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Document And Entity Information
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6 Months Ended | |
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Jun. 30, 2011
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Aug. 01, 2011
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| Document And Entity Information [Abstract] | ||
| Document Type | 10-Q | |
| Amendment Flag | true | |
| Amendment Description | Ligand Pharmaceuticals Incorporated ("the Company") is filing this Amendment No. 1 ("Amended Form 10-Q") to its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011, which was originally filed with the Securities and Exchange Commission ("SEC") on August 8, 2011 (the "Original Form 10-Q") to restate the Company's unaudited condensed consolidated financial statements for the six-month period ended June 30, 2011 and amend related disclosures in Management's Discussion and Analysis as well as adding pro forma disclosures relating to the acquisition of CyDex Pharmaceuticals, Inc. The Original Form 10-Q included $0.7 million of general and administrative expenses for the six month period ended June 30, 2011, which represented acquisition-related costs that the Company paid on behalf of CyDex Pharmaceuticals, Inc. ("CyDex"). During the Company's 2011 year-end close procedures, the Company determined that these acquisition-related costs should have been recorded as a liability. As a result, the Company is filing this Amended Form 10-Q to amend Part 1. "Financial Statements" and Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations," to reflect the following: • General and administrative expenses for the six-month period ended June 30, 2011 have been reduced by $0.7 million to $7.3 million from $8.0 million; • Income tax benefit for the six-month period ended June 30, 2011 has been reduced by $0.2 million to $13.4 million from $13.6 million; • Income from continuing operations for the six-month period ended June 30, 2011 has been increased by $0.5 million to $9.1 million, or $0.46 per share, from $8.6 million, or $0.44 per share; and • Goodwill and other identifiable intangible assets at June 30, 2011 have been increased by $0.5 million to $75.7 million from $75.2 million. This Amended Form 10-Q also includes currently-dated certifications from the Company's Chief Executive Officer and Chief Financial Officer, as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002. The Company has not modified or updated disclosures presented in the Original Form 10-Q, except as required to specifically reflect the effects of the restatement in the Amended Form 10-Q. Accordingly, this Amended Form 10-Q does not reflect other events occurring after the Original Form 10-Q, nor does it modify or update those disclosures affected by other subsequent events. Information not affected by the restatement is unchanged and reflects the disclosures made at the time of the Original Form 10-Q. | |
| Entity Central Index Key | 0000886163 | |
| Entity Registrant Name | LIGAND PHARMACEUTICALS INC | |
| Current Fiscal Year End Date | --12-31 | |
| Document Period End Date | Jun. 30, 2011 | |
| Document Fiscal Year Focus | 2011 | |
| Document Fiscal Period Focus | Q2 | |
| Entity Filer Category | Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 19,673,100 |