UPDATE: Ligand Pharmaceuticals Posts In-Line Q4 Earnings, Issues Weak Outlook

Ligand Pharmaceuticals Inc. (NASDAQ: LGND) reported in-line earnings for the fourth quarter.The La Jolla, California-based company posted a quarterly profit of $7.1 million, or $0.34 per share, versus $1.9 million, or $0.09 per share, in the year-ago period. Non-GAAP net income from continuing operations rose to $0.60 per share from $0.35 per share.Its revenue jumped 56.5% to $23 million. However, analysts were estimating earnings of $0.60 per share on revenue of $23.65 million.Royalty revenue surged 32% to $9.4 million from $7.1 million, while material sales climbed to $13.0 million from $6.8 million.During the fourth quarter, the company repurchased 0.6 million shares for $29.4 million. As of December 31, 2014, the company had cash, cash equivalents, short-term investments and restricted investments of $168.6 million. "We closed out 2014 with strong fourth quarter financial results and partners reporting numerous positive late-stage clinical and regulatory events, both in the U.S. and the EU," said John Higgins, Chief Executive Officer of Ligand.For the current quarter, Ligand projects earnings of $0.25 to $0.27 per share, on revenue of $13 million to $13.5 million. Analysts were expecting earnings of $0.48 per share on revenue of $20.15 million.The company reaffirmed its full-year forecast. It projects FY15 earnings of $2.14 to $2.18 per share, on revenue of $81 million to $83 million.Ligand Pharmaceuticals shares fell 1.12% to $54.50 in pre-market trading.