Ligand Reports Fourth Quarter and Full Year 2021 Financial Results
Ligand Pharmaceuticals (NASDAQ: LGND) reported strong financial results for Q4 and the full year 2021, with total revenues of $72.5 million in Q4, up from $70.0 million in 2020, and $277.1 million for the year, a significant increase from $186.4 million in 2020. Royalties rose to $17.6 million in Q4, largely due to the Pelican platform. However, net income for Q4 was a loss of $5.0 million compared to a profit of $5.8 million the previous year. Ligand plans to spin off its OmniAb business, expected to generate substantial growth, and provided guidance for 2022 revenues of $147 million to $172 million.
- Total revenues for 2021 were $277.1 million, a 48.6% increase from $186.4 million in 2020.
- Fourth Quarter 2021 royalties increased to $17.6 million from $11.0 million in Q4 2020.
- OmniAb had a record year with nine antibodies entering clinical trials, including two receiving regulatory approval, and plans for a direct spin-off.
- Net loss for Q4 2021 was $(5.0) million, a decline from net income of $5.8 million in Q4 2020.
- Captisol sales in Q4 2021 fell to $35.4 million from $41.0 million in Q4 2020, attributed to lower demand for remdesivir.
Conference Call Begins at
“2021 was an outstanding year for Ligand, both operationally and financially. The execution by the team and the performance of the business throughout the past several months position us very well for a transformative 2022. Last year, we had the most substantial calendar of product and market approvals in Ligand's history, including five approvals of partners' drugs that were developed using Ligand's technology. Each of these approvals is a scientific and medical success, establishing important treatment options for patients in need,” said
“Notably, OmniAb continues to excel as a leading antibody discovery platform, and we have made good progress toward our goal of establishing the business as a separate public company. OmniAb had its most prolific year ever as nine antibodies derived from the platform recently into the clinic, including the first OmniChicken-derived antibody, and two antibodies received regulatory approval and we expect will begin generating royalties. We believe more than ever that OmniAb offers one of the industry’s leading antibody discovery platforms and that the business is primed for continued growth and success,” continued Higgins.
“In terms of the separation process, we initially outlined plans that favored pursuing an OmniAb IPO, while also evaluating other listing alternatives. We diligently explored those paths and engaged with dozens of high-quality investors. Both existing Ligand holders and potential new investors have shown strong interest in our plan to operate two independent public companies. Given our confidence in OmniAb’s ability to thrive as an independent publicly traded company, we have decided to pursue a direct spin-off that will result in the separation occurring in the soonest possible execution window as compared to other alternatives. Our plan now is for Ligand to directly fund the OmniAb business at the time of the spin-off. This strategy is intended to best serve our science and partners, and to maximize value for our shareholders,” he added.
Fourth Quarter 2021 Financial Results
Total revenues for the fourth quarter of 2021 were
Cost of Captisol was
Net loss for the fourth quarter of 2021 was
As of
Full Year 2021 Financial Results
Total revenues for 2021 were
Cost of Captisol was
Other operating income was
Net income for 2021 was
2022 Financial Guidance
Ligand is providing 2022 revenue guidance for the combined business as well as some information about revenue that is estimated to be attributable to the OmniAb business anticipating the spin-off later this year. Ligand expects 2022 royalties of
Update on the Separation Process
In
Fourth Quarter 2021 and Recent Business Highlights
OmniAb® Platform and Partner Updates
The OmniAb discovery platform provides Ligand’s pharmaceutical industry partners with access to diverse antibody repertoires and high-throughput screening technologies to enable discovery of next-generation therapeutics. At the heart of the OmniAb platform is the Biological Intelligence™ (BI) of our proprietary transgenic animals, including OmniRat, OmniChicken and OmniMouse that have been genetically modified to generate antibodies with human sequences to facilitate development of human therapeutic candidates. Over 55 partners have access to OmniAb-derived antibodies and more than 250 programs are being actively developed or commercialized. As of
In
Immunovant announced alignment with the FDA to initiate a Phase 3 trial for batoclimab in myasthenia gravis. Immunovant plans to start the Phase 3 study in the first half of this year, and also expects to initiate pivotal trials in two additional indications this year.
We expanded an existing collaboration and license agreement with GlaxoSmithKline (GSK) to leverage our Icagen Ion Channel Technology to target neurological diseases. We received an upfront payment of
We recently entered into new OmniAb platform licensing agreements with Paragon Therapeutics, LTZ Therapeutics, and Seismic Therapeutics.
Pelican Platform Updates
Merck announced
Jazz Pharmaceuticals announced submission of an sBLA to the FDA seeking approval for a Monday/Wednesday/Friday (M/W/F) intramuscular dosing schedule for Rylaze™, as a component of a multi-agent chemotherapeutic regimen for the treatment of acute lymphoblastic leukemia (ALL) and lymphoblastic lymphoma (LBL) in adult and pediatric patients one month of age and older who have developed hypersensitivity to E. coli-derived asparaginase. Jazz presented initial results at ASH from a Phase 2/3 study of Rylaze in adult and pediatric ALL and LBL patients showing Rylaze maintains a clinically meaningful level of asparaginase activity throughout the entire duration of treatment on a M/W/F dosing schedule.
Arcellx announced the pricing of a
Captisol
Amgen announced FDA approval of a new Kyprolis® combination regimen with DARZALEX FASPRO and dexamethasone for patients with multiple myeloma at first or subsequent relapse. Additionally, Amgen presented results from a Phase 1b study at ASH showing Captisol-enabled Kyprolis in combination with vincristine, dexamethasone, PEG-asparaginase and daunorubicin (VXLD) induction therapy showed promising efficacy in highly advanced relapsed/refractory pediatric ALL.
Gilead Sciences announced the FDA granted accelerated approval of a supplemental New Drug Application (NDA) for Veklury in non-hospitalized patients at high risk of disease progression.
Other
Travere Therapeutics announced plans to submit an NDA to the FDA for accelerated approval of sparsentan for IgA nephropathy in the first quarter of 2022 and for focal segmental glomerulosclerosis (FSGS) in mid-2022. Travere, in collaboration with its partner Vifor Pharma, plans to submit a combined IgA nephropathy and FSGS Marketing Authorization Application in mid-2022 for conditional marketing authorization in
Ligand provides regular updates on individual partner events through its Twitter account, @Ligand_LGND.
Adjusted Financial Measures
Ligand reports adjusted net income and adjusted net income per diluted share in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company’s financial measures under GAAP include share-based compensation expense, amortization of debt-related costs, amortization related to acquisitions and intangible assets, changes in contingent liabilities, mark-to-market adjustments for amounts relating to its equity investments in public companies, excess tax benefit from share-based compensation, transaction costs and others that are listed in the itemized reconciliations between GAAP and adjusted financial measures included at the end of this press release. Management has excluded the effects of these items in its adjusted measures to assist investors in analyzing and assessing the Company’s past and future core operating performance. Additionally, adjusted earnings per diluted share is a key component of the financial metrics utilized by the Company’s board of directors to measure, in part, management’s performance and determine significant elements of management’s compensation.
Conference Call
Ligand management will host a conference call today beginning at
About OmniAb®
The OmniAb discovery platform provides Ligand’s pharmaceutical industry partners with access to diverse antibody repertoires and high-throughput screening technologies to enable discovery of next-generation therapeutics. At the heart of the OmniAb platform is the Biological Intelligence (BI) of our proprietary transgenic animals, including OmniRat, OmniChicken and OmniMouse, which have been genetically modified to generate antibodies with human sequences to facilitate development of human therapeutic candidates. OmniFlic (transgenic rat) and OmniClic (transgenic chicken) address industry needs for bispecific antibody applications though a common light chain approach, and OmniTaur features unique structural attributes of cow antibodies for complex targets. OmniAb animals comprise the most diverse host systems available in the industry and they are optimally leveraged through computational antigen design and immunization methods, paired with high-throughput microfluidic-based single B cell screening and deep computational analysis of next-generation sequencing datasets to identify fully human antibodies with superior performance and developability characteristics. An established core competency focused on ion channels and transporters further differentiates our technology and creates opportunities to further leverage across modalities, including antibody-drug conjugates and others. The OmniAb suite of technologies and differentiating computational capabilities and BI features are combined to offer a highly efficient and customizable end-to-end solution for the growing discovery needs of the global pharmaceutical industry.
About Pelican Expression Technology™ Platform
Pelican is a robust, validated, cost-effective and scalable platform for recombinant protein production that is especially well-suited for complex, large-scale protein production where traditional systems are not. Multiple global manufacturers have demonstrated consistent success with the platform and the technology is currently out-licensed for numerous commercial and development-stage programs. The versatility of the platform has been demonstrated in the production of enzymes, peptides, antibody derivatives and engineered non-natural proteins. Partners seek the platform as it can contribute significant value to biopharmaceutical development programs by reducing development timelines and costs for manufacturing therapeutics and vaccines. Given pharmaceutical industry trends toward large molecules with increasing structural complexities, Pelican is well positioned to meet these growing needs as the most comprehensive broadly available protein production platform in the industry.
About Captisol®
Captisol is a patent-protected, chemically modified cyclodextrin with a structure designed to optimize the solubility and stability of drugs. Captisol was invented and initially developed by scientists in the laboratories of Dr.
About
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) ultimately to generate our revenue. Ligand’s OmniAb® technology platform is a patent-protected transgenic animal platform used in the discovery of fully human monoclonal and bispecific therapeutic antibodies. The Captisol® platform technology is a patent-protected, chemically modified cyclodextrin with a structure designed to optimize the solubility and stability of drugs. Ligand’s Pelican Expression Technology® is a robust, validated, cost-effective and scalable platform for recombinant protein production that is especially well-suited for complex, large-scale protein production where traditional systems are not. Ligand has established multiple alliances, licenses and other business relationships with the world’s leading pharmaceutical companies including Amgen, Merck, Pfizer, Sanofi, Janssen, Takeda,
Follow Ligand on Twitter @Ligand_LGND.
We use Twitter and our investor relations website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Investors should monitor our Twitter account and our website, in addition to following our press releases,
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 ability to advance its business model and drive growth; Ligand's plans to pursue a separation of the OmniAb business, including the structure of the separation, and their strategic focus and plans, and the potential to accelerate investment in OmniAb and drive value in each respective business; the tax impacts of the potential separation of the OmniAb separation; the timing of the initiation or completion of preclinical studies and clinical trials by Ligand and its partners; the potential opportunities for Ligand and its partners related to development of COVID-19 treatments; the timing of product launches by Ligand or its partners; and guidance regarding the full-year 2022 financial results, including amounts attributable to the OmniAb business. Actual events or results may differ from Ligand's expectations due to risks and uncertainties inherent in Ligand’s business, including, without limitation: Ligand may not receive expected revenue from royalties, Captisol material sales and license fees and milestone revenue; Ligand and its partners may not be able to timely or successfully advance any product(s) in its internal or partnered pipeline; Ligand may not achieve its guidance for 2022; Ligand may not be able to create future revenues and cash flows by developing innovative therapeutics; results of any clinical study may not be timely, favorable or confirmed by later studies; products under development by Ligand or its partners may not receive regulatory approval; the COVID-19 pandemic has disrupted Ligand’s and its partners’ business, including delaying manufacturing, preclinical studies and clinical trials and product sales, and impairing global economic activity, all of which could materially and adversely impact Ligand’s results of operations and financial condition; remdesivir may be later shown to not be effective or safe for the treatment of COVID-19 and could materially and adversely affect the commercial opportunity for remdesivir; alternative COVID-19 therapies or vaccines may be approved or the risk of coronavirus infection could significantly diminish, any of which could materially and adversely affect the commercial opportunity for remdesivir; Ligand is currently dependent on single source sole supplier for Captisol and failures by such supplier may result in delays or inability to meet the Captisol demands of its partners; there may not be a market for the product(s) even if successfully developed and approved; Ligand’s partners may not execute on their sales and marketing plans for marketed products for which Ligand has an economic interest; Ligand or its partners may not be able to protect their intellectual property and patents covering certain products and technologies may be challenged or invalidated; Ligand's partners may terminate any of its agreements or development or commercialization of any of its products; 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; 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; unexpected adverse side effects or inadequate therapeutic efficacy of Ligand's product(s) could delay or prevent regulatory approval or commercialization; challenges, costs and charges associated with integrating recently completed acquisitions with Ligand’s existing businesses; Ligand may not be able to successfully implement its strategic growth plan and continue the development of its proprietary programs; and ongoing or future litigation could expose Ligand to significant liabilities and have a material adverse effect on the company. In addition, there are significant risks and uncertainties relating to the potential separation of the OmniAb business, including, among others: the separation may not be completed in accordance with the expected plans or anticipated timeline or at all, and may not achieve the intended strategic, operational and financial benefits, and will involve significant time, expense and management attention, any of which could negatively impact Ligand’s business, financial condition and results of operations; the separation is subject to market, tax and legal considerations, final approval by Ligand’s board of directors and other customary requirements; and the announcement or pendency of the separation may have negative effects on relationships with Ligand’s employees, partners, suppliers, and other third parties or otherwise disrupt Ligand’s or the OmniAb business. 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
Other Disclaimers and Trademarks
The information in this press release regarding certain third-party products and programs, including Kyprolis, an Amgen product, EVOMELA, an
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®, OmniAb®, and Pelican Expression Technology™. 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.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share amounts) |
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Royalties |
$ |
17,551 |
|
|
$ |
11,045 |
|
|
$ |
48,927 |
|
|
$ |
33,796 |
|
Captisol |
|
35,375 |
|
|
|
40,993 |
|
|
|
164,250 |
|
|
|
109,959 |
|
Contract revenue |
|
19,547 |
|
|
|
17,952 |
|
|
|
63,956 |
|
|
|
42,664 |
|
Total revenues |
|
72,473 |
|
|
|
69,990 |
|
|
|
277,133 |
|
|
|
186,419 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of Captisol |
|
11,984 |
|
|
|
11,739 |
|
|
|
62,176 |
|
|
|
30,419 |
|
Amortization of intangibles |
|
11,776 |
|
|
|
12,157 |
|
|
|
47,167 |
|
|
|
23,442 |
|
Research and development |
|
18,243 |
|
|
|
21,916 |
|
|
|
69,012 |
|
|
|
59,392 |
|
General and administrative |
|
17,736 |
|
|
|
30,082 |
|
|
|
57,483 |
|
|
|
64,435 |
|
Other operating income |
|
— |
|
|
|
— |
|
|
|
(37,600 |
) |
|
|
— |
|
Total operating costs and expenses |
|
59,739 |
|
|
|
75,894 |
|
|
|
198,238 |
|
|
|
177,688 |
|
Gain from sale of Vernalis R&D |
|
— |
|
|
|
17,114 |
|
|
|
— |
|
|
|
17,114 |
|
Income from operations |
|
12,734 |
|
|
|
11,210 |
|
|
|
78,895 |
|
|
|
25,845 |
|
Gain (loss) from short-term investments |
|
(12,132 |
) |
|
|
210 |
|
|
|
(3,997 |
) |
|
|
(16,933 |
) |
Interest expense, net |
|
(4,284 |
) |
|
|
(6,002 |
) |
|
|
(18,740 |
) |
|
|
(19,342 |
) |
Other expense, net |
|
(3,344 |
) |
|
|
(2,048 |
) |
|
|
(8,860 |
) |
|
|
(108 |
) |
Total other expense, net |
|
(19,760 |
) |
|
|
(7,840 |
) |
|
|
(31,597 |
) |
|
|
(36,383 |
) |
Income (loss) before income taxes |
|
(7,026 |
) |
|
|
3,370 |
|
|
|
47,298 |
|
|
|
(10,538 |
) |
Income tax benefit |
|
2,058 |
|
|
|
2,391 |
|
|
|
10,288 |
|
|
|
7,553 |
|
Net income (loss): |
$ |
(4,968 |
) |
|
$ |
5,761 |
|
|
$ |
57,586 |
|
|
$ |
(2,985 |
) |
|
|
|
|
|
|
|
|
||||||||
Basic net income (loss) per share |
$ |
(0.30 |
) |
|
$ |
0.36 |
|
|
$ |
3.46 |
|
|
$ |
(0.18 |
) |
Shares used in basic per share calculation |
|
16,733 |
|
|
|
16,077 |
|
|
|
16,630 |
|
|
|
16,185 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted net income (loss) per share |
$ |
(0.30 |
) |
|
$ |
0.35 |
|
|
$ |
3.34 |
|
|
$ |
(0.18 |
) |
Shares used in diluted per share calculation |
|
16,733 |
|
|
|
16,684 |
|
|
|
17,246 |
|
|
|
16,185 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in thousands) |
|||||
|
|
|
|
||
Assets |
|
|
|
||
Current assets: |
|
|
|
||
Cash, cash equivalents and short-term investments |
$ |
341,108 |
|
$ |
411,186 |
Accounts receivable, net |
|
85,453 |
|
|
56,847 |
Inventory |
|
27,326 |
|
|
26,487 |
Income tax receivable |
|
6,193 |
|
|
2,217 |
Other current assets |
|
4,671 |
|
|
3,822 |
Total current assets |
|
464,751 |
|
|
500,559 |
|
|
|
|
||
Deferred income taxes, net |
|
35,525 |
|
|
24,320 |
|
|
734,996 |
|
|
784,992 |
Commercial license and other economic rights, net |
|
10,110 |
|
|
10,979 |
Operating lease right-of-use assets |
|
16,542 |
|
|
6,892 |
Finance lease |
|
16,207 |
|
|
15,842 |
Other assets |
|
23,252 |
|
|
18,701 |
Total assets |
$ |
1,301,383 |
|
$ |
1,362,285 |
|
|
|
|
||
Liabilities and Stockholders' Equity |
|
|
|
||
Current liabilities: |
|
|
|
||
Accounts payable and accrued liabilities |
|
28,035 |
|
|
24,199 |
Current contingent liabilities |
|
2,588 |
|
|
39,884 |
Current finance lease liabilities |
|
46 |
|
|
6,593 |
Deferred revenue |
|
10,996 |
|
|
29,435 |
Total current liabilities |
|
41,665 |
|
|
100,111 |
|
|
|
|
||
2023 convertible senior notes, net |
|
320,717 |
|
|
442,293 |
Long-term contingent liabilities |
|
8,483 |
|
|
9,249 |
Long-term operating lease liabilities |
|
15,494 |
|
|
5,643 |
Deferred income taxes, net |
|
62,419 |
|
|
64,598 |
Other long-term liabilities |
|
30,976 |
|
|
30,866 |
Total liabilities |
|
479,754 |
|
|
652,760 |
|
|
|
|
||
Total stockholders' equity |
|
821,629 |
|
|
709,525 |
Total liabilities and stockholders' equity |
$ |
1,301,383 |
|
$ |
1,362,285 |
ADJUSTED FINANCIAL MEASURES (Unaudited, in thousands, except per share amounts) |
|||||||||||||||
|
Three months ended
|
|
Year ended
|
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net (loss) income |
$ |
(4,968 |
) |
|
$ |
5,761 |
|
|
$ |
57,586 |
|
|
$ |
(2,985 |
) |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Non-cash share-based compensation expense |
|
10,408 |
|
|
|
9,974 |
|
|
|
38,783 |
|
|
|
30,727 |
|
Non-cash interest expense (1) |
|
3,828 |
|
|
|
5,334 |
|
|
|
16,692 |
|
|
|
23,077 |
|
Amortization related to acquisitions and intangible assets |
|
11,776 |
|
|
|
12,157 |
|
|
|
47,167 |
|
|
|
23,442 |
|
Amortization of commercial license and other economic rights (2) |
|
(72 |
) |
|
|
(145 |
) |
|
|
79 |
|
|
|
3,132 |
|
Change in contingent liabilities (3) |
|
2,415 |
|
|
|
1,362 |
|
|
|
(36,962 |
) |
|
|
978 |
|
Acquisition and integrations costs (4) |
|
105 |
|
|
|
16,898 |
|
|
|
472 |
|
|
|
21,854 |
|
Transaction costs (5) |
|
3,558 |
|
|
|
— |
|
|
|
3,702 |
|
|
|
— |
|
Gain from sale of Vernalis R&D |
|
— |
|
|
|
(17,114 |
) |
|
|
— |
|
|
|
(17,114 |
) |
Loss (gain) from short-term investments |
|
12,132 |
|
|
|
(210 |
) |
|
|
3,997 |
|
|
|
16,933 |
|
Realized gain from short-term investments |
|
907 |
|
|
|
143 |
|
|
|
6,647 |
|
|
|
904 |
|
Other (6) |
|
929 |
|
|
|
1,268 |
|
|
|
9,768 |
|
|
|
2,338 |
|
Income tax effect of adjusted reconciling items above |
|
(8,802 |
) |
|
|
(7,768 |
) |
|
|
(23,536 |
) |
|
|
(25,083 |
) |
Excess tax benefit from share-based compensation (7) |
|
(885 |
) |
|
|
(590 |
) |
|
|
(13,634 |
) |
|
|
(1,703 |
) |
Adjusted net income |
$ |
31,331 |
|
|
$ |
27,070 |
|
|
$ |
110,761 |
|
|
$ |
76,500 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted per-share amounts attributable to common shareholders: |
|
|
|
|
|
|
|
||||||||
Diluted net (loss) income per share |
$ |
(0.30 |
) |
|
$ |
0.35 |
|
|
$ |
3.34 |
|
|
$ |
(0.18 |
) |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Non-cash share-based compensation expense |
|
0.60 |
|
|
|
0.60 |
|
|
|
2.25 |
|
|
|
1.83 |
|
Non-cash interest expense (1) |
|
0.22 |
|
|
|
0.32 |
|
|
|
0.97 |
|
|
|
1.37 |
|
Amortization related to acquisitions and intangible assets |
|
0.68 |
|
|
|
0.73 |
|
|
|
2.73 |
|
|
|
1.39 |
|
Amortization of commercial license and other economic rights (2) |
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
0.19 |
|
Change in contingent liabilities (3) |
|
0.14 |
|
|
|
0.08 |
|
|
|
(2.14 |
) |
|
|
0.06 |
|
Acquisition and integrations costs (4) |
|
0.01 |
|
|
|
1.01 |
|
|
|
0.03 |
|
|
|
1.30 |
|
Transaction costs (5) |
|
0.20 |
|
|
|
— |
|
|
|
0.21 |
|
|
|
— |
|
Gain from sale of Vernalis R&D |
|
— |
|
|
|
(1.03 |
) |
|
|
— |
|
|
|
(1.02 |
) |
(Gain)/Loss from short-term investments |
|
0.70 |
|
|
|
(0.01 |
) |
|
|
0.23 |
|
|
|
1.01 |
|
Realized gain from short-term investments |
|
0.05 |
|
|
|
0.01 |
|
|
|
0.39 |
|
|
|
0.05 |
|
Other (6) |
|
0.05 |
|
|
|
0.08 |
|
|
|
0.57 |
|
|
|
0.15 |
|
Income tax effect of adjusted reconciling items above |
|
(0.50 |
) |
|
|
(0.47 |
) |
|
|
(1.37 |
) |
|
|
(1.49 |
) |
Excess tax benefit from share-based compensation (7) |
|
(0.05 |
) |
|
|
(0.04 |
) |
|
|
(0.79 |
) |
|
|
(0.10 |
) |
Adjusted diluted net income per share |
$ |
1.80 |
|
|
$ |
1.62 |
|
|
$ |
6.42 |
|
|
$ |
4.55 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP - weighted average number of common shares - diluted |
|
16,733 |
|
|
|
16,684 |
|
|
|
17,246 |
|
|
|
16,185 |
|
Add: shares excluded due to anti-dilutive effect on GAAP net loss |
|
688 |
|
|
|
— |
|
|
|
— |
|
|
|
640 |
|
Adjusted weighted average number of common shares - diluted |
|
17,421 |
|
|
|
16,684 |
|
|
|
17,246 |
|
|
|
16,825 |
|
(1) Amounts represent non-cash debt related costs that are calculated in accordance with the authoritative accounting guidance for convertible debt instruments that may be settled in cash. |
|||||||||||||||
(2) Amount represents the amortization of commercial license and other economic rights to revenue and research and development expenses. |
|||||||||||||||
(3) Amounts represent changes in fair value of contingent consideration related to |
|||||||||||||||
(4) Amounts represent severance costs, legal fees, and certain contract termination costs in connection with the acquisitions. |
|||||||||||||||
(5) Amounts represent incremental costs including primarily legal fees, accounting fees, and advisory fees incurred by Ligand during the process to split OmniAb into a standalone, publicly traded company. |
|||||||||||||||
(6) Amounts primarily relate to loss on debt extinguishment and adjustments associated with our equity investment in Nucorion. |
|||||||||||||||
(7) Excess tax benefits from share-based compensation are recorded as a discrete item within the provision for income taxes on the consolidated statements of operations as a result of the adoption of an accounting pronouncement (ASU 2016-09) on |
|||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220217005827/en/
investors@ligand.com
(858) 550-7766
Twitter: @Ligand_LGND
LHA Investor Relations
bvoss@lhai.com
(310) 691-7100
Source:
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