Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

Segment Reporting
3 Months Ended
Mar. 31, 2012
Segment Reporting [Abstract]  
Segment Reporting

6. Segment Reporting

Under Accounting Standards Codification No. 280, “Segment Reporting”, or ASC 280, operating segments are defined as components of an enterprise about which separate financial information is available that is regularly evaluated by the entity’s chief operating decision maker, in deciding how to allocate resources and in assessing performance. The Company has evaluated this Codification and has identified two reportable segments: the development and commercialization of drugs using CAPTISOL technology by the recently acquired CyDex Pharmaceuticals, Inc. and the traditional biotech operations including drug discovery and development of Ligand Pharmaceuticals, Inc. We evaluate performance based on the operating profit (loss) of the respective business segments. The segment results may not represent actual results that would be expected if they were independent, stand-alone businesses. Segment information was as follows:


     Ligand     CyDex     Total  
    (Restated)     (Restated)     (Restated)  

For the three months Ended March 31, 2012:


Net revenues from external customers

  $ 4,101     $ 1,535     $ 5,636  

Operating profit (loss)

    (314     (451     (765

Depreciation and amortization expense

    72       606       678  

Income tax expense (benefit) from continuing operations

    (35     —         (35

Income tax expense from discontinuing operations

    177               177  

Interest expense

    792       —         792  


    78,728       31,303       110,031