Ligand Pharmaceuticals Inc Q1 Profit Increases, beats estimates

(RTTNews) - Ligand Pharmaceuticals Inc (LGND) revealed a profit for its first quarter that increased from the same period last year and beat the Street estimates.

The company's earnings totaled $86.14 million, or $4.75 per share. This compares with $41.95 million, or $2.33 per share, in last year's first quarter.

Excluding items, Ligand Pharmaceuticals Inc reported adjusted earnings of $69.67 million or $3.84 per share for the period.

Analysts on average had expected the company to earn $0.78 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 29.6% to $30.98 million from $43.98 million last year.

Ligand Pharmaceuticals Inc earnings at a glance (GAAP) :

-Earnings (Q1): $86.14 Mln. vs. $41.95 Mln. last year. -EPS (Q1): $4.75 vs. $2.33 last year. -Revenue (Q1): $30.98 Mln vs. $43.98 Mln last year.

-Guidance: Full year EPS guidance: $4.25 - $4.75 Full year revenue guidance: $130 - $142 Mln