Ligand's Revenue Soars in Q1 Thanks to Gilead's COVID Drug

By Newsfeedback@Fool Com (Keith Speights)5 days ago

Ligand Pharmaceuticals (NASDAQ:LGND) stock skyrocketed earlier this year. However, the short squeeze that fueled those massive gains is now over. That means that Ligand probably needs a more conventional catalyst to go on another run.

The company announced its first-quarter results after the market closed on Monday. Don't expect those results to provide the catalyst investors wanted. The biotech stock fell more than 6% in after-hours trading. Here are the highlights from Ligand's Q1 update.

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By the numbers

Ligand reported revenue in the first quarter of $55.2 million, a 66% year-over-year jump. Despite this big increase, it still fell well below the average analysts' revenue estimate of $62.85 million.

The company announced Q1 net income of $18.1 million, or $1.05 per share, based on generally accepted accounting principles (GAAP). In the prior-year period, Ligand posted a GAAP net loss of $24.1 million, or $1.46 per share.

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