Overview

* Ligand Q3 revenue up 123% yr/yr, driven by higher royalty revenue and Pelthos sale

* Adjusted EPS for Q3 beats consensus, reflecting strong operational performance

* Company raises 2025 revenue guidance to $225 mln-$235 mln, EPS to $7.40-$7.65

Outlook

* Ligand raises 2025 revenue guidance to $225 mln - $235 mln

* 2025 EPS guidance increased to $7.40 - $7.65

* Royalties projected at $147 mln - $157 mln for 2025

Result Drivers

* ROYALTY REVENUE - 47% increase in royalties driven by Travere Therapeutics' Filspari, Merck/Verona Pharma's Ohtuvayre, and Recordati's Qarziba

* STRATEGIC TRANSACTIONS - Revenue boost from Zelsuvmi out-license and Pelthos business sale

* FINANCING - Convertible debt financing completed, providing resources for strategic investments

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $3.09 $1.93 (7

Adjusted Analysts

EPS )

Q3 EPS $5.68

Q3 Net $117.27

Income mln

Q3 Basic $5.99

EPS

Q3 $54.93

Operatin mln

g Income

Q3 $141.14

Pretax mln

Profit

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the pharmaceuticals peer group is "buy"

* Wall Street's median 12-month price target for Ligand Pharmaceuticals Inc ( LGND ) is $180.00, about 5.8% below its November 5 closing price of $190.38

* The stock recently traded at 25 times the next 12-month earnings vs. a P/E of 20 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)