be opportunistic with potential acquisitions and to repurchase stock.”
For the current quarter, Ligand projects earnings of $0.57 to $0.62 per share on revenue of $22.5 million to $24.5 million.
For the full year, Ligand expects earnings of $1.50 to $1.55 per share on revenue of $64 million to $66 million.
Ligand shares rose 0.06% to $54.00 in pre-market trading.
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