The following is a summary of the Ligand Pharmaceuticals Incorporated (LGND) Q1 2024 Earnings Call Transcript:
Financial Performance:
Ligand Pharmaceuticals reported a Q1 2024 revenue of $31 million compared to $44 million in Q1 2023, largely attributed to a $15 million milestone earned in Q1 2023.
Q1 2024 royalty revenue increased 8% to $19.1 million from $17.6 million in Q1 2023, driven by strength in FILSPARI, Rylaze, Kyprolis, and Vaxneuvance.
Captisol sales were $9.2 million, a drop from $10.6 million in Q1 2023.
Ligand reported a GAAP net income from continuing operations in Q1 2024 of $86.1 million compared to $43.6 million in the prior year's quarter.
The company reaffirmed its 2024 financial guidance with royalty revenue in the range of $90-95 million and Captisol sales in the range of $25-27 million.
They predict a compound annual growth rate of over 20% in royalty revenue and over 25% in adjusted EPS over the next five years.
Business Progress:
Ligand announced Pelthos Therapeutics' establishment to commercially offer ZELSUVMI by year-end.
The FDA approved ZELSUVMI, a first-in-class medication for molluscum contagiosum treatment.
Key 2024 catalysts include potential FDA approval of Merck's V116 and Verona's Ensifentrine.
Agenus partnership involving a $75 million upfront investment was announced, significantly boosting Ligand's portfolio exposure to immuno-oncology.
The FDA granted Travere priority review for FILSPARI, with expected PDUFA date in September 2024.
Verona Pharma prepares for ensifentrine's launch following potential approval in June.
Ligand is exploring strategic partnerships and considering spinning out its Pathios business.
More details: Ligand Pharmaceuticals IR
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