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Ligand Reports Second Quarter 2024 Financial Results
Conference call at 4:30 p.m. Eastern Time today JUPITER, Fla.--(BUSINESS WIRE)-- Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) today reported financial
About this update from Ligand Pharmaceuticals Incorporated
[{"type":"text","content":"\nConference call at 4:30 p.m. Eastern Time today\n\n\n JUPITER, Fla.--(BUSINESS WIRE)--\nLigand Pharmaceuticals Incorporated (Nasdaq: LGND) today reported financial results for the three and six months ended June 30, 2024, and provided an operating forecast and business update. Ligand management will host a conference call and webcast today at 4:30 p.m. Eastern Time to discuss this announcement and answer questions.\n\n\n“We had a strong quarter and are on track to meet the long-term growth objectives we outlined in December,” said Todd Davis, CEO of Ligand. “We added four new commercial-stage programs in the first half of this year, including QARZIBA®, an orphan oncology product we acquired following the APEIRON Biologics transaction, Merck’s CAPVAXIVE™ and Verona Pharma’s Ohtuvayre™, which received FDA approval in the second quarter, and Pelthos’ ZELSUVMI™ which was approved by the FDA earlier this year. Also, our partner, Primrose Bio secured additional outside capital which will enable them to continue building their business, fortifying the value of our long-term interest in the company. These developments underscore our commitment to expand our royalty portfolio, which now includes 12 major commercial-stage programs, double the number of programs we had at the beginning of 2023.\"\n\n\nSecond Quarter 2024 Financial Results\n\n\nTotal revenues and other income for the second quarter of 2024 were $41.5 million, compared with $26.4 million for the same period in 2023 with the increase primarily due to an increase in royalty revenue and milestone payments earned upon the approval of several key programs. Royalties for the second quarter of 2024 were $23.2 million, compared with $20.9 million for the same period in 2023, with the increase primarily attributable to an increase in sales of Travere Therapeutics’ (Nasdaq:TVTX) FILSPARI™ and Amgen's (Nasdaq:AMGN) KYPROLIS®. Captisol® sales were $7.5 million for the second quarter of 2024, compared with $5.2 million for the same period in 2023, with the change due to the timing of customer orders. Contract revenue and other income was $10.9 million for the second quarter of 2024, compared with $0.2 million for the same period in 2023, with the increase driven by the $5.8 million milestone payment earned upon FDA approval of Ohtuvayre, the $2.0 million milestone payment earned upon F...