Revenue: Q4 total revenues reached $28.1 million, with full-year revenues at $131.3 million.
Net Income: Q4 net income from continuing operations was $18.2 million, a significant improvement from a net loss in the same period last year.
Earnings Per Share (EPS): Adjusted EPS for Q4 stood at $1.38, slightly up from $1.36 in Q4 2022.
Cash Position: As of December 31, 2023, cash, cash equivalents, and short-term investments totaled $170.3 million.
2024 Financial Guidance: Ligand reaffirms its 2024 financial guidance with total revenue forecast of $130 million to $142 million.
Ligand Pharmaceuticals Inc (NASDAQ:LGND) released its 8-K filing on February 27, 2024, detailing its financial results for the fourth quarter and full year of 2023. The company, known for its partnerships and licensing agreements in the biopharmaceutical industry, has reported a year of transformation, focusing on becoming a lean-infrastructure, high-margin business. Ligand's revenue streams include royalties, license and milestone payments, and sales of its Captisol material.
Financial Performance Overview
Ligand's total revenues for Q4 2023 were $28.1 million, compared to $50.4 million in Q4 2022, which included significant COVID-19 related sales. Excluding these, revenues increased from $26.8 million in Q4 2022 to $28.1 million in Q4 2023. The company's royalties for the quarter were $22.5 million, up from $22.0 million in the prior year. Core Captisol sales also saw an increase to $3.9 million from $3.3 million year-over-year.
Costs of Captisol sales decreased notably due to lower total Captisol sales and the absence of accelerated depreciation on manufacturing equipment that was recorded in Q4 2022. General and administrative expenses also saw a significant reduction, primarily due to lower stock-based compensation and the one-time expense associated with the retirement of Ligand's former CEO in the previous year.
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