LGND - Ligand swings to Q1 profit but shares fall more than 6% after hours

Ligand Phaarmaceuticals (LGND) swung to a Q1 profit, helped by a ~48% year-over-year increase in sales of Captisol to $31.3M.The company said the boost in Capitol sales was in large part due to its use with Gilead's COVID-19 trteatment Veklury (remdesivir).Net income in Q1 was $18.1M ($1.05 per diluted share) compared with a net loss of $24.1M or $(1.46 per diluted share) for Q1 2020.Ligand beat EPS, but missed revenue estimates for the quarter.In the quarter, Ligand also received $4M in revenue payments for use of its OmniAb monoclonal antibody platform. The company also said it expects the first regulatory approvals for OmniAb-derived antibodies this year.Ligand shares are down 6.4% to $135.97 in after-hours trading.

For further details see:

Ligand swings to Q1 profit, but shares fall more than 6% after hours