Ligand Reports Fourth Quarter and Full Year 2023 Financial Results
Conference Call and Webcast at
“2023 was a transformative year for Ligand, both operationally and financially. We refocused the company to be a lean-infrastructure, high-margin business,” said
Fourth Quarter 2023 Financial Results
Total revenues for the fourth quarter of 2023 were
Costs of Captisol sales were
Net income from continuing operations for the fourth quarter of 2023 was
As of
Full Year 2023 Financial Results
Total revenues for 2023 were
Cost of Captisol sales were
In
Net income from continuing operations for 2023 was
2024 Financial Guidance
Ligand is reaffirming 2024 financial guidance introduced at its Investor and Analyst Day held on
Fourth Quarter 2023 and Recent Business Highlights
On
Travere also announced fourth quarter 2023 results reporting that it received 459 new patient start forms for FILSPARI in the fourth quarter of 2023 and net product sales of
Eisai Co., Ltd. has obtained marketing authorization approval from the
Palvella Therapeutics (private) announced that the FDA has granted Breakthrough Therapy Designation to QTORIN rapamycin™ for the treatment of microcystic lymphatic malformations (Microcystic LMs). Microcystic LMs is a chronically debilitating and lifelong genetic disease affecting an estimated more than 30,000 patients in the
In November,
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 and webcast today beginning at
About
Ligand is a biopharmaceutical company enabling scientific advancement through supporting the clinical development of high-value medicines. Ligand does this by providing financing, licensing our technologies or both. Our business model seeks to generate value for stockholders by creating 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. Our business model is based on funding programs in mid- to late-stage drug development in return for economic rights and licensing our technology to help partners discover and develop medicines. We partner with other pharmaceutical companies to attempt to leverage what they do best (late-stage development, regulatory management and commercialization) in order 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. We have established multiple alliances, licenses and other business relationships with the world’s leading pharmaceutical companies including Amgen,
We use our investor relations website and X as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Investors should monitor our website and our X account, 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 expand its portfolio with life sciences royalty opportunities; the timing of clinical and regulatory events of Ligand’s partners; 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 2024 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 relies on collaborative partners for milestone payments, royalties, materials revenue, contract payments and other revenue projections and may not receive expected revenue; Ligand may not receive expected revenue from Captisol material sales; Ligand and its partners may not be able to timely or successfully advance any product(s) in its internal or partnered pipeline or receive regulatory approval and there may not be a market for the product(s) even if successfully developed and approved; Ligand may not achieve its guidance for 2024; Ligand faces competition in acquiring royalties and locating suitable royalties to acquire; Ligand may not be able to create future revenues and cash flows through the acquisition of royalties or by developing innovative therapeutics; 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; 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; Ligand’s partners may change their development focus and 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 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 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, challenges, costs and charges associated with integrating acquisitions with Ligand’s existing businesses; Ligand may not be able to successfully commercialize Novan's berdazimer program and may not be able to outlicense or sell Novan's programs or assets; Ligand may not be able to successfully implement its strategic growth plan and continue the development of its proprietary programs; restrictions under Ligand's credit agreement may limit its flexibility in operating its business and a default under the agreement could result in a foreclosure of the collateral securing such obligations; changes in general economic conditions, including as a result of war, conflict or epidemic diseases and ongoing or future litigation could expose Ligand to significant liabilities and have a material adverse effect on the company. 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 V116, a
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 ZELSUVMI, a Novan product. 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 |
|||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||||||
Revenues: |
|
|
|
|
|
|
|
|||||||||
Royalties |
$ |
22,463 |
|
|
$ |
22,019 |
|
|
$ |
83,910 |
|
|
$ |
72,527 |
|
|
Captisol - Core |
|
3,922 |
|
|
|
3,347 |
|
|
|
28,372 |
|
|
|
16,429 |
|
|
Captisol - COVID |
|
— |
|
|
|
23,533 |
|
|
|
— |
|
|
|
88,066 |
|
|
Contract revenue |
|
1,716 |
|
|
|
1,483 |
|
|
|
19,032 |
|
|
|
19,223 |
|
|
Total revenues |
|
28,101 |
|
|
|
50,382 |
|
|
|
131,314 |
|
|
|
196,245 |
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|||||||||
Cost of Captisol |
|
1,641 |
|
|
|
21,614 |
|
|
|
10,512 |
|
|
|
52,827 |
|
|
Amortization of intangibles |
|
8,338 |
|
|
|
8,539 |
|
|
|
33,654 |
|
|
|
34,237 |
|
|
Research and development |
|
5,488 |
|
|
|
9,197 |
|
|
|
24,537 |
|
|
|
36,082 |
|
|
General and administrative |
|
15,992 |
|
|
|
31,131 |
|
|
|
52,790 |
|
|
|
70,062 |
|
|
Total operating costs and expenses |
|
31,459 |
|
|
|
70,481 |
|
|
|
121,493 |
|
|
|
193,208 |
|
|
Gain on sale of Pelican |
|
— |
|
|
|
— |
|
|
|
(2,121 |
) |
|
|
— |
|
|
(Loss) income from operations |
|
(3,358 |
) |
|
|
(20,099 |
) |
|
|
11,942 |
|
|
|
3,037 |
|
|
Gain from short-term investments |
|
16,025 |
|
|
|
44,248 |
|
|
|
46,365 |
|
|
|
28,540 |
|
|
Interest income, net |
|
1,562 |
|
|
|
783 |
|
|
|
7,055 |
|
|
|
247 |
|
|
Gain on derivative instruments |
|
250 |
|
|
|
— |
|
|
|
250 |
|
|
|
— |
|
|
Other income (expense), net |
|
2,618 |
|
|
|
(792 |
) |
|
|
(1,952 |
) |
|
|
4,187 |
|
|
Total other income, net |
|
20,455 |
|
|
|
44,239 |
|
|
|
51,718 |
|
|
|
32,974 |
|
|
Income before income taxes |
|
17,097 |
|
|
|
24,140 |
|
|
|
63,660 |
|
|
|
36,011 |
|
|
Income tax benefit (expense) |
|
1,091 |
|
|
|
(38,674 |
) |
|
|
(9,841 |
) |
|
|
(41,230 |
) |
|
Net income (loss) from continuing operations |
|
18,188 |
|
|
|
(14,534 |
) |
|
|
53,819 |
|
|
|
(5,219 |
) |
|
Net loss from discontinued operations |
|
— |
|
|
|
(2,951 |
) |
|
|
(1,665 |
) |
|
|
(28,142 |
) |
|
Net income (loss): |
$ |
18,188 |
|
|
$ |
(17,485 |
) |
|
$ |
52,154 |
|
|
$ |
(33,361 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Basic net income (loss) from continuing operations per share |
$ |
1.04 |
|
|
$ |
(0.86 |
) |
|
$ |
3.11 |
|
|
$ |
(0.31 |
) |
|
Basic net loss from discontinued operations per share |
$ |
— |
|
|
$ |
(0.17 |
) |
|
$ |
(0.10 |
) |
|
$ |
(1.67 |
) |
|
Basic net income (loss) per share |
$ |
1.04 |
|
|
$ |
(1.04 |
) |
|
$ |
3.02 |
|
|
$ |
(1.98 |
) |
|
Shares used in basic per share calculation |
|
17,466 |
|
|
|
16,890 |
|
|
|
17,298 |
|
|
|
16,868 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Diluted net income (loss) from continuing operations per share |
$ |
1.03 |
|
|
$ |
(0.86 |
) |
|
$ |
3.03 |
|
|
$ |
(0.31 |
) |
|
Diluted net loss from discontinued operations per share |
$ |
— |
|
|
$ |
(0.17 |
) |
|
$ |
(0.09 |
) |
|
$ |
(1.67 |
) |
|
Diluted net income (loss) per share |
$ |
1.03 |
|
|
$ |
(1.04 |
) |
|
$ |
2.94 |
|
|
$ |
(1.98 |
) |
|
Shares used in diluted per share calculation |
|
17,676 |
|
|
|
16,890 |
|
|
|
17,757 |
|
|
|
16,868 |
|
|
|
|
|
|
|
|
|
|
|
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(unaudited, in thousands) |
||||||
|
|
|
|
|||
Assets |
|
|
|
|||
Current assets: |
|
|
|
|||
Cash and cash equivalents |
$ |
22,954 |
|
$ |
45,006 |
|
Short-term investments |
|
147,355 |
|
|
166,864 |
|
Accounts receivable, net |
|
32,917 |
|
|
30,424 |
|
Inventory |
|
23,969 |
|
|
13,294 |
|
Income tax receivable |
|
6,395 |
|
|
4,614 |
|
Prepaid expenses |
|
1,182 |
|
|
1,132 |
|
Other current assets |
|
2,657 |
|
|
2,267 |
|
Total current assets |
|
237,429 |
|
|
263,601 |
|
|
|
|
|
|||
Deferred income taxes, net |
|
46,062 |
|
|
8,530 |
|
|
|
402,976 |
|
|
448,128 |
|
Commercial license and other economic rights, net |
|
67,291 |
|
|
10,182 |
|
Operating lease right-of-use assets |
|
6,062 |
|
|
10,914 |
|
Finance lease |
|
3,393 |
|
|
4,095 |
|
Equity method investment in |
|
12,595 |
|
|
— |
|
Other investments |
|
35,726 |
|
|
3,000 |
|
Other assets |
|
21,530 |
|
|
14,218 |
|
Total assets |
$ |
833,064 |
|
$ |
762,668 |
|
|
|
|
|
|||
Liabilities and Stockholders' Equity |
|
|
|
|||
Current liabilities: |
|
|
|
|||
Accounts payable and accrued liabilities |
$ |
14,894 |
|
$ |
20,988 |
|
Current contingent liabilities |
|
256 |
|
|
57 |
|
Current operating lease liabilities |
|
403 |
|
|
670 |
|
Current finance lease liabilities |
|
7 |
|
|
45 |
|
Deferred revenue |
|
1,222 |
|
|
355 |
|
2023 convertible senior notes, net |
|
— |
|
|
76,695 |
|
Total current liabilities |
|
16,782 |
|
|
98,810 |
|
|
|
|
|
|||
Long-term contingent liabilities |
|
2,942 |
|
|
3,456 |
|
Long-term operating lease liabilities |
|
5,755 |
|
|
10,336 |
|
Long-term deferred revenue |
|
1,444 |
|
|
44 |
|
Deferred income taxes, net |
|
77,470 |
|
|
30,615 |
|
Other long-term liabilities |
|
27,758 |
|
|
21,922 |
|
Total liabilities |
|
132,151 |
|
|
165,183 |
|
|
|
|
|
|||
Total stockholders' equity |
|
700,913 |
|
|
597,485 |
|
Total liabilities and stockholders' equity |
$ |
833,064 |
|
$ |
762,668 |
|
||||||||||||||||
ADJUSTED FINANCIAL MEASURES |
||||||||||||||||
(Unaudited, in thousands, except per share amounts) |
||||||||||||||||
|
|
|
|
|||||||||||||
|
Three months ended |
|
Year ended
|
|||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income (loss) from continuing operations |
$ |
18,188 |
|
|
$ |
(14,534 |
) |
|
$ |
53,819 |
|
|
$ |
(5,219 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|||||||||
Share-based compensation expense |
|
5,721 |
|
|
|
27,664 |
|
|
|
25,743 |
|
|
|
50,881 |
|
|
Finance lease impairment charge and other |
|
— |
|
|
|
10,821 |
|
|
|
— |
|
|
|
10,821 |
|
|
Non-cash interest expense (1) |
|
81 |
|
|
|
95 |
|
|
|
240 |
|
|
|
734 |
|
|
Amortization related to acquisitions and intangible assets |
|
8,338 |
|
|
|
8,539 |
|
|
|
33,654 |
|
|
|
34,237 |
|
|
Amortization of commercial license and other economic rights (2) |
|
(23 |
) |
|
|
(32 |
) |
|
|
(1,049 |
) |
|
|
(355 |
) |
|
Change in contingent liabilities (3) |
|
(397 |
) |
|
|
698 |
|
|
|
(265 |
) |
|
|
(144 |
) |
|
Novan operating loss |
|
5,183 |
|
|
|
— |
|
|
|
5,520 |
|
|
|
— |
|
|
Transaction costs |
|
(210 |
) |
|
|
— |
|
|
|
3,078 |
|
|
|
— |
|
|
Gain from short-term investments |
|
(16,025 |
) |
|
|
(44,248 |
) |
|
|
(46,365 |
) |
|
|
(28,540 |
) |
|
Realized gain (loss) from short-term investments |
|
7,180 |
|
|
|
— |
|
|
|
44,377 |
|
|
|
(288 |
) |
|
Gain on sale of Pelican |
|
— |
|
|
|
— |
|
|
|
(2,121 |
) |
|
|
— |
|
|
Credit losses and impairment charges for commercial license rights |
|
405 |
|
|
|
— |
|
|
|
4,519 |
|
|
|
— |
|
|
Loss from equity method investment in |
|
1,761 |
|
|
|
|
|
1,829 |
|
|
|
|||||
Other (4) |
|
(156 |
) |
|
|
1,904 |
|
|
|
530 |
|
|
|
(34 |
) |
|
Income tax effect of adjusted reconciling items above |
|
816 |
|
|
|
8,093 |
|
|
|
(9,144 |
) |
|
|
(4,561 |
) |
|
Tax benefit related to decrease in unrecognized tax benefits (5) |
|
(7,206 |
) |
|
|
— |
|
|
|
(7,206 |
) |
|
|
— |
|
|
Tax expense related to increase in valuation allowance (6) |
|
— |
|
|
|
24,799 |
|
|
|
— |
|
|
|
24,799 |
|
|
Excess tax benefit (shortfall) from share-based compensation (7) |
|
757 |
|
|
|
(267 |
) |
|
|
228 |
|
|
|
(138 |
) |
|
Adjusted net income from continuing operations |
$ |
24,413 |
|
|
$ |
23,532 |
|
|
$ |
107,387 |
|
|
$ |
82,193 |
|
|
Realized gains from sales of VKTX stock, net of tax |
|
(5,780 |
) |
|
|
— |
|
|
|
(35,720 |
) |
|
|
— |
|
|
Captisol - COVID gross profit, net of tax (8) |
|
— |
|
|
|
(10,514 |
) |
|
|
— |
|
|
|
(40,268 |
) |
|
Core adjusted net income from continuing operations |
$ |
18,633 |
|
|
$ |
13,018 |
|
|
$ |
71,667 |
|
|
$ |
41,925 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Diluted per-share amounts attributable to common shareholders: |
|
|
|
|
|
|
|
|||||||||
Diluted net income (loss) per share from continuing operations |
$ |
1.03 |
|
|
$ |
(0.86 |
) |
|
$ |
3.03 |
|
|
$ |
(0.31 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|||||||||
Share-based compensation expense |
|
0.32 |
|
|
|
1.60 |
|
|
|
1.46 |
|
|
|
2.96 |
|
|
Finance lease impairment charge and other |
|
— |
|
|
|
0.63 |
|
|
|
— |
|
|
|
0.63 |
|
|
Non-cash interest expense (1) |
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.04 |
|
|
Amortization related to acquisitions and intangible assets |
|
0.47 |
|
|
|
0.49 |
|
|
|
1.91 |
|
|
|
1.99 |
|
|
Amortization of commercial license and other economic rights (2) |
|
— |
|
|
|
— |
|
|
|
(0.06 |
) |
|
|
(0.02 |
) |
|
Change in contingent liabilities (3) |
|
(0.02 |
) |
|
|
0.04 |
|
|
|
(0.02 |
) |
|
|
(0.01 |
) |
|
Novan operating loss |
|
0.29 |
|
|
|
|
|
0.31 |
|
|
|
|||||
Transaction costs |
|
(0.01 |
) |
|
|
— |
|
|
|
0.17 |
|
|
|
— |
|
|
Loss (gain) from short-term investments |
|
(0.91 |
) |
|
|
(2.56 |
) |
|
|
(2.63 |
) |
|
|
(1.66 |
) |
|
Realized gain from short-term investments |
|
0.41 |
|
|
|
— |
|
|
|
2.52 |
|
|
|
(0.02 |
) |
|
Gain on sale of Pelican |
|
— |
|
|
|
— |
|
|
|
(0.12 |
) |
|
|
— |
|
|
Credit losses and impairment charges for commercial license rights |
|
0.02 |
|
|
|
— |
|
|
|
0.26 |
|
|
|
— |
|
|
Loss from equity method investment in |
|
0.10 |
|
|
|
— |
|
|
|
0.10 |
|
|
|
— |
|
|
Other (4) |
|
— |
|
|
|
0.10 |
|
|
|
0.04 |
|
|
|
0.01 |
|
|
Income tax effect of adjusted reconciling items above |
|
0.05 |
|
|
|
0.48 |
|
|
|
(0.49 |
) |
|
|
(0.27 |
) |
|
Tax benefit related to decrease in unrecognized tax benefits (5) |
|
(0.41 |
) |
|
|
— |
|
|
|
(0.41 |
) |
|
|
— |
|
|
Tax expense related to increase in valuation allowance (6) |
|
— |
|
|
|
1.44 |
|
|
|
— |
|
|
|
1.44 |
|
|
Excess tax benefit (shortfall) from share-based compensation (7) |
|
0.04 |
|
|
|
(0.02 |
) |
|
|
0.01 |
|
|
|
(0.01 |
) |
|
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 |
$ |
1.38 |
|
|
$ |
1.36 |
|
|
$ |
6.09 |
|
|
$ |
4.79 |
|
|
Realized gains from sales of VKTX stock, net of tax |
|
(0.33 |
) |
|
|
— |
|
|
|
(2.03 |
) |
|
|
— |
|
|
Captisol - COVID gross profit, net of tax (8) |
|
— |
|
|
|
(0.61 |
) |
|
|
— |
|
|
|
(2.35 |
) |
|
Core adjusted diluted net income per share from continuing operations |
$ |
1.05 |
|
|
$ |
0.75 |
|
|
$ |
4.06 |
|
|
$ |
2.44 |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|||||||||
GAAP - weighted average number of common shares - diluted |
|
17,676 |
|
|
|
16,890 |
|
|
|
17,757 |
|
|
|
16,868 |
|
|
Shares excluded due to anti-dilutive effect on GAAP net loss |
|
— |
|
|
|
390 |
|
|
|
— |
|
|
|
298 |
|
|
Diluted effect of the 2023 Notes (9) |
|
— |
|
|
|
— |
|
|
|
(119 |
) |
|
|
— |
|
|
Adjusted weighted average number of common shares - diluted |
|
17,676 |
|
|
|
17,280 |
|
|
|
17,638 |
|
|
|
17,166 |
|
(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 and for revolving credit facility. |
|
(2) |
Amounts represent the amortization of commercial license and other economic rights to revenue. |
|
(3) |
Amounts represent changes in fair value of contingent consideration related to CyDex and Metabasis transactions. |
|
(4) |
Amounts primarily relate to restructuring costs, losses associated with our equity investment in Nucorion, gain or loss from change in fair value or derivative assets as well as gain on debt extinguishment in the prior year period. |
|
(5) |
Amounts represent discrete tax benefit related to the release of FIN48 reserves associated with certain R&D tax credits during the fourth quarter of 2023 due to the lapse of applicable statute of limitation. |
|
(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. |
|
(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/20240227868201/en/
Investors:
investors@ligand.com
(858) 550-7766
bob@lifesciadvisors.com
(516) 428-8577
Media:
media@ligand.com
(914) 315-6072
Source: