Ligand Reports Fourth Quarter and Full Year 2022 Financial Results
Ligand Pharmaceuticals (NASDAQ: LGND) reported its financial results for Q4 and full-year 2022, noting total revenues of $50.4 million in Q4 compared to $56.4 million in 2021. Royalties increased to $22 million due to Pelican platform sales. However, core Captisol sales dropped to $3.3 million, and net loss from continuing operations was $14.5 million, or $0.86 per share. For 2023, Ligand raised its financial guidance, expecting total revenues of $120 to $124 million and adjusted EPS of $3.30 to $3.45. The company anticipates significant revenue growth while maintaining a lean cost structure following the spin-out of OmniAb, which occurred on November 1, 2022.
- 2023 revenue guidance increased to $120M-$124M from $118M-$122M.
- Royalties for 2023 expected to be between $74M-$78M, up from previous estimates.
- Adjusted EPS guidance raised to $3.30-$3.45, improving from prior estimates.
- 2022 total revenues decreased to $196.2 million from $241.5 million in 2021.
- Net loss from continuing operations was $5.2 million, compared to net income of $76.4 million in 2021.
- Core Captisol sales fell to $16.4 million in 2022, down from $23.4 million in 2021.
2023 Financial Guidance Raised
Conference Call Begins at
"2022 was a transformative year for Ligand, both operationally and financially. Following Ligand’s spin out of OmniAb, we believe we are well positioned to achieve significant revenue growth coupled with a lean cost structure," said
Fourth Quarter 2022 Financial Results
Total revenues for the fourth quarter of 2022 were
Cost of Captisol was
Net loss from continuing operations for the fourth quarter of 2022 was
As of
Full Year 2022 Financial Results
Total revenues for 2022 were
Cost of Captisol was
There was no other operating income for 2022. Other operating income was
Net loss from continuing operations for 2022 was
2023 Financial Guidance
Ligand is increasing 2023 financial guidance introduced at its Investor and Analyst Day held on
Fourth Quarter 2022 and Recent Business Highlights
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Arcellx initiated a Phase 1 study of ARCL-002 in acute myeloid leukemia and myelodysplastic syndromes. ARCL-002 utilizes the Pelican Expression Technology.
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, income tax affect of adjusted reconciling items and others that are listed in the itemized reconciliations between GAAP and adjusted financial measures included at the end of this press release. However, the Company does not provide reconciliations of such forward-looking adjusted measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including adjustments that could be made for changes in contingent liabilities, changes in the market value of its investments in public companies, share-based compensation expense and the effects of any discrete income tax items. 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 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 the 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 one of the most comprehensive broadly available protein production platforms in the industry.
About
Ligand is a biopharmaceutical company focused on funding, enabling and supporting clinical development that allows pharmaceutical companies to create high impact medicines. Ligand does this by licensing our platform technologies, providing project financing or both. 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 and diversified manner while mitigating the binary clinical risk associated with developing a single program. Our business model is based on funding mid to late-stage drug development in return for economic rights and licensing our technology platforms to help partners discover and develop medicines. We partner with other pharmaceutical companies to leverage what they do best (late-stage development, regulatory management and commercialization) ultimately to generate our revenue. Our Captisol platform technology is a chemically modified cyclodextrin with a structure designed to optimize the solubility and stability of drugs. For our Captisol partners, our team supplies our Captisol material needed for their programs. Our 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. We have established multiple alliances, licenses and other business relationships with the world’s leading pharmaceutical companies including Amgen, Merck, Pfizer, Jazz, Takeda, Gilead Sciences and Baxter International. For more information, please visit www.ligand.com.
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 achieve significant revenue growth; the timing of clinical and regulatory events of Ligand’s partners; the expansion of Ligand’s portfolio with life sciences royalty opportunities; the timing of the initiation or completion of preclinical studies and clinical trials by Ligand and its partners; the timing of product launches by Ligand or its partners; and guidance regarding the full-year 2023 financial results. 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 2023; 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 total addressable market for our partners’ products may be smaller than estimated; Ligand faces competition with respect to its technology platforms which may demonstrate greater market acceptance or superiority; 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; additional alternative COVID-19 therapies or vaccines may be approved, along with the risk of coronavirus infection continuing to diminish, any of which could materially and adversely affect the commercial opportunity for remdesivir; Gilead may develop an alternative formulation of remdesivir that does not incorporate Captisol or uses less Captisol in such formulation; Ligand is currently dependent on a 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’s and its partners’ products may not be proved to be safe and efficacious and may not perform as expected and uncertainty regarding the commercial performance of such products; Ligand relies on collaborative partners for milestone payments, royalties, materials revenue, contract payments and other revenue projections; 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 or its partners’ 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; risks associated with management changes; Ligand may not be able to successfully implement its strategic growth plan and continue the development of its proprietary programs; the COVID-19 pandemic and any future epidemic diseases could adversely impact the business of Ligand and its partners and impair global economic activity; changes in general economic conditions, including as a result of the war between
Other Disclaimers and Trademarks
The information in this press release regarding certain third-party products and programs, including Kyprolis, an Amgen product, Rylaze, a Jazz Pharmaceuticals product, FILSPARI, a Travere Therapeutics 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® 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 |
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenues: |
|
|
|
|
|
|
|
||||||||
Royalties |
$ |
22,019 |
|
|
$ |
17,551 |
|
|
$ |
72,527 |
|
|
$ |
48,927 |
|
Captisol - Core |
|
3,347 |
|
|
|
7,112 |
|
|
|
16,429 |
|
|
|
23,423 |
|
Captisol - COVID |
|
23,533 |
|
|
|
28,263 |
|
|
|
88,066 |
|
|
|
140,827 |
|
Contract revenue |
|
1,483 |
|
|
|
3,478 |
|
|
|
19,223 |
|
|
|
28,367 |
|
Total revenues |
|
50,382 |
|
|
|
56,404 |
|
|
|
196,245 |
|
|
|
241,544 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of Captisol |
|
21,614 |
|
|
|
11,984 |
|
|
|
52,827 |
|
|
|
62,176 |
|
Amortization of intangibles |
|
8,539 |
|
|
|
8,553 |
|
|
|
34,237 |
|
|
|
34,222 |
|
Research and development |
|
9,197 |
|
|
|
8,147 |
|
|
|
36,082 |
|
|
|
32,105 |
|
General and administrative |
|
31,131 |
|
|
|
12,596 |
|
|
|
70,062 |
|
|
|
46,790 |
|
Other operating income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(37,600 |
) |
Total operating costs and expenses |
|
70,481 |
|
|
|
41,280 |
|
|
|
193,208 |
|
|
|
137,693 |
|
Income from operations |
|
(20,099 |
) |
|
|
15,124 |
|
|
|
3,037 |
|
|
|
103,851 |
|
Gain (loss) from short-term investments |
|
44,248 |
|
|
|
(13,398 |
) |
|
|
28,540 |
|
|
|
(5,263 |
) |
Interest income (expense), net |
|
783 |
|
|
|
(4,283 |
) |
|
|
247 |
|
|
|
(18,733 |
) |
Other income (expense), net |
|
(792 |
) |
|
|
(1,589 |
) |
|
|
4,187 |
|
|
|
(7,650 |
) |
Total other income (expense), net |
|
44,239 |
|
|
|
(19,270 |
) |
|
|
32,974 |
|
|
|
(31,646 |
) |
Income (loss) before income taxes |
|
24,140 |
|
|
|
(4,146 |
) |
|
|
36,011 |
|
|
|
72,205 |
|
Income tax benefit (expense) |
|
(38,674 |
) |
|
|
952 |
|
|
|
(41,230 |
) |
|
|
4,148 |
|
Net income (loss) from continuing operations |
|
(14,534 |
) |
|
|
(3,194 |
) |
|
|
(5,219 |
) |
|
|
76,353 |
|
Net loss from discontinued operations |
|
(2,951 |
) |
|
|
(2,223 |
) |
|
|
(28,142 |
) |
|
|
(19,215 |
) |
Net income (loss): |
$ |
(17,485 |
) |
|
$ |
(5,417 |
) |
|
$ |
(33,361 |
) |
|
$ |
57,138 |
|
|
|
|
|
|
|
|
|
||||||||
Basic net income (loss) from continuing operations per share |
$ |
(0.86 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.31 |
) |
|
$ |
4.59 |
|
Basic net loss from discontinued operations per share |
$ |
(0.17 |
) |
|
$ |
(0.13 |
) |
|
$ |
(1.67 |
) |
|
$ |
(1.16 |
) |
Basic net income (loss) per share |
$ |
(1.04 |
) |
|
$ |
(0.32 |
) |
|
$ |
(1.98 |
) |
|
$ |
3.44 |
|
Shares used in basic per share calculation |
|
16,890 |
|
|
|
16,733 |
|
|
|
16,868 |
|
|
|
16,630 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted net income (loss) from continuing operations per share |
$ |
(0.86 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.31 |
) |
|
$ |
4.43 |
|
Diluted net loss from discontinued operations per share |
$ |
(0.17 |
) |
|
$ |
(0.13 |
) |
|
$ |
(1.67 |
) |
|
$ |
(1.11 |
) |
Diluted net income (loss) per share |
$ |
(1.04 |
) |
|
$ |
(0.32 |
) |
|
$ |
(1.98 |
) |
|
$ |
3.31 |
|
Shares used in diluted per share calculation |
|
16,890 |
|
|
|
16,733 |
|
|
|
16,868 |
|
|
|
17,246 |
|
|
|
|
|
|
|
|
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in thousands) |
|||||
|
|
|
|
||
Assets |
|
|
|
||
Current assets: |
|
|
|
||
Cash, cash equivalents and short-term investments |
$ |
211,870 |
|
$ |
341,108 |
Accounts receivable, net |
|
30,424 |
|
|
85,453 |
Inventory |
|
13,294 |
|
|
27,326 |
Income tax receivable |
|
4,614 |
|
|
6,193 |
Other current assets |
|
3,399 |
|
|
3,571 |
Current assets of discontinued operations |
|
— |
|
|
1,100 |
Total current assets |
|
263,601 |
|
|
464,751 |
|
|
|
|
||
Deferred income taxes, net |
|
8,530 |
|
|
35,729 |
|
|
448,128 |
|
|
482,364 |
Commercial license and other economic rights, net |
|
10,182 |
|
|
10,110 |
Operating lease right-of-use assets |
|
10,914 |
|
|
3,210 |
Finance lease |
|
4,095 |
|
|
16,201 |
Other assets |
|
17,218 |
|
|
14,442 |
Non-current assets of discontinued operations |
|
— |
|
|
270,783 |
Total assets |
$ |
762,668 |
|
$ |
1,297,590 |
|
|
|
|
||
Liabilities and Stockholders' Equity |
|
|
|
||
Current liabilities: |
|
|
|
||
Accounts payable and accrued liabilities |
$ |
20,988 |
|
$ |
25,982 |
Current contingent liabilities |
|
57 |
|
|
50 |
Current operating lease liabilities |
|
670 |
|
|
1,368 |
Current finance lease liabilities |
|
45 |
|
|
45 |
Deferred revenue |
|
355 |
|
|
654 |
2023 convertible senior notes, net |
|
76,695 |
|
|
— |
Current liabilities of discontinued operations |
|
— |
|
|
13,566 |
Total current liabilities |
|
98,810 |
|
|
41,665 |
|
|
|
|
||
2023 convertible senior notes, net |
|
— |
|
|
320,717 |
Long-term contingent liabilities |
|
3,456 |
|
|
3,657 |
Long-term operating lease liabilities |
|
10,336 |
|
|
2,256 |
Deferred income taxes, net |
|
30,615 |
|
|
30,856 |
Other long-term liabilities |
|
21,966 |
|
|
21,752 |
Non-current liabilities of discontinued operations |
|
— |
|
|
55,528 |
Total liabilities |
|
165,183 |
|
|
476,431 |
|
|
|
|
||
Total stockholders' equity |
|
597,485 |
|
|
821,159 |
Total liabilities and stockholders' equity |
$ |
762,668 |
|
$ |
1,297,590 |
ADJUSTED FINANCIAL MEASURES (Unaudited, in thousands, except per share amounts) |
|||||||||||||||
|
Three months ended
|
|
Year ended
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net income (loss) from continuing operations |
$ |
(14,534 |
) |
|
$ |
(3,194 |
) |
|
$ |
(5,219 |
) |
|
$ |
76,353 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Share-based compensation expense |
|
27,664 |
|
|
|
8,304 |
|
|
|
50,881 |
|
|
|
29,326 |
|
Finance lease impairment charge and other |
|
10,821 |
|
|
|
— |
|
|
|
10,821 |
|
|
|
— |
|
Non-cash interest expense (1) |
|
95 |
|
|
|
3,828 |
|
|
|
734 |
|
|
|
16,692 |
|
Amortization related to acquisitions and intangible assets |
|
8,539 |
|
|
|
8,553 |
|
|
|
34,237 |
|
|
|
34,222 |
|
Amortization of commercial license and other economic rights (2) |
|
(32 |
) |
|
|
(72 |
) |
|
|
(355 |
) |
|
|
79 |
|
Change in contingent liabilities (3) |
|
698 |
|
|
|
660 |
|
|
|
(144 |
) |
|
|
(38,170 |
) |
Acquisition and integrations costs (4) |
|
— |
|
|
|
105 |
|
|
|
— |
|
|
|
472 |
|
Loss (gain) from short-term investments |
|
(44,248 |
) |
|
|
13,398 |
|
|
|
(28,540 |
) |
|
|
5,263 |
|
Realized gain from short-term investments |
|
— |
|
|
|
1 |
|
|
|
(288 |
) |
|
|
5,382 |
|
Other (5) |
|
1,904 |
|
|
|
929 |
|
|
|
(34 |
) |
|
|
8,218 |
|
Income tax effect of adjusted reconciling items above |
|
8,093 |
|
|
|
(6,309 |
) |
|
|
(4,561 |
) |
|
|
(19,520 |
) |
Tax expense related to increase in valuation allowance (6) |
|
24,799 |
|
|
|
— |
|
|
|
24,799 |
|
|
|
— |
|
Excess tax benefit from share-based compensation (7) |
|
(267 |
) |
|
|
(706 |
) |
|
|
(138 |
) |
|
|
(10,309 |
) |
Adjusted net income from continuing operations |
$ |
23,532 |
|
|
$ |
25,497 |
|
|
$ |
82,193 |
|
|
$ |
108,008 |
|
Captisol - COVID gross profit, net of tax (8) |
|
(10,514 |
) |
|
|
(14,771 |
) |
|
|
(40,268 |
) |
|
|
(67,551 |
) |
Adjusted net income from continuing operations excluding Captisol - COVID |
$ |
13,018 |
|
|
$ |
10,726 |
|
|
$ |
41,925 |
|
|
$ |
40,457 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted per-share amounts attributable to common shareholders: |
|
|
|
|
|
|
|
||||||||
Diluted net income (loss) per share from continuing operations |
$ |
(0.86 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.31 |
) |
|
$ |
4.43 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Share-based compensation expense |
|
1.60 |
|
|
|
0.48 |
|
|
|
2.96 |
|
|
|
1.70 |
|
Finance lease impairment charge and other |
|
0.63 |
|
|
|
— |
|
|
|
0.63 |
|
|
|
— |
|
Non-cash interest expense (1) |
|
0.01 |
|
|
|
0.22 |
|
|
|
0.04 |
|
|
|
0.97 |
|
Amortization related to acquisitions and intangible assets |
|
0.49 |
|
|
|
0.49 |
|
|
|
1.99 |
|
|
|
1.98 |
|
Amortization of commercial license and other economic rights (2) |
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
Change in contingent liabilities (3) |
|
0.04 |
|
|
|
0.04 |
|
|
|
(0.01 |
) |
|
|
(2.21 |
) |
Acquisition and integrations costs (4) |
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.03 |
|
(Gain)/Loss from short-term investments |
|
(2.56 |
) |
|
|
0.77 |
|
|
|
(1.66 |
) |
|
|
0.31 |
|
Realized gain from short-term investments |
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
0.31 |
|
Other (5) |
|
0.10 |
|
|
|
0.05 |
|
|
|
0.01 |
|
|
|
0.48 |
|
Income tax effect of adjusted reconciling items above |
|
0.48 |
|
|
|
(0.36 |
) |
|
|
(0.27 |
) |
|
|
(1.13 |
) |
Tax expense related to increase in valuation allowance (6) |
|
1.44 |
|
|
|
— |
|
|
|
1.44 |
|
|
|
— |
|
Excess tax benefit from share-based compensation (7) |
|
(0.02 |
) |
|
|
(0.04 |
) |
|
|
(0.01 |
) |
|
|
(0.60 |
) |
Adjustment for shares excluded due to anti-dilution effect on GAAP net loss |
|
0.01 |
|
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
Adjusted diluted net income per share from continuing operations |
$ |
1.36 |
|
|
$ |
1.47 |
|
|
$ |
4.79 |
|
|
$ |
6.27 |
|
Captisol - COVID gross profit, net of tax (8) |
|
(0.61 |
) |
|
|
(0.85 |
) |
|
|
(2.35 |
) |
|
|
(3.92 |
) |
Adjusted diluted net income per share from continuing operations excluding Captisol - COVID |
$ |
0.75 |
|
|
$ |
0.62 |
|
|
$ |
2.44 |
|
|
$ |
2.35 |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
GAAP - weighted average number of common shares - diluted |
|
16,890 |
|
|
|
16,733 |
|
|
|
16,868 |
|
|
|
17,246 |
|
Shares excluded due to anti-dilutive effect on GAAP net loss (9) |
|
390 |
|
|
|
688 |
|
|
|
298 |
|
|
|
— |
|
Adjusted weighted average number of common shares - diluted |
|
17,280 |
|
|
|
17,421 |
|
|
|
17,166 |
|
|
|
17,246 |
|
(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) Amounts represent 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 primarily relate to restructuring costs, loss on debt extinguishment and adjustments associated with our equity investment in Nucorion. |
|||||||||||||||
(6) Amounts represent discrete tax expense related to the valuation allowance established during the fourth quarter of 2022 against deferred tax asset for |
|||||||||||||||
(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 |
|||||||||||||||
(8) Captisol - COVID gross profit, net of tax, represents gross profit, net of tax, for Captisol supplied for use in formulation with remdesivir, an antiviral treatment for COVID-19. Prior period adjusted net income and adjusted net income per diluted share amount have been adjusted to exclude the impact of COVID-related Captisol gross profit, net of tax, to conform to the current period presentation. Certain commission cost included in the general and administrative expenses that were related to the |
|||||||||||||||
(9) Excluding the impact from the adoption of accounting pronouncement (ASU 2020-06) on |
|||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20230222005940/en/
investors@ligand.com
(858) 550-7766
LHA Investor Relations
bvoss@lhai.com
(310) 691-7100
Source:
FAQ
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