Ligand Reports First Quarter 2016 Financial Results
Management to discuss the quarter during an investment conference
presentation beginning at 1:30 p.m. Eastern time today
SAN DIEGO--
Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) today reported
financial results for the three months ended March 31, 2016, and
provided an operating forecast and program updates.
Financial highlights for the first quarter of 2016 include:
-
First quarter total revenues were $29.6 million, including royalty
revenues of $14.4 million.
-
First quarter adjusted EPS was $0.97 and GAAP EPS was $0.30.
A description of adjusted calculations and reconciliation to comparable
GAAP financial measures is provided in the accompanying table titled
“Adjusted Financial Measures.”
“The year is off to a strong start with product approvals and launches
from our partners, positive data from multiple programs and robust
quarterly growth in revenues. We closed two acquisitions recently,
including a major acquisition in the first quarter that will contribute
significantly to our portfolio of fully funded programs and financial
performance. In addition, we completed multiple new licensing
agreements, including those with our recently acquired OmniAb
technology,” said John Higgins, Chief Executive Officer of Ligand. “We
look forward to total revenues growing by approximately 60% in 2016, and
to the approval and launch of up to five of our partnered products
during the year.”
First Quarter 2016 Financial Results
Total revenues for the first quarter of 2016 were $29.6 million,
compared with $14.6 million for the same period in 2015. Royalty
revenues were $14.4 million, compared with $10.3 million for the same
period in 2015 primarily due to higher royalties from Promacta®
and Kyprolis®. Material sales were $5.3
million, compared with $3.7 million for the same period in 2015 due to
timing of Captisol® purchases for use in
clinical trials and commercial products. License and milestone revenues
were $9.9 million, compared with $0.6 million for the same period in
2015 due primarily to the timing of milestones and upfront license fees
earned, and the acquisition of Open Monoclonal Technology, Inc. (“OMT”).
Cost of goods sold was $1.0 million for the first quarter of 2016,
compared with $1.1 million for the same period in 2015 due to the timing
and mix of Captisol sales. Amortization of intangibles was $2.5 million
for the first quarter of 2016, compared with $0.6 million for the same
period in 2015 due to additional amortization of intangibles related to
the acquisition of OMT. Research and development expense was $4.0
million, compared with $3.4 million for the same period of 2015 as a
result of timing of spending on internal development programs. General
and administrative expense for the first quarter of 2016 was $6.8
million, compared with $6.0 million for the same period in 2015 due to
costs associated with the OMT acquisition and non-cash stock-based
compensation expense.
Net income for the first quarter of 2016 was $6.6 million, or $0.30 per
diluted share, compared with net income for the first quarter of 2015 of
$0.8 million, or $0.04 per diluted share. Adjusted net income for the
first quarter of 2016 was $21.0 million, or $0.97 per diluted share,
compared with adjusted net income for the first quarter of 2015 of $6.9
million, or $0.33 per diluted share.
As of March 31, 2016, Ligand had cash, cash equivalents and short-term
investments of $113.2 million.
2016 Financial Forecast
Including the effects of the synthetic royalty acquisition from
CorMatrix, Ligand now expects 2016 total revenues to be between $115
million and $119 million. This guidance assumes approximately $1 million
of revenue from the CorMatrix assets in 2016. Ligand’s cash operating
expenses are not expected to change due to this transaction. In 2016,
adjusted EPS is projected to be in the range of $3.41 to $3.46, which
includes approximately $0.04 of incremental EPS contribution from the
acquisition.
For 2017, Ligand expects total revenues to exceed $160 million with
adjusted EPS of more than $5.03. This guidance assumes approximately $2
million of revenue from the CorMatrix assets in 2017, and approximately
$0.08 of incremental EPS contribution from the acquisition.
The adjusted earnings per diluted share guidance does not include
changes in contingent liabilities, mark-to-market adjustment for amounts
owed to licensors, non-cash stock-based compensation expense, non-cash
debt-related costs, pro-rata non-cash net losses of Viking Therapeutics,
non-cash amortization of acquired intangibles, non-cash tax expense and
unissued shares relating to the Senior Convertible Note.
First Quarter 2016 and Recent Business Highlights
Recent Acquisitions
-
Today Ligand announced the acquisition of economic rights to multiple
programs owned by CorMatrix. Ligand will pay $17.5 million and in
return will receive a portion of revenue (synthetic royalty) from
CorMatrix’s existing marketed products and will have the right to
receive future synthetic royalties from potential future products.
CorMatrix’s products are medical devices that are designed to permit
the development and regrowth of human tissue. This transaction will be
immediately accretive to Ligand and represents Ligand’s entry into the
field of medical devices.
-
In January 2016, Ligand acquired OMT, Inc. and its OmniAb™ platform
for consideration valued at the time of the acquisition at
approximately $178 million. OmniAb license agreements existing at the
time of acquisition initially added 16 shots on goal, with the
potential for additional compounds to be generated from these
partnerships. Partners at the time of acquisition included Amgen,
Celgene, Genmab, Janssen, Merck KGaA, Pfizer, Seattle Genetics, Five
Prime, Symphogen and various other biotechnology and pharmaceutical
companies.
Portfolio Program Progress
Promacta®/ Revolade®
-
The European Commission approved Revolade® (eltrombopag), a
Novartis product, for the treatment of pediatric (age 1 and above)
chronic immune (idiopathic) thrombocytopenic purpura (ITP) patients
who are refractory to other treatments (e.g., corticosteroids,
immunoglobulins). The approval includes the use of tablets as well as
a new oral suspension formulation of Revolade®, which is
designed for younger children who may not be able to swallow tablets.
Kyprolis® (carfilzomib), an
Amgen Product Utilizing Captisol
-
On January 21, 2016, Amgen announced that FDA approved Kyprolis® (carfilzomib)
in combination with dexamethasone for the treatment of patients with
relapsed or refractory multiple myeloma who have received one to three
lines of therapy. The FDA also approved Kyprolis® as a
single agent for the treatment of patients with relapsed or refractory
multiple myeloma who have received one or more lines of therapy,
converting to full approval the initial accelerated approval Kyprolis®
received in July 2012 as a single agent.
-
On January 28, 2016, Amgen announced Health Canada approval of Kyprolis®
(carfilzomib) in combination with lenalidomide and dexamethasone for
the treatment of patients with relapsed multiple myeloma who have
received one to three lines of therapy.
Additional Pipeline and Partner Developments
-
Spectrum Pharmaceuticals received FDA approval of EVOMELA™ (melphalan)
for use as a high-dose conditioning treatment prior to hematopoietic
progenitor (stem) cell transplantation in patients with multiple
myeloma, and for the palliative treatment of patients with multiple
myeloma for whom oral therapy is not appropriate.
-
Spectrum Pharmaceuticals announced that the FDA granted seven years of
Orphan Drug Exclusivity for EVOMELA™ for use as a high-dose
conditioning treatment prior to hematopoietic progenitor (stem) cell
transplantation in patients with multiple myeloma.
-
Duavive® received EU pricing and was launched
in Italy by Merck Sharp & Dohme, under license from Pfizer.
-
Alvogen Inc. received approval from the FDA for Captisol-enabled IV
voriconazole.
-
Zydus Cadila announced the launch of Vivitra™, a biosimilar of
trastuzumab, in India. Ligand gained rights to royalties on sales of
Vivitra in the March 2013 Selexis royalty acquisition.
-
Lundbeck announced the FDA accepted the resubmission of the NDA for IV
carbamazepine. An action letter is anticipated before the end of 2016.
-
Retrophin announced completion of enrollment in the Phase 2 DUET study
of Sparsentan for the treatment of focal segmental glomerulosclerosis
(FSGS). The DUET study exceeded its enrollment target of 100 patients,
and top-line results are expected in the third quarter of 2016.
-
Sage Therapeutics presented data that expanded scientific, clinical
and burden-of-illness data for SAGE-547 at the 68th
American Academy of Neurology Annual Meeting.
-
Coherus BioSciences and Baxalta announced that CHS-0214, a proposed
biosimilar of Enbrel® (etanercept) to which Ligand gained
royalty rights in the March 2013 Selexis royalty acquisition, met its
primary endpoint in a confirmatory, double-blind, randomized,
controlled, two-part clinical study. This ongoing study is evaluating
the efficacy and safety of CHS-0214 compared with Enbrel®
in patients with moderate-to-severe rheumatoid arthritis that is
inadequately controlled with methotrexate.
-
Viking Therapeutics highlighted positive data from a Phase 1b trial of
VK2809 (TR Beta) in subjects with mild hypercholesterolemia at the 65th
Annual Scientific Session and Expo of the American College of
Cardiology.
-
Merrimack Pharmaceuticals presented data on MM-302, MM-141 and MM-151
at the 2016 American Association for Cancer Research Annual Meeting.
-
Opthea Limited announced that the primary objective of safety in the
dose-escalation phase of its ongoing first-in-human clinical trial of
OPT-302, a novel VEGF-C/D 'Trap' therapy for wet age-related macular
degeneration, had been met.
-
Marinus Pharmaceuticals announced that the FDA granted Orphan Drug
designation for ganaxolone IV for the treatment of status epilepticus.
A Phase 1 clinical trial evaluating the safety, tolerability and
pharmacokinetics of ganaxolone IV is expected to initiate in the first
half of 2016.
-
Marinus Pharmaceuticals presented preclinical data of ganaxolone IV,
which showed robust activity in the model. The data were presented
during an oral and poster presentations at the 68th
American Academy of Neurology Annual Meeting.
-
AVEO Oncology announced granting CANbridge Life Sciences worldwide
rights, excluding the United States, Canada and Mexico, to AV-203,
AVEO’s clinical-stage ErbB3 (HER3) inhibitory antibody candidate.
-
The journal Nature published an article highlighting the
efficacy of Gilead’s GS-5734 against the Ebola virus in rhesus monkeys.
New Licensing Deals
-
Ligand announced a worldwide license agreement with Emergent
BioSolutions that allows Emergent to use the OmniAb platform to
discover fully human mono- and bispecific antibodies. Ligand is
eligible to receive annual access payments, fees on patent filings,
milestone payments and royalties on future net sales of any antibodies
discovered under the license.
-
Ligand announced a worldwide license agreement with Tizona
Therapeutics that allows Tizona to use the OmniAb platform to discover
fully human mono- and bispecific antibodies. Ligand is eligible to
receive annual access payments, fees on patent filings, milestone
payments and royalties on future net sales of any antibodies
discovered under the license.
-
Ligand announced a worldwide license agreement with ABBA Therapeutics
that allows ABBA to use the OmniAb platform to discover fully human
mono- and bispecific antibodies. Ligand is eligible to receive
milestone payments and royalties on future net sales of any antibodies
discovered under the license.
-
Ligand entered into a Clinical Use Agreement with XTL
Biopharmaceuticals to supply Captisol for use in the formulation of
its lead drug, hCDR1, for the treatment of systemic lupus
erythematosus. Under the terms of the agreement, Ligand is eligible to
receive milestones and revenue from clinical Captisol sales.
Internal Glucagon Receptor Antagonist (GRA) Program
-
Ligand scientists gave an oral presentation on GRA at ENDO 2016 and
presented a poster at the Levine-Riggs Diabetes Research Symposium,
which highlighted data from the Phase 1b trial demonstrating that GRA
significantly reduced fasting and post-prandial glucose in subjects
with type 2 diabetes.
Adjusted Financial Measures
The adjusted financial measures discussed above and in the tables below
for the three months ended March 31, 2016 and 2015 exclude stock-based
compensation expense, non-cash debt-related costs, non-cash tax expense,
changes in contingent liabilities, non-cash amortization of acquired
intangibles, non-cash pro-rata net losses of Viking Therapeutics, fair
value adjustments to Viking Therapeutics convertible note receivable,
mark-to-market adjustment for amounts owed to licensors and unissued
shares relating to the Senior Convertible Note.
Management has presented net income, net income per share, income from
continuing operations and income from continuing operations per share in
accordance with GAAP and on an adjusted basis. Ligand believes the
presentation of adjusted financial measures provides useful
supplementary information to investors and reflects amounts that are
more closely aligned with the cash profits for the period as the items
that are excluded from adjusted net income are all non-cash items.
Ligand uses these adjusted financial measures in connection with its own
budgeting and financial planning. These adjusted financial measures are
in addition to, and not a substitute for, or superior to, measures of
financial performance prepared in conformity with GAAP.
Conference Call
As previously announced, Ligand management will discuss this
announcement during a presentation at Deutsche Bank’s 41st
Annual Healthcare Conference today beginning at 1:30 p.m. Eastern time
(10:30 a.m. Pacific time). The live webcast and 30-day replay will be
available at www.ligand.com.
About Ligand Pharmaceuticals
Ligand is a biopharmaceutical company focused on developing or acquiring
technologies that help pharmaceutical companies discover and develop
medicines. Our business model creates value for stockholders by
providing a diversified portfolio of biotech and pharmaceutical product
revenue streams that are supported by an efficient and low corporate
cost structure. Our goal is to offer investors an opportunity to
participate in the promise of the biotech industry in a profitable,
diversified and lower-risk business than a typical biotech company. Our
business model is based on doing what we do best: drug discovery,
early-stage drug development, product reformulation and partnering. We
partner with other pharmaceutical companies to leverage what they do
best (late-stage development, regulatory management and
commercialization) to ultimately generate our revenue. Ligand’s Captisol®
platform technology is a patent-protected, chemically modified
cyclodextrin with a structure designed to optimize the solubility and
stability of drugs. OmniAb® is a patent-protected transgenic
animal platform used in the discovery of fully human mono- and
bispecific therapeutic antibodies. Ligand has established multiple
alliances, licenses and other business relationships with the world's
leading pharmaceutical companies including Novartis, Amgen, Merck,
Pfizer, Celgene, Gilead, Janssen, Baxter International and Eli Lilly.
Follow Ligand on Twitter @Ligand_LGND.
Forward-Looking Statements
This news release contains forward-looking statements by Ligand that
involve risks and uncertainties and reflect Ligand's judgment as of the
date of this release. Words such as “plans,” “believes,” “expects,”
“anticipates,” and “will,” and similar expressions, are intended to
identify forward-looking statements. These forward-looking statements
include, without limitation, statements regarding: Ligand’s future
revenue growth, Ligand's outlook for Captisol orders, the timing of the
initiation or completion of clinical trials by Ligand and its partners,
the timing of review of clinical data by the FDA, expected value
creation for shareholders and guidance regarding first half and
full-year 2016 financial results. Actual events or results may differ
from Ligand's expectations. For example, Ligand may not receive expected
revenue from material sales of Captisol, expected royalties on partnered
products and research and development milestone payments. Ligand and its
partners may not be able to timely or successfully advance any
product(s) in its internal or partnered pipeline. In addition, there can
be no assurance that Ligand will achieve its guidance for 2016 or any
portion thereof or beyond, that Ligand's 2016 revenues will be at the
levels or be broken down as currently anticipated, that Ligand will be
able to create future revenues and cash flows by developing innovative
therapeutics, that results of any clinical study will be timely,
favorable or confirmed by later studies, that products under development
by Ligand or its partners will receive regulatory approval, that there
will be a market for the product(s) if successfully developed and
approved, or that Ligand's partners will not terminate any of its
agreements or development or commercialization of any of its products.
Further, Ligand may not generate expected revenues under its existing
license agreements and may experience significant costs as the result of
potential delays under its supply agreements. Also, Ligand and its
partners may experience delays in the commencement, enrollment,
completion or analysis of clinical testing for its product candidates,
or significant issues regarding the adequacy of its clinical trial
designs or the execution of its clinical trials, which could result in
increased costs and delays, or limit Ligand's ability to obtain
regulatory approval. Further, unexpected adverse side effects or
inadequate therapeutic efficacy of Ligand's product(s) could delay or
prevent regulatory approval or commercialization. In addition, Ligand
may not be able to successfully implement its strategic growth plan and
continue the development of its proprietary programs. The failure to
meet expectations with respect to any of the foregoing matters may
reduce Ligand's stock price. Additional information concerning these and
other risk factors affecting Ligand can be found in prior press releases
available at www.ligand.com
as well as in Ligand's public periodic filings with the Securities and
Exchange Commission available at www.sec.gov.
Ligand disclaims any intent or obligation to update these
forward-looking statements beyond the date of this release. This caution
is made under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.
Other Disclaimers and Trademarks
The information in this press release regarding certain third-party
products and programs, including Promacta, a Novartis product and
Kyprolis, an Amgen product, comes from information publicly released by
the owners of such products and programs. Ligand is not responsible for,
and has no role in, the development of such products or programs.
Ligand owns or has rights to trademarks and copyrights that it uses in
connection with the operation of its business, including its corporate
name, logos and websites. Other trademarks and copyrights appearing in
this press release are the property of their respective owners. The
trademarks Ligand owns include Ligand®, Captisol® and OmniAb®.
Solely for convenience, some of the trademarks and copyrights referred
to in this press release are listed without the ®, © and ™ symbols, but
Ligand will assert, to the fullest extent under applicable law, its
rights to its trademarks and copyrights.
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LIGAND PHARMACEUTICALS, INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands)
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Three Months Ended March 31,
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2016
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2015
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Revenues:
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Royalties
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$
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14,390
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$
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10,287
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Material sales
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5,341
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|
|
|
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3,729
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License fees, milestones and other revenues
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9,917
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586
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Total revenues
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29,648
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14,602
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Operating costs and expenses:
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Cost of goods sold
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955
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1,074
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Amortization of intangibles
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2,524
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|
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594
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Research and development
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4,004
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3,368
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General and administrative
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6,825
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5,994
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Non-continuing expenses
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244
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223
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Total operating costs and expenses
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14,552
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11,253
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Income from operations
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15,096
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3,349
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Other expense:
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Other expense, net
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(2,614
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)
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(3,420
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)
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Increase in contingent liabilities
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(1,306
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)
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(3
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)
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Pro-rata non-cash net losses of Viking
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(1,605
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)
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—
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Total other expense, net
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(5,525
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)
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(3,423
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)
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Income (loss) before income taxes
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9,571
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(74
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)
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Income tax expense
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(3,694
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)
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(15
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)
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Income (loss) from continuing operations including noncontrolling
interests
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$
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5,877
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$
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(89
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)
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Discontinued operations:
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Gain on sale of Oncology Product Line, net of tax
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731
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—
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Net income (loss):
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$
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6,608
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$
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(89
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)
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Less: net loss attributable to noncontrolling interests
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—
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(843
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)
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Net income attributable to common
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$
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6,608
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$
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754
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Basic per share amounts:
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Income (loss) from continuing operations
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$
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0.28
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$
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0.04
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Discontinued operations
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0.04
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—
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Net income (loss)
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$
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0.32
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$
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0.04
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Diluted per share amounts:
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Income (loss) from continuing operations
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$
|
0.26
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$
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0.04
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Discontinued operations
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|
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0.03
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—
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Net income (loss)
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$
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0.30
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$
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0.04
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Weighted average number of common shares-basic
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20,708
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19,612
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Weighted average number of common shares-diluted
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22,284
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20,631
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LIGAND PHARMACEUTICALS, INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
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March 31, 2016
|
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|
December 31, 2015
|
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ASSETS
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|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and short-term investments
|
|
|
|
|
|
|
$
|
113,201
|
|
|
|
|
|
$
|
200,219
|
|
Accounts receivable, net
|
|
|
|
|
|
|
11,779
|
|
|
|
|
|
6,170
|
|
Note receivable from Viking
|
|
|
|
|
|
|
4,767
|
|
|
|
|
|
4,782
|
|
Inventory
|
|
|
|
|
|
|
1,750
|
|
|
|
|
|
1,633
|
|
Other current assets
|
|
|
|
|
|
|
1,562
|
|
|
|
|
|
1,908
|
|
Total current assets
|
|
|
|
|
|
|
133,059
|
|
|
|
|
|
214,712
|
|
Deferred income taxes
|
|
|
|
|
|
|
157,258
|
|
|
|
|
|
216,564
|
|
Goodwill and other identifiable intangible assets
|
|
|
|
|
|
|
285,820
|
|
|
|
|
|
60,585
|
|
Investment in Viking
|
|
|
|
|
|
|
28,118
|
|
|
|
|
|
29,728
|
|
Commercial license rights
|
|
|
|
|
|
|
8,546
|
|
|
|
|
|
8,554
|
|
Other assets
|
|
|
|
|
|
|
637
|
|
|
|
|
|
399
|
|
Total assets
|
|
|
|
|
|
|
$
|
613,438
|
|
|
|
|
|
$
|
530,542
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
|
|
|
|
$
|
6,955
|
|
|
|
|
|
$
|
10,422
|
|
Current portion of contingent liabilities
|
|
|
|
|
|
|
5,285
|
|
|
|
|
|
10,414
|
|
Total current liabilities
|
|
|
|
|
|
|
12,240
|
|
|
|
|
|
20,836
|
|
Long-term debt, net
|
|
|
|
|
|
|
204,653
|
|
|
|
|
|
201,985
|
|
Long-term portion of contingent liabilities
|
|
|
|
|
|
|
4,022
|
|
|
|
|
|
3,033
|
|
Other long-term liabilities
|
|
|
|
|
|
|
446
|
|
|
|
|
|
297
|
|
Total liabilities
|
|
|
|
|
|
|
221,361
|
|
|
|
|
|
226,151
|
|
Total Ligand Pharmaceuticals stockholders' equity
|
|
|
|
|
|
|
392,077
|
|
|
|
|
|
304,391
|
|
Total liabilities and stockholders' equity
|
|
|
|
|
|
|
$
|
613,438
|
|
|
|
|
|
$
|
530,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIGAND PHARMACEUTICALS INCORPORATED
ADJUSTED FINANCIAL MEASURES
(Unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31,
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
$
|
6,608
|
|
|
|
|
|
|
$
|
754
|
|
Non-cash stock-based compensation expense
|
|
|
|
|
|
|
|
4,118
|
|
|
|
|
|
|
2,914
|
|
Non-cash debt related costs
|
|
|
|
|
|
|
|
2,669
|
|
|
|
|
|
|
2,509
|
|
Amortization of intangibles related to OMT
|
|
|
|
|
|
|
|
1,930
|
|
|
|
|
|
|
—
|
|
Increase in contingent liabilities
|
|
|
|
|
|
|
|
1,306
|
|
|
|
|
|
|
3
|
|
Equity in net losses of Viking
|
|
|
|
|
|
|
|
1,605
|
|
|
|
|
|
|
—
|
|
Mark-to-market adjustment for investments owed to licensors
|
|
|
|
|
|
|
|
(220
|
)
|
|
|
|
|
|
699
|
|
Fair market value adjustment on Viking convertible note receivable
|
|
|
|
|
|
|
|
15
|
|
|
|
|
|
|
—
|
|
Non-cash tax expense, net
|
|
|
|
|
|
|
|
3,694
|
|
|
|
|
|
|
15
|
|
Discontinued operations, net of non-cash tax expense
|
|
|
|
|
|
|
|
(731
|
)
|
|
|
|
|
|
—
|
|
Adjusted net income
|
|
|
|
|
|
|
|
$
|
20,994
|
|
|
|
|
|
|
$
|
6,894
|
|
Diluted per-share amounts attributable to common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
$
|
0.30
|
|
|
|
|
|
|
$
|
0.04
|
|
Non-cash stock-based compensation expense
|
|
|
|
|
|
|
|
0.18
|
|
|
|
|
|
|
0.14
|
|
Non-cash debt related costs
|
|
|
|
|
|
|
|
0.12
|
|
|
|
|
|
|
0.12
|
|
Amortization of intangibles related to OMT
|
|
|
|
|
|
|
|
0.09
|
|
|
|
|
|
|
—
|
|
Increase in contingent liabilities
|
|
|
|
|
|
|
|
0.06
|
|
|
|
|
|
|
—
|
|
Equity in net losses of Viking
|
|
|
|
|
|
|
|
0.07
|
|
|
|
|
|
|
—
|
|
Mark-to-market adjustment for investments owed to licensors
|
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
0.03
|
|
Fair market value adjustment on Viking convertible note receivable
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
Non-cash tax expense, net
|
|
|
|
|
|
|
|
0.16
|
|
|
|
|
|
|
—
|
|
2019 Senior Convertible Notes share count adjustment
|
|
|
|
|
|
|
|
0.03
|
|
|
|
|
|
|
—
|
|
Discontinued operations, net of non-cash tax expense
|
|
|
|
|
|
|
|
(0.03
|
)
|
|
|
|
|
|
—
|
|
Adjusted net income
|
|
|
|
|
|
|
|
$
|
0.97
|
|
|
|
|
|
|
$
|
0.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP-Weighted average number of common shares-diluted
|
|
|
|
|
|
|
|
22,284
|
|
|
|
|
|
|
20,631
|
|
Less: 2019 Senior Convertible Notes share count adjustment
|
|
|
|
|
|
|
|
750
|
|
|
|
|
|
|
—
|
|
Adjusted weighted average number of common shares-diluted
|
|
|
|
|
|
|
|
21,534
|
|
|
|
|
|
|
20,631
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160504005652/en/
Ligand Pharmaceuticals Incorporated
Todd Pettingill
investors@ligand.com
(858)
550-7500
or
LHA
Bruce Voss
bvoss@lhai.com
(310)
691-7100
Source: Ligand Pharmaceuticals Incorporated
Released May 4, 2016