Monday, November 8, 2004

IN BRIEF: LIGAND PHARMACEUTICALS INC.

Ligand Pharmaceuticals Inc. established separate business units for its pain and oncology pharmaceutical brand products as a way to strengthen the firm's ability to focus and execute on its major commercial business goals, according to William Pettit, senior vice president of human resources and administration. Avinza (morphine sulfate extended-release capsules) is the company's currently marketed pain product. Targretin (bexarotene) capsules and gel, Ontak (denileukin diftitox) and Panretin (alitretinoin) 0.1% topical gel make up the firm's oncology products unit.

Thursday, May 6, 2004

LIGAND'S FIRST-QUARTER RESULTS FALL SHORT OF ANALYSTS' EXPECTATIONS

Despite recording large increases in net product sales and revenue during the first quarter of 2004, shares of Ligand Pharmaceuticals Inc. fell 15.5 percent as the company's net loss exceeded analysts' predictions.

The company's net loss totaled $13.1 million, or $0.18 per share, compared with a net loss of $20.3 million, or $0.29 per share, in the comparable period of last year. Analysts polled by Thomson First Call expected, on average, a loss of $0.06 per share in the first quarter of 2004, according to a CBS MarketWatch report.

Ligand's total revenue for the first quarter of 2004 climbed 58 percent to $36.6 million from $23.1 million in the same period of 2003.

Total net product sales during the period reached $34.1 million, an 80 percent increase from the $18.9 million achieved in the year-ago quarter. The company attributed the increase to the strong performance of its Avinza (morphine sulfate) extended-release pain management pharmaceutical brand and its oncology therapies.

For the full year, the company expects to generate between $240 million and $265 million in revenue while basic earnings per share are forecasted to be in the range of $0.12 to $0.19.

Ligand shares closed at $18.30, down $3.36, in heavy trading on the Nasdaq.