Ligand Pharmaceuticals Inc. - LGND STOCK NEWS

Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) will report its fourth quarter 2022 financial results after U.S. markets close on February 22, 2023. A conference call will follow at 4:30 p.m. Eastern time, featuring CEO Todd Davis, President Matt Korenberg, and CFO Tavo Espinoza. The call will discuss financial results and provide updates on the business. Interested parties can participate via phone or webcast. Ligand focuses on funding and supporting clinical development through its technology platforms and partnerships with major pharmaceutical companies, creating diversified revenue streams for shareholders.

Ligand Pharmaceuticals (NASDAQ: LGND) announced that its partner Novan, Inc. (NASDAQ: NOVN) has submitted a New Drug Application (NDA) for berdazimer gel, 10.3%, targeting molluscum contagiosum. The FDA approval is anticipated in Q1 2024, pending acceptance of the filing. This gel may become the first FDA-approved treatment for this viral skin infection affecting around 6 million people in the U.S., predominantly children. If approved, Ligand could receive up to $20 million in milestone payments and royalties of 7-10% on future sales.

Ligand Pharmaceuticals (NASDAQ: LGND) held an Investor and Analyst Day to review its business model and growth drivers following the successful spin-off of its OmniAb unit. Management highlighted a diverse partnership portfolio and a robust capital deployment strategy, emphasizing M&A opportunities in current market conditions. Key financial guidance for 2023 includes projected core revenue of $118 million to $122 million and adjusted diluted EPS of $3.10 to $3.30. The company anticipates significant non-dilutive capital from Captisol sales related to COVID-19.

Ligand Pharmaceuticals (NASDAQ: LGND) announces John Higgins is retiring as CEO, effective immediately, with Todd C. Davis appointed as his successor. Higgins will remain on the board until December 31, 2022. Under Higgins' leadership, Ligand transitioned to a royalty-based model, now boasting nearly 150 partnered drugs. Davis, with extensive experience in biopharmaceuticals and a successful track record in royalty transactions, aims to enhance shareholder value and oversee strategic growth. An Investor and Analyst Day is scheduled for December 13, 2022, to discuss future plans.

Ligand Pharmaceuticals (NASDAQ: LGND) will host an Investor and Analyst Day on December 13, 2022, from 11:00 a.m. to 12:30 p.m. Eastern time in New York. The event will feature key executives including CEO John Higgins and CFO Tavo Espinoza. Topics will cover Ligand's business model, financial outlook, and technology platforms. A live webcast will also be available. Ligand is focused on developing technologies to support pharmaceutical companies, leveraging a diversified portfolio to reduce risks and enhance shareholder value.

Ligand Pharmaceuticals (LGND) reported $66.1 million in Q3 2022 revenue, a slight increase from $64.8 million a year prior. Royalty revenue rose 27% to $19.8 million, driven by Kyprolis, Rylaze, and Teriparatide. However, net income fell to $0.4 million ($0.02 per share) from $13.7 million ($0.80 per share) year-over-year. The company increased its 2022 revenue guidance to $184-$189 million, up from $133-$146 million. A significant focus is on the recent spin-off of the OmniAb business, which will impact future reporting. Ligand's cash reserves totaled $121.4 million as of September 30, 2022.

Ligand Pharmaceuticals has completed the spin-off of its OmniAb antibody discovery business, now known as OmniAb, Inc., which will begin trading on NASDAQ under the symbol 'OABI' from November 2, 2022. Ligand continues under the ticker 'LGND'. CEO John Higgins emphasized Ligand's focus on financial growth and highlighted a diversified portfolio of royalty revenues and late-stage programs. Executive updates include Matt Korenberg promoted to President and COO, Tavo Espinoza as CFO, and Andrew Reardon as Chief Legal Officer. Ligand will relocate its headquarters to Las Vegas, Nevada.

Ligand Pharmaceuticals has completed a tax-free distribution of its subsidiary OmniAb, distributing 4.90007 shares of OmniAb and 0.75842 earnout shares for each share of LGND held by shareholders as of October 26, 2022. Trading of OmniAb shares under the ticker symbol OABI will commence on November 2, 2022. The earnout shares will vest based on specific trading price milestones over five years, linked to share performance above $12.50 and $15.00. Ligand shareholders now own 85% of OmniAb's outstanding shares.

Ligand Pharmaceuticals (NASDAQ: LGND) is set to announce its third quarter 2022 financial results after the U.S. markets close on November 7, 2022. A conference call will occur at 4:30 PM Eastern Time, featuring key executives including CEO John Higgins and CFO Tavo Espinoza. The conference will also provide insights into Ligand's business developments. Investors can join the call via dial-in or through a webcast.