Ligand Profit Surges, Reaffirms FY Guidance; Appoints Matthew Korenberg CFO

(RTTNews) - Ligand Pharmaceuticals Inc (LGND) on Tuesday reported second-quarter net earnings of $23.6 million or $1.11 per share compared with $1.6 million or $0.07 per share last year.

Excluding items, adjusted earnings for the quarter were $1.81 per share compared with $0.24 per share a year ago.

Revenues for the quarter were $18.4 million compared with $10.6 million in the prior year. Analysts polled by Thomson Reuters estimated revenues of $17 million.

For the full year 2015, the company still expects adjusted earnings of $3.45 to $3.50. per share on revenues of $81 million to $83 million. Analysts expect earnings of $2.62 per share on revenues of $82.3 million.

For the second half of 2015, Ligand expects adjusted earnings of $1.29 to $1.34 per share on revenues of $48 million to $50 million; about one-third of this outlook is projected for the third quarter, the company said.

Analysts expect earnings of $0.58 per share on revenues of $21.5 million for the third quarter.

Separately, Ligand announced the appointment of Matthew Korenberg as Vice President, Finance and Chief Financial Officer, effective August 6. Korenberg joins Ligand from NeuroCircuit Therapeutics.