Amgen, Novartis reports show Ligand assets ‘looking good’: Wainwright

This morning, Ligand Pharmaceuticals (LGND) partner Novartis (NVS) reported Promacta Q4 revenue of $330M, above H.C. Wainwright analyst Joseph Pantginis’ estimate of $306M. Promacta has now hit its first year of blockbuster status with 2018 sales of $1.174B, which is an important feat in the face of new competition, Pantginis tells investors in a research note. The analyst believes Ligand’s increasing royalty revenue streams and growing number of deals that result in milestones “effectively refute the bear thesis we’ve seen in a few other firms’ freely accessible research.” With Amgen (AMGN) reporting Q4 Kyprolis revenue of $251M, the analyst says Ligand’s top assets are “looking good.” He reiterates a Buy rating on the shares with a $281 price target.

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