Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) today
reported financial results for the three and nine months ended
September 30, 2017, and provided an operating forecast and program
updates.
“Ligand’s diversified business is performing well on all levels.
In the third quarter, we posted strong financial results driven by
royalties and significant contribution from Captisol. Of note, for
the first nine months of 2017, royalties are more than 50% higher
than those of the same period last year. This past quarter, we
entered three new licensing deals and saw substantial news flow
from our corporate partners as many pipeline programs advanced. We
announced positive results for a major phase 2 trial for our
diabetes drug candidate and are in discussions with partners for
potential licensing,” said John Higgins, Chief Executive Officer of
Ligand. “Just after the quarter ended, we closed our acquisition of
Crystal Bioscience providing a highly-complementary antibody
technology to our OmniAb antibody drug discovery business. We now
have three species for fully-humanized antibody discovery, four
proprietary technology platforms driving licensing and more than
160 fully-funded Shots on Goal.”
Ligand management will discuss third quarter financial and
operational results during the Company’s upcoming Analyst Day
presentation, which will take place next Tuesday, November 14, from
4:00 p.m. to 5:30 p.m. Eastern time (1:00 p.m. to 2:30 p.m. Pacific
time) in New York City. The event will be webcast live and can be
accessed at www.ligand.com. As such,
Ligand will not be hosting an earnings conference call this
quarter.
Third Quarter 2017 Financial Results
Total revenues for the third quarter of 2017 were $33.4 million,
compared with $21.6 million for the same period in 2016. Royalties
were $21.9 million, compared with $15.7 million for the same period
in 2016, an increase of 40%, primarily due to higher royalties from
Promacta, Kyprolis and EVOMELA®. Material sales were $7.7 million,
compared with $4.2 million for the same period in 2016 due to the
timing of Captisol® purchases for use in clinical trials and
commercial products. License fees, milestones and other revenues
were $3.8 million, compared with $1.7 million for the same period
in 2016.
Cost of goods sold was $2.4 million for the third quarter of
2017, compared with $1.0 million for the same period in 2016.
Amortization of intangibles was $2.7 million in both periods.
Research and development expense was $4.8 million, compared with
$5.9 million for the same period of 2016. General and
administrative expense was $7.0 million, compared with $6.6 million
for the same period in 2016.
Net income for the third quarter of 2017 was $8.4 million, or
$0.36 per diluted share, compared with $1.1 million, or $0.05 per
diluted share, for the same period in 2016. Adjusted net income for
the third quarter of 2017 was $15.3 million, or $0.69 per diluted
share, compared with $9.6 million, or $0.44 per diluted share, for
the same period in 2016.
As of September 30, 2017, Ligand had cash, cash equivalents and
short-term investments of $202.3 million, or approximately $175
million after deducting the upfront cash paid in the recent
acquisition of Crystal Bioscience. Cash generated from operations
was $27.7 million for the 2017 third quarter.
Year-to-Date Financial Results
Total revenues for the nine months ended September 30, 2017 were
$90.6 million, compared with $70.8 million for the same period in
2016. Royalties were $60.4 million, compared with $39.8 million for
the same period in 2016, an increase of 52%, primarily due to
higher royalties from Promacta, Kyprolis and EVOMELA. Material
sales were $14.3 million, compared with $13.4 million for the same
period in 2016 due to the timing of Captisol purchases for use in
clinical trials and commercial products. License fees, milestones
and other revenues were $15.9 million, compared with $17.5 million
for the same period in 2016, due primarily to the timing of
milestones and license fees earned.
Cost of goods sold was $3.6 million for the nine months ended
September 30, 2017, compared with $2.7 million for the same period
in 2016 due to the timing and mix of Captisol sales. Amortization
of intangibles was $8.1 million, compared with $7.9 million for the
same period in 2016. Research and development expense was $18.3
million, compared with $14.8 million for the same period of 2016
due to enrollment costs of our Phase 2 GRA trial and non-cash
stock-based compensation expense. General and administrative
expense was $20.9 million in both periods.
Net income for the nine months ended September 30, 2017 was
$19.6 million, or $0.84 per diluted share, compared with $1.5
million, or $0.07 per diluted share, for the same period in 2016.
Adjusted net income for the nine months ended September 30, 2017
was $42.9 million, or $1.94 per diluted share, compared with $30.6
million, or $1.41 per diluted share, for the same period in
2016.
2017 Financial Forecast
Ligand updates guidance for 2017 revenue to be between $134 and
$136 million. Adjusted earnings per diluted share is now expected
to be between $2.95 and $3.00. Previous guidance was for revenue to
be at least $134 million plus up to an additional $9 million in
contract payments. Ligand previously noted that with $134 million
of revenue, adjusted earnings per share would be $2.93.
Recent Acquisition
- In October 2017, Ligand acquired
Crystal Bioscience and its OmniChicken antibody discovery
technology for $25 million cash at closing, up to $10.5 million of
success-based milestones and revenue sharing from existing
licensees for a defined period. The acquisition initially added
four Shots on Goal to Ligand’s portfolio, and the OmniChicken
technology may be utilized by multiple current OmniAb partners as
they seek to develop antibodies for difficult-to-address
epitopes.
Third Quarter 2017 and Recent Business Highlights
Promacta®/Revolade®
- Novartis reported third quarter 2017
net sales of Promacta/Revolade (eltrombopag) of $227 million, a $59
million or 35% increase over the same period in 2016.
- Novartis announced long-term study
results supporting the positive safety and efficacy of Revolade
(eltrombopag) in adults with chronic/persistent (6 or more months
from diagnosis) immune (idiopathic) thrombocytopenia (ITP) were
published online in Blood. The EXTEND study found that a majority
of patients maintained a substantial clinical response and many no
longer needed concomitant ITP medications.
- Novartis highlighted the product in
abstracts for the upcoming 59th American Society of Hematology
(ASH) annual meeting.
Kyprolis® (carfilzomib), an Amgen Product
Utilizing Captisol
- On October 25, 2017, Amgen reported
third quarter net sales of Kyprolis of $207 million, a $24 million
or 13% increase over the same period in 2016. On November 6, 2017,
Ono Pharmaceutical Company reported Kyprolis sales in Japan of
approximately $13.1 million for the most recent quarter.
- On October 23, 2017, Amgen announced
top-line results of the Phase 3 ARROW trial, which showed Kyprolis
administered once-weekly at the 70 mg/m2 dose with dexamethasone
allowed relapsed and refractory multiple myeloma patients to live
3.6 months longer without their disease worsening than Kyprolis
administered twice-weekly at the 27 mg/m2 dose with
dexamethasone.
- On August 30, 2017, Amgen announced
that the FDA accepted a supplemental New Drug Application (sNDA)
based on the overall survival (OS) data from the Phase 3 ENDEAVOR
trial demonstrating that Kyprolis and dexamethasone (Kd) reduced
the risk of death by 21% and increased OS by 7.6 months versus
Velcade® (bortezomib) and dexamethasone (Vd) in patients with
relapsed or refractory multiple myeloma. The FDA has set an action
date of April 30, 2018.
- On July 12, 2017, Amgen announced
positive results from final analysis of the Phase 3 ASPIRE trial,
showing the study met the key secondary endpoint of OS,
demonstrating that Kyprolis, lenalidomide and dexamethasone (KRd)
reduced the risk of death by 21% over lenalidomide and
dexamethasone alone.
Additional Pipeline and Partner Developments
- Sage Therapeutics announced positive
top-line results from two Phase 3 trials of brexanolone in severe
postpartum depression (PPD) and in moderate PPD. Sage plans to file
a New Drug Application (NDA) with the FDA in 2018.
- Spectrum Pharmaceuticals reported third
quarter 2017 net sales of EVOMELA of $10.5 million.
- CASI Pharmaceuticals announced that
China’s Food and Drug Administration granted priority review for
CASI’s import drug registration clinical trial application for
EVOMELA.
- Melinta Therapeutics announced a merger
with NASDAQ-listed Cempra, Inc. to form a company focused on
developing and commercializing important anti-infective therapies
including recently-approved Baxdela.
- Melinta Therapeutics announced that its
commercialization and distribution agreement with Eurofarma
Laboratórios for delafloxacin (Baxdela in the U.S.) had been
expanded to include 19 countries in South America, Central America
and the Caribbean.
- Zydus Cadila announced that it received
approval to market its bevacizumab biosimilar in India and
subsequently launched the drug, which is marketed as Bryxta.
- Exelixis announced that Daiichi Sankyo
reported positive top-line results from a Phase 3 pivotal trial of
esaxerenone in patients with essential hypertension in Japan and
that a Japanese regulatory application is expected to be submitted
in the first quarter of 2018.
- Retrophin announced that it presented
new data from the open-label extension portion of the Phase 2 DUET
study of sparsentan for the treatment of focal segmental
glomerulosclerosis (FSGS) at the American Society of Nephrology
Kidney Week 2017.
- Aldeyra Therapeutics announced positive
results from a Phase 2a clinical trial of topical ocular ADX-102 in
patients with dry eye disease.
- Aldeyra Therapeutics announced it will
present data from its Phase 2 clinical trial in noninfectious
anterior uveitis at the American Uveitis Society Fall Meeting.
- Viking Therapeutics announced
enrollment completion in the ongoing Phase 2 clinical trial of
VK5211 in patients who recently suffered a hip fracture.
- Viking Therapeutics announced results
of gene expression analysis from its in vivo study of VK2809 in
Non-Alcoholic Steatohepatitis (NASH) and presented data at the
Annual Meeting of the American Association for the Study of Liver
Diseases.
- Viking Therapeutics announced
presentation of data from an in vivo proof-of-concept study of
VK2809 in Glycogen Storage Disease Ia at the 13th International
Congress of Inborn Errors of Metabolism.
- Viking Therapeutics announced positive
top-line results from a 25-week proof-of-concept study of VK0214 in
an in vivo model of X-linked adrenoleukodystrophy (X-ALD) and
presented data at the 87th Annual Meeting of the American Thyroid
Association.
- Sermonix Pharmaceuticals announced
completion of a financing round to fund a Phase 2 clinical trial of
lasofoxifene in Estrogen Receptor Positive (ER+) Metastatic Breast
Cancer.
- Opthea announced further positive
results from its Phase 1/2a clinical trial of OPT-302 for wet
age-related macular degeneration (wet AMD).
- CStone Pharmaceuticals announced that
it received Clinical Trial Application approval from the China Food
and Drug Administration to conduct clinical trials in China with
CS1001, an OmniAb-derived full-length anti-PDL1 monoclonal
antibody.
- Aptevo Therapeutics announced that it
had presented new preclinical data on OmniAb-derived APVO436 at the
World Bispecific Summit and also at the AACR-NCI-EORTC Molecular
Targets and Cancer Therapeutics 2017 annual meeting.
- HanAll Biopharma, an OmniAb partner,
announced entering into a strategic collaboration with Harbour
BioMed to develop novel biologic therapies in greater China.
- ARMO BioSciences, an OmniAb partner,
announced a $67 million Series C-1 financing to fund their
immunotherapy pipeline.
- Immunoprecise Antibodies, an OmniAb
Contract Research Organization (CRO), announced recent success in
conducting OmniAb antibody-generation projects for Aptevo
Therapeutics and Tizona Therapeutics.
- A paper was published by Ligand
scientists in the journal MAbs, entitled “Chickens with humanized
immunoglobulin genes generate antibodies with high affinity and
broad epitope coverage to conserved targets”, highlighting the use
of OmniChicken in antibody drug discovery.
Internal Glucagon Receptor Antagonist (GRA) Program
- In September 2017, Ligand presented
positive top-line results from its Phase 2 clinical study
evaluating the efficacy and safety of LGD-6972, as an adjunct to
diet and exercise, in subjects with type 2 diabetes mellitus (T2DM)
inadequately controlled on metformin monotherapy. The study
achieved statistical significance (p < 0.0001) in the primary
endpoint of change from baseline in hemoglobin A1c (HbA1c) after 12
weeks of treatment at all doses tested, demonstrating a robust,
dose-dependent reduction in HbA1c of 0.90%, 0.92% and 1.20% with 5
mg, 10 mg and 15 mg of LGD-6972, respectively, compared to a 0.15%
reduction with placebo. LGD-6972 was safe and well tolerated, with
no drug-related serious adverse events and no dose-dependent
changes in lipids (including total cholesterol, LDL cholesterol,
HDL cholesterol and triglycerides), body weight or blood pressure
after 12 weeks of treatment.
New Licensing Deals
- Ligand announced receipt of a $2
million payment from WuXi Biologics subsequent to their licensing
of exclusive rights to the anti-PD-1 antibody GLS-010 to Arcus
Biosciences in North America, Europe, Japan and certain other
territories. Ligand is also entitled to future milestones and
royalties from this antibody.
- Ligand announced a commercial license
and supply agreement with Amgen granting rights to use Captisol in
the formulation of AMG 330, an anti-CD33 x anti-CD3 (BiTE®)
bispecific antibody construct. Ligand is eligible to receive
milestone payments, royalties and revenue from Captisol material
sales related to AMG 330.
- Ligand entered into Captisol Clinical
Use Agreements with both Syros Pharmaceuticals and Vaxxas Inc.
Adjusted Financial Measures
The Company reports adjusted net income and adjusted net income
per diluted share, in addition to, and not as a substitute for, or
superior to, financial measures calculated in accordance with GAAP.
The Company’s financial measures under GAAP include stock-based
compensation expense, amortization of debt-related costs,
amortization related to acquisitions, changes in contingent
liabilities, net losses of Viking Therapeutics, mark-to-market
adjustment for amounts owed to licensors, fair value adjustments to
Viking Therapeutics convertible note receivable and warrants,
unissued shares relating to the Senior Convertible Note and others
that are listed in the itemized reconciliations between GAAP and
adjusted financial measures included in this press release.
However, other than with respect to total revenue, the Company only
provides guidance on an adjusted basis and does not provide
reconciliations of such forward-looking adjusted measures to GAAP
due to the inherent difficulty in forecasting and quantifying
certain amounts that are necessary for such reconciliation,
including adjustments that could be made for changes in contingent
liabilities, net losses of Viking Therapeutics, stock based
compensation expenses, mark-to-market adjustments for amounts owed
to licensors, effects of any discrete income tax items and fair
value adjustments to Viking Therapeutics convertible note
receivable. Management has excluded the effects of these items in
its adjusted measures to assist investors in analyzing and
assessing the Company’s past and future core operating performance.
Additionally, adjusted earnings per diluted share is a key
component of the financial metrics utilized by the Company’s board
of directors to measure, in part, management’s performance and
determine significant elements of management’s compensation.
About Ligand Pharmaceuticals
Ligand is a biopharmaceutical company focused on developing or
acquiring technologies that help pharmaceutical companies discover
and develop medicines. Our business model creates value for
stockholders by providing a diversified portfolio of biotech and
pharmaceutical product revenue streams that are supported by an
efficient and low corporate cost structure. Our goal is to offer
investors an opportunity to participate in the promise of the
biotech industry in a profitable, diversified and lower-risk
business than a typical biotech company. Our business model is
based on doing what we do best: drug discovery, early-stage drug
development, product reformulation and partnering. We partner with
other pharmaceutical companies to leverage what they do best
(late-stage development, regulatory affairs and commercialization)
to ultimately generate our revenue. Ligand’s Captisol® platform
technology is a patent-protected, chemically modified cyclodextrin
with a structure designed to optimize the solubility and stability
of drugs. OmniAb® is a patent-protected transgenic animal platform
used in the discovery of fully human mono- and bispecific
therapeutic antibodies. Ligand has established multiple alliances,
licenses and other business relationships with the world’s leading
pharmaceutical companies including Novartis, Amgen, Merck, Pfizer,
Celgene, Gilead, Janssen, Baxter International and Eli Lilly.
Follow Ligand on Twitter @Ligand_LGND.
Forward-Looking Statements
This news release contains forward-looking statements by Ligand
that involve risks and uncertainties and reflect Ligand’s judgment
as of the date of this release. Words such as “plans,” “believes,”
“expects,” “anticipates,” and “will,” and similar expressions, are
intended to identify forward-looking statements. These
forward-looking statements include, without limitation, statements
regarding: Ligand’s future revenue growth, including the timing,
mix and volume of Captisol orders, the timing of the initiation or
completion of clinical trials by Ligand and its partners, the
timing of regulatory filings with the FDA and other regulatory
agencies, the timing of new product launches by Ligand and its
partners and the related royalties Ligand expects to receive from
its partners, the timing of review of clinical data by the FDA,
Ligand’s efforts regarding partnering its GRA diabetes program,
expected value creation for shareholders and guidance regarding the
full-year 2017 financial results. Actual events or results may
differ from Ligand’s expectations. For example, Ligand may not
receive expected revenue from material sales of Captisol, expected
royalties on other partnered products and research or development
milestone payments. Ligand and its partners may not be able to
timely or successfully advance any product(s) in its internal or
partnered pipeline. In addition, there can be no assurance that
Ligand will achieve its guidance for 2017 or any portion thereof or
beyond, that Ligand’s 2017 revenues will be at the levels as
currently anticipated, that Ligand will be able to create future
revenues and cash flows by developing innovative therapeutics, that
results of any clinical study will be timely, favorable or
confirmed by later studies, that products under development by
Ligand or its partners will receive regulatory approval, that there
will be a market for the product(s) if successfully developed and
approved, or that Ligand’s partners will not terminate any of its
agreements or development or commercialization of any of its
products. Further, Ligand may not generate expected revenues under
its existing license agreements and may experience significant
costs as the result of potential delays under its supply
agreements. Also, Ligand and its partners may experience delays in
the commencement, enrollment, completion or analysis of clinical
testing for its product candidates, or significant issues regarding
the adequacy of its clinical trial designs or the execution of its
clinical trials, which could result in increased costs and delays,
or limit Ligand’s ability to obtain regulatory approval. Further,
unexpected adverse side effects or inadequate therapeutic efficacy
of Ligand’s product(s) could delay or prevent regulatory approval
or commercialization. In addition, Ligand may not be able to
successfully implement its strategic growth plan and continue the
development of its proprietary programs. The failure to meet
expectations with respect to any of the foregoing matters may
reduce Ligand’s stock price. Additional information concerning
these and other risk factors affecting Ligand can be found in prior
press releases available at www.ligand.com as well as in Ligand’s
public periodic filings with the Securities and Exchange Commission
available at www.sec.gov. Ligand disclaims any intent or obligation
to update these forward-looking statements beyond the date of this
release, including the possibility of additional contract revenues
we may receive. This caution is made under the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995.
Other Disclaimers and Trademarks
The information in this press release regarding certain
third-party products and programs, including Promacta, a Novartis
product, and Kyprolis, an Amgen product, comes from information
publicly released by the owners of such products and programs.
Ligand is not responsible for, and has no role in, the development
of such products or programs.
Ligand owns or has rights to trademarks and copyrights that it
uses in connection with the operation of its business including its
corporate name, logos and websites. Other trademarks and copyrights
appearing in this press release are the property of their
respective owners. The trademarks Ligand owns include Ligand®,
Captisol® and OmniAb®. Solely for convenience, some of the
trademarks and copyrights referred to in this press release are
listed without the ®, © and ™ symbols, but Ligand will assert, to
the fullest extent under applicable law, its rights to its
trademarks and copyrights.
LIGAND PHARMACEUTICALS, INCORPORATED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands)
Three Months Ended Nine Months
Ended September 30, September 30, 2017
2016 2017 2016 Revenues:
Royalties $ 21,931 $ 15,698 $ 60,372 $ 39,842 Material sales 7,664
4,219 14,336 13,445 License fees, milestones and other revenues
3,780 1,702 15,930
17,500 Total revenues 33,375 21,619
90,638 70,787
Operating costs
and expenses: Cost of goods sold 2,385 999 3,628 2,674
Amortization of intangibles 2,706 2,706 8,126 7,912 Research and
development 4,759 5,898 18,254 14,813 General and administrative
7,032 6,550 20,904
20,858 Total operating costs and expenses 16,882
16,153 50,912 46,257
Income from operations 16,493 5,466 39,726 24,530 Other
expense, net (2,067 ) (1,901 ) (7,508 ) (7,065 ) Increase in
contingent liabilities (1,336 ) (958 ) (2,302 ) (2,595 ) Loss from
Viking (1,019 ) (1,396 ) (3,350 )
(14,139 ) Total other expense, net (4,422 ) (4,255 )
(13,160 ) (23,799 ) Income before income taxes 12,071
1,211 26,566 731 Income tax (expense) benefit (3,645 )
(160 ) (7,000 ) 28 Income from
continuing operations 8,426 1,051
19,566 759 Income from discontinued
operations, net of taxes — — —
731
Net income: $ 8,426 $ 1,051
$ 19,566 $ 1,490
Basic per share
amounts: Income from continuing operations $ 0.40 $ 0.05 $ 0.93
$ 0.04 Discontinued operations — —
— 0.04 Net income $ 0.40 $ 0.05
$ 0.93 $ 0.07
Diluted per share
amounts: Income from continuing operations $ 0.36 $ 0.05 $ 0.84
$ 0.03 Discontinued operations — —
— 0.03 Net income $ 0.36 $ 0.05
$ 0.84 $ 0.07 Weighted average number
of common shares-basic 21,071 20,887 21,007 20,806 Weighted average
number of common shares-diluted 23,551 22,997 23,262 22,742
LIGAND PHARMACEUTICALS, INCORPORATED CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
September 30, 2017 December 31,
2016 ASSETS Current assets: Cash, cash equivalents and
short-term investments $ 202,259 $ 141,048 Accounts receivable
12,816 14,700 Note receivable from Viking 3,007 3,207 Inventory
5,007 1,923 Other current assets 1,112 2,175 Total
current assets 224,201 163,053 Deferred income taxes 134,939
123,891 Goodwill and other identifiable intangible assets 268,785
276,912 Investment in Viking 5,137 8,345 Commercial license rights
23,721 25,821 Other assets 5,554 3,563 Total assets $
662,337 $ 601,585
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable and accrued liabilities $
10,040 $ 9,131 Current portion of contingent liabilities 86 5,088
2019 convertible senior notes, net 221,557 212,910
Total current liabilities 231,683 227,129 Long-term portion of
contingent liabilities 5,196 2,916 Other long-term liabilities
695 687 Total liabilities 237,574
230,732 Equity component of currently redeemable convertible notes
21,597 29,563 Total Ligand Pharmaceuticals
stockholders' equity 403,166 341,290 Total
liabilities and stockholders' equity $ 662,337 $ 601,585
LIGAND PHARMACEUTICALS INCORPORATED ADJUSTED
FINANCIAL MEASURES
(Unaudited, in thousands)
Three months ended Nine months
ended September 30, September 30, 2017
2016 2017 2016 Net
income (loss) $ 8,426 $ 1,051 $ 19,566 $ 1,490 Stock-based
compensation expense 5,248 5,331 15,917 13,690 Non-cash interest
expense(1) 2,927 2,752 8,647 8,130 Amortization related to
acquisitions 1,947 2,867 10,223 8,177 Increase in contingent
liabilities(2) 1,336 958 2,302 2,595 Loss from Viking 1,019 1,396
3,350 14,139 Other(3) (411 ) (43 ) (327 ) (431 ) Income tax effect
of adjusted reconciling items above (4,180 ) (4,697 ) (13,949 )
(16,423 ) Excess tax benefit from stock-based compensation(4)
(1,014 ) —
(2,841
)
— Discontinued operations, net of tax — —
— (731 ) Adjusted net income $ 15,298
$ 9,615 $ 42,888 $ 30,636
Diluted
per-share amounts attributable to common shareholders: Net
income $ 0.36 $ 0.05 $ 0.84 $ 0.07 Stock-based compensation expense
0.22 0.23 0.68 0.60 Non-cash interest expense(1) 0.12 0.12 0.37
0.36 Amortization related to acquisitions 0.08 0.12 0.44 0.36
Increase in contingent liabilities(2) 0.06 0.04 0.10 0.11 Loss from
Viking 0.04 0.06 0.14 0.62 Other(3) (0.02 ) — (0.01 ) (0.02 )
Income tax effect of adjusted reconciling items above (0.18 ) (0.20
) (0.60 ) (0.72 ) Excess tax benefit from stock-based
compensation(4) (0.04 ) — (0.12 ) — 2019 Senior Convertible Notes
share count adjustment 0.04 0.02 0.09 0.06 Discontinued operations,
net of tax — — —
(0.03 ) Adjusted net income $ 0.69 $ 0.44 $ 1.94
$ 1.41 GAAP-Weighted average number of common
shares-diluted 23,551 22,997 23,262 22,742 Less: 2019 Senior
Convertible Notes share count adjustment 1,334 1,184 1,119 1,046
Adjusted weighted average number of common shares-diluted 22,217
21,813 22,143 21,696
(1) Non-cash debt related costs is calculated in accordance with
the authoritative accounting guidance for convertible debt
instruments that may be settled in cash.
(2) Changes in fair value of contingent consideration related to
CyDex and Metabasis transactions.
(3) Amounts due to Bristol-Myers Squibb relating to the
Retrophin license agreement and fair market value adjustment on
Viking note and warrants.
(4) Excess tax benefits from stock-based compensation are
recorded as a discrete item within the provision for income taxes
on the consolidated statement of income pursuant to ASU 2016-09,
which was previously recognized in additional paid-in capital on
the consolidated statement of stockholders’ equity.
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version on businesswire.com: http://www.businesswire.com/news/home/20171109006419/en/
Ligand Pharmaceuticals IncorporatedTodd PettingillEmail:
investors@ligand.comPhone: (858) 550-7500Twitter: @Ligand_LGNDorLHA
Investor RelationsBruce VossEmail: bvoss@lhai.comPhone: (310)
691-7100
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