LGND - Ligand Pharmaceuticals Non-GAAP EPS of $0.41 misses by $0.02 revenue of $66.09M beats by $27.76M

• Ligand Pharmaceuticals press release ( NASDAQ: LGND ): Q3 Non-GAAP EPS of $0.41 misses by $0.02 .
• Revenue of $66.09M (-4.0% Y/Y) beats by $27.76M .
• Ligand repurchased $38.6 million in principal amount of its 2023 Notes for $37.7 million in cash during the third quarter of 2022. $76.9 million in principal amount of the 2023 Notes were outstanding as of September 30, 2022 and will mature in May 2023.
• As of September 30, 2022, Ligand had cash, cash equivalents and short-term investments of $121.4 million.
• 2022 Guidance: We now expect total revenue of $184 million to $189 million, compared to previous guidance of $133 million to $146 million. Ligand now expects 2022 royalties of $66 million to $69 million, Captisol sales of approximately $100 million and contract revenue of $18 million to $20 million. Of the $100 million of expected Captisol sales, Ligand expects approximately $15 million to be attributable to core Captisol sales, and the balance to be attributable to treatments for COVID-19. Excluding COVID-related Captisol sales, Ligand expects revenue to be $99 million to $104 million and adjusted earnings per diluted share to be $2.05 to $2.20. Ligand expects the contribution from COVID-related Captisol sales to be approximately $2.25 per diluted share, resulting in a total company adjusted earnings per diluted share of $4.30 to $4.45.

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