Ligand posts 4Q profit as charge comes off books
(AP) — Ligand Pharmaceuticals Inc. said Tuesday it turned a profit in the fourth quarter, compared with a year ago when it booked a hefty acquisition-related charge.
Ligand posted a profit of $3 million, or 3 cents per share. In the fourth quarter of 2008, it lost $69.6 million, or 72 cents per share, mostly due to a $72 million charge connected to its purchase of biotechnology company Pharmacopeia.
Revenue grew 13 percent to $14 million from $12.4 million. Ligand said its royalty revenue dropped to $1.8 million from $5.4 million, but collaborative research and development and other revenue jumped to $12.2 million from $7 million.
For the full year, Ligand cut its loss to $1.9 million, or 2 cents per share, from $98.1 million, or $1.03 per share, in 2008. Revenue grew 43 percent, to $38.9 million from $27.3 million.
For 2010, the company said it expects to book about $35 million in operating expenses and around $30 million in revenue.
In afternoon trading, Ligand stock rose 7 cents, or 4.5 percent, to $1.64.
'If you don't address demand, you don't address the problem' Police are only addressing the supply, but demand is what fuels the illicit sex trade, experts say. Newsday political reporter Bahar Ostadan has the story.
'If you don't address demand, you don't address the problem' Police are only addressing the supply, but demand is what fuels the illicit sex trade, experts say. Newsday political reporter Bahar Ostadan has the story.
