Raises 2018 Financial Guidance
Conference Call Begins at 9:00 a.m. Eastern
Time Today
Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) today
reported financial results for the three and nine months ended
September 30, 2018, and provided an operating forecast and program
updates. Ligand management will host a conference call today
beginning at 9:00 a.m. Eastern time to discuss this announcement
and answer questions.
“This quarter was marked by several events that demonstrate the
strength of Ligand’s business model. First, our partners continued
to deliver solid commercial and clinical development results.
Specifically, sales of Promacta hit an all-time quarterly high and
our partner Viking Therapeutics announced positive topline results
for its Phase 2 trial of VK2809, with the potential for efficacy in
patients with liver diseases such as non-alcoholic fatty liver
disease and NASH. Additionally, we closed the acquisition of
Vernalis in October, which provides several high-value shots on
goal, as well as a top-notch R&D team, all for a modest cash
outlay,” said John Higgins, Chief Executive Officer of Ligand.
“Despite the recent turbulence in the financial markets, Ligand
continues to execute on its business model, and we will remain
focused and will work to capitalize on opportunities the economic
cycle brings us.”
Third Quarter 2018 Financial Results
Total revenues for the third quarter of 2018 were $45.7 million,
compared with $33.4 million for the same period in 2017. Royalties
were $36.1 million, compared with $21.9 million for the third
quarter of 2017 and $28.3 million for the fourth quarter of 2017.
Under the new accounting standard ASC 606, adopted as of the start
of 2018, third quarter 2018 royalties should be compared with
fourth quarter 2017 royalties due to the timing of revenue
recognition. Third quarter 2018 royalties primarily consisted of
royalties from Promacta®, Kyprolis® and EVOMELA®. Material sales
were $7.0 million, compared with $7.7 million for the same period
in 2017 due to the timing of Captisol® purchases for use in
clinical trials and commercial products. License fees, milestones
and other revenues were $2.5 million, compared with $3.8 million
for the same period in 2017.
Cost of goods sold was $1.5 million for the third quarter of
2018, compared with $2.4 million for the same period in 2017.
Amortization of intangibles was $5.7 million, compared with $2.7
million for the same period in 2017, due to recent acquisitions and
amortization of R&D assets that were out-licensed or impaired.
Research and development expense was $5.5 million, compared with
$4.8 million for the same period of 2017. General and
administrative expense was $9.6 million, compared with $7.0 million
for the same period in 2017.
GAAP net income for the third quarter of 2018 was $67.4 million,
or $2.80 per diluted share, compared with $8.4 million, or $0.36
per diluted share, for the same period in 2017. Net income for the
third quarter of 2018 was impacted by a non-cash gain due to the
marking of Ligand’s investment in Viking Therapeutics to market.
Adjusted net income for the third quarter of 2018 was $31.7
million, or $1.32 per diluted share, compared with $15.3 million,
or $0.69 per diluted share, for the same period in 2017.
As of September 30, 2018, Ligand had cash, cash equivalents,
restricted cash and short-term investments of approximately $1
billion. Cash generated from operations during the third quarter of
2018 was $27.1 million.
Year-to-Date Financial Results
Total revenues for the nine months ended September 30, 2018 were
$191.9 million, compared with $90.6 million for the same period in
2017. Royalties were $88.3 million, compared with $60.4 million for
the nine months ended September 30, 2017 and $64.5 million for the
nine months ended December 31, 2017. Under ASC 606, royalties for
the nine months ended September 30, 2018 should be compared with
royalties for the nine months ended December 31, 2017 due to the
timing of revenue recognition. Royalties for the nine months ended
September 30, 2018 primarily consisted of royalties from Promacta,
Kyprolis and EVOMELA. Material sales were $19.0 million, compared
with $14.3 million for the same period in 2017 due to the timing of
Captisol purchases for use in clinical trials and commercial
products. License fees, milestones and other revenues were $84.5
million, compared with $15.9 million for the same period in 2017,
primarily due to the receipt of a $47 million payment from WuXi
Biologics to amend its OmniAb platform license agreement and a $20
million upfront payment upon the licensing of Ligand’s GRA
program.
Cost of goods sold was $3.4 million for the nine months ended
September 30, 2018, compared with $3.6 million for the same period
in 2017 due to the timing and mix of Captisol sales. Amortization
of intangibles was $12.3 million, compared with $8.1 million for
the same period in 2017, due to recent acquisitions and
amortization of R&D assets that were out-licensed or impaired.
Research and development expense was $19.0, compared with $18.3
million for the same period in 2017. General and administrative
expense was $26.6 million, compared with $20.9 million for the same
period in 2017.
GAAP net income for the nine months ended September 30, 2018 was
$185.8 million, or $7.61 per diluted share, compared with $19.6
million, or $0.84 per diluted share, for the same period in 2017.
Net income for the nine months ended September 30, 2018 was
impacted by a non-cash gain due to the marking of Ligand’s
investment in Viking Therapeutics to market. Adjusted net income
for the nine months ended September 30, 2018 was $127.9 million, or
$5.44 per diluted share, compared with $42.9 million, or $1.94 per
diluted share, for the same period in 2017.
2018 Financial Guidance
Ligand is raising its previous guidance for 2018 and now expects
revenue to be approximately $240 million, including royalties of
approximately $122 million, material sales of approximately $25
million and license fees and milestones of approximately $93
million, with the potential for up to an additional $5 million in
license fees and milestones. Ligand notes that with revenue of $240
million, adjusted earnings per diluted share would be approximately
$6.52.
This compares with previous guidance for 2018 revenue to be
approximately $232 million, including royalties of approximately
$120 million, material sales of approximately $23 million and
license fees and milestones of approximately $89 million, with the
potential for up to an additional $8 million in license fees and
milestones, and adjusted earnings per diluted share of
approximately $6.30.
Third Quarter 2018 and Recent Business Highlights
Promacta®/Revolade®
- Novartis reported third quarter 2018
net sales of Promacta/Revolade (eltrombopag) of $295 million, a $68
million or 30% increase over the same period in 2017.
- Novartis presented data from a Phase 4
open-label study of Promacta in the treatment of Chronic Immune
Thrombocytopenia at the European Congress on Thrombosis and
Haemostasis 2018.
- Novartis announced that Promacta would
be highlighted at the 60th American Society of Hematology (ASH)
annual meeting in December 2018.
Kyprolis® (carfilzomib), an Amgen Product
Utilizing Captisol
- On October 30, 2018, Amgen reported
third quarter net sales of Kyprolis of $232 million, a $25 million
or 12% increase over the same period in 2017. On October 31, 2018,
Ono Pharmaceutical reported Kyprolis sales in Japan of
approximately $11 million for the most recent quarter.
- On October 1, 2018, Amgen announced
that the FDA approved the supplemental New Drug Application (sNDA)
to expand the prescribing information for Kyprolis to include a
once-weekly dosing option in combination with dexamethasone for
patients with relapsed or refractory multiple myeloma.
- On November 1, 2018, Amgen announced
that new clinical data will be presented at the 60th ASH annual
meeting in December 2018 for Kyprolis and AMG-330.
Recent Acquisitions
- Ligand announced the acquisition of
Vernalis plc, a structure-based drug discovery biotechnology
company with a broad pipeline of partnered programs and ongoing
collaborations, for $43 million in cash, which was mostly offset by
approximately $32 million of cash on hand at Vernalis after deal
fees. The acquisition of Vernalis provides Ligand with more than
eight fully-funded shots on goal, a 70-person R&D team based in
Cambridge, England with a portfolio of ongoing collaboration
agreements that have the potential to create additional shots on
goal, a compound library of unpartnered programs for potential
business development out-licensing and England-based operations
that provide a platform to help efficiently pursue investment and
acquisition activities in Europe and the United Kingdom.
Additional Pipeline and Partner Developments
- Viking Therapeutics announced positive
topline results from a 12-week Phase 2 study of VK2809 in patients
with non-alcoholic fatty liver disease, which demonstrated
statistically significant reductions in low-density lipoprotein
cholesterol and statistically significant reductions in liver fat
content, and that the study results would be presented in an oral
late-breaker presentation at The Liver Meeting 2018.
- Viking Therapeutics announced that
results from its Phase 2 study of VK5211 in patients recovering
from hip fracture were presented at the American Society for Bone
and Mineral Research 2018 annual meeting.
- Sage Therapeutics announced that the
FDA Psychopharmacologic Drugs Advisory Committee and Drug Safety
and Risk Management Advisory Committee jointly voted that data
support the favorable benefit-risk profile of Zulresso injection
for the treatment of postpartum depression (PPD).
- Sage Therapeutics announced The Lancet
published an integrated analysis across three double-blind,
randomized, placebo-controlled studies of Zulresso injection in
women with PPD, demonstrating significant and clinically meaningful
reductions in HAM-D total score.
- Melinta Therapeutics announced positive
topline results from its Phase 3 trial of Baxdela™ for the
treatment of adult patients with community-acquired bacterial
pneumonia.
- Retrophin announced presentation of new
data examining the long-term effects of sparsentan in focal
segmental glomerulosclerosis (FSGS) at the American Society of
Nephrology Kidney Week 2018, and that the Journal of the American
Society of Nephrology published online the positive results from
Retrophin’s Phase 2 DUET study of sparsentan for the treatment of
FSGS.
- Retrophin announced two presentations
related to sparsentan in the treatment of IgA Nephropathy during
the 15th International Symposium on IgA Nephropathy.
- Verona Pharma announced that it had
enrolled the last patient in its Phase 2 clinical trial evaluating
the effect of nebulized RPL554 as an add-on to dual therapy using
long-acting anti-muscarinic / long-acting beta2-agonists and triple
therapy in the maintenance treatment of patients with moderate to
severe chronic obstructive pulmonary disease.
- Aldeyra Therapeutics announced positive
results from its Phase 2b clinical trial of topical ocular
reproxalap in patients with dry eye disease demonstrating
statistically significant reductions in the Four-Symptom Ocular
Dryness Score and the Overall Ocular Discomfort Symptom Score.
- Sermonix Pharmaceuticals announced the
initiation of a 100-patient Phase 2 trial of oral lasofoxifene for
the treatment of metastatic breast cancer.
- Opthea Limited announced that its Phase
1b trial of OPT-302 in diabetic macular edema (DME) met its primary
objective and that the company had dosed the first patient in a
Phase 2a randomized, controlled clinical trial evaluating OPT-302
in patients with persistent center-involved DME.
- Opthea Limited presented Phase 1/2a
data of OPT-302 in wet age-related macular degeneration (AMD) at
the Retina Society 2018 annual meeting.
- Corvus Pharmaceuticals announced the
publication of results of preclinical studies of CPI-444
demonstrating that it induces dose-dependent antitumor responses as
a monotherapy and in combination with anti-PD-1, anti-PD-L1 and
anti-CTLA-4 therapies.
- Corvus Pharmaceuticals announced new
data on a biomarker associated with patient response to therapy
with CPI-444, an adenosine receptor antagonist at the European
Society for Medical Oncology 2018 Congress.
- OmniAb partner Arcus Biosciences
announced that abstracts relating to its portfolio have been
accepted for poster presentation at the Society for Immunotherapy
of Cancer Annual Meeting.
- Seelos Therapeutics announced a merger
agreement with Apricus Biosciences, to form a combined
publicly-traded company focused on developing a portfolio that
includes Ligand-partnered CNS programs.
- Roivant announced that OmniAb-derived
RVT-1401 (previously HL161) will form the foundation of a new
company called Immunovant.
Business Development
- Ligand announced an OmniAb platform
license agreement with the Fred Hutchinson Cancer Research Center
(Fred Hutch) to use the OmniAb rodent platform technologies to
discover fully human antibodies. Ligand is eligible to receive a
defined share of revenue received by Fred Hutch from companies that
commercialize products incorporating any such OmniAb-derived
antibody.
- Ligand entered into a Captisol use
agreement with Sunshine Lake Pharma.
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 share-based
compensation expense, amortization of debt-related costs,
amortization related to acquisitions and intangible assets, changes
in contingent liabilities, mark-to-market adjustments for amounts
relating to our equity investments in Viking and Retrophin,
unissued shares relating to the Senior Convertible Notes and others
that are listed in the itemized reconciliations between GAAP and
adjusted financial measures included at the end of 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, changes in the market value of
our investments in Viking and Retrophin, share-based compensation
expense and effects of any discrete income tax items. 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.
Conference Call
Ligand management will host a conference call today beginning at
9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss this
announcement and answer questions. To participate via telephone,
please dial (833) 591-4752 from the U.S. or (720) 405-1612 from
outside the U.S., using the conference ID 5777841. To participate
via live or replay webcast, a link is available at
www.ligand.com.
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. For more information, please
visit www.ligand.com.
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 plans to capitalize on opportunities in
connection with the economic cycle, Ligand’s future revenue, the
timing of the initiation or completion of preclinical studies and
clinical trials by Ligand and its partners, guidance regarding the
full-year 2018 financial results, and the potential of the Vernalis
acquisition to create additional shots on goals, business
development out-licensing and a platform to help efficiently pursue
investment and acquisition activities in Europe and the United
Kingdom. Actual events or results may differ from Ligand's
expectations due to risks and uncertainties inherent in Ligand’s
business, including, without limitation: Ligand may not receive
expected revenue from royalties, Captisol material sales and
license fees and milestone revenue; Ligand and its partners may not
be able to timely or successfully advance any product(s) in its
internal or partnered pipeline; Ligand may not achieve its guidance
for 2018; Ligand may not be able to create future revenues and cash
flows by developing innovative therapeutics; results of any
clinical study may not be timely, favorable or confirmed by later
studies; products under development by Ligand or its partners may
not receive regulatory approval; there may not be a market for the
product(s) even if successfully developed and approved; Ligand's
partners may terminate any of its agreements or development or
commercialization of any of its products; 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; 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; unexpected adverse side effects or inadequate therapeutic
efficacy of Ligand's product(s) could delay or prevent regulatory
approval or commercialization; Ligand may not be able to
successfully implement its strategic growth plan and continue the
development of its proprietary programs; Ligand may expend
significant resources or fail to integrate Vernalis and its
workforce and Ligand may not successfully realize the anticipated
benefits from the Vernalis acquisition, including the potential
business development and using the acquisition as a platform to
help efficiently pursue investment and acquisition activities in
Europe and the United Kingdom; and ongoing or future litigation
could expose Ligand to significant liabilities and have a material
adverse effect on the company. 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 license fees and milestone
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, Kyprolis, an Amgen product, and EVOMELA, a Spectrum
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, except per share
amounts)
Three Months Ended
September 30, Nine Months Ended September 30,
2018 2017 2018
2017 Revenues: Royalties $ 36,127 $
21,931 $ 88,343 $ 60,372 Material sales 7,027 7,664 19,030 14,336
License fees, milestones and other revenues 2,509 3,780
84,490 15,930 Total revenues 45,663
33,375 191,863 90,638
Operating costs and
expenses: Cost of goods sold 1,460 2,385 3,382 3,628
Amortization of intangibles 5,725 2,706 12,309 8,126 Research and
development 5,483 4,759 19,023 18,254 General and administrative
9,633 7,032 26,571 20,904 Total
operating costs and expenses 22,301 16,882 61,285
50,912 Income from operations 23,362 16,493 130,578
39,726 Gain (Loss) from Viking 62,398 (1,019 ) 124,206 (3,350 )
Interest expense, net (5,726 ) (2,822 ) (19,022 ) (8,625 ) Other
expense, net (808 ) (581 ) (5,643 ) (1,185 ) Total other income
(expense), net 55,864 (4,422 ) 99,541 (13,160 )
Income before income taxes 79,226 12,071 230,119
26,566 Income tax expense (11,864 ) (3,645 ) (44,316
) (7,000 )
Net income: $ 67,362 $ 8,426 $
185,803 $ 19,566 Basic net income per share $
3.19 $ 0.40 $ 8.77 $ 0.93 Shares used
in basic per share calculation 21,148 21,071 21,189
21,007 Diluted net income per share $ 2.80
$ 0.36 $ 7.61 $ 0.84 Shares used in
diluted per share calculations 24,052 23,551 24,430
23,262
LIGAND PHARMACEUTICALS
INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
September 30, 2018
December 31, 2017 ASSETS Current assets: Cash, cash
equivalents, restricted cash and short-term investments $ 1,050,334
$ 201,661 Investment in Viking 105,183 — Accounts receivable, net
46,976 25,596 Inventory 8,136 4,373 Derivative asset 509,257 —
Other current assets 25,339 5,391 Total current assets 1,745,225
237,021 Deferred income taxes, net 32,440 84,422 Goodwill and other
identifiable intangible assets 302,237 314,543 Investment in Viking
— 6,438 Commercial license rights 20,934 19,526 Other assets 4,906
9,071 Total assets $ 2,105,742 $ 671,021
LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and
accrued liabilities $ 10,914 $ 9,636 Current contingent liabilities
3,678 4,703 Deferred revenue 2,450 — Derivative liability 563,158 —
2019 convertible senior notes, net 213,144 224,529 Total current
liabilities 793,344 238,868 2023 convertible senior notes, net
602,839 — Long-term contingent liabilities 9,053 9,258 Other
long-term liabilities 986 4,248 Total liabilities 1,406,222 252,374
Equity component of currently redeemable convertible notes — 18,859
Total stockholders' equity 699,520 399,788 Total liabilities and
stockholders' equity $ 2,105,742 $ 671,021
LIGAND
PHARMACEUTICALS INCORPORATED ADJUSTED FINANCIAL MEASURES
(Unaudited, in thousands, except per share
amounts)
Three months ended
September 30, Nine months ended September 30,
2018 2017 2018
2017 Net income $ 67,362 $ 8,426
$ 185,803 $ 19,566 Share-based compensation expense 5,470 5,248
14,837 15,917 Non-cash interest expense(1) 9,701 2,927 25,162 8,647
Net change in fair value of derivatives (110 ) — 2,034 —
Amortization related to acquisitions 5,229 1,947 12,902 10,223
Increase in contingent liabilities(2) 907 1,336 3,638 2,302 (Gain)
Loss from Viking (62,398 ) 1,019 (124,206 ) 3,350 Realized gain
from Viking(3) 3,107 — 3,107 — Other(4) 177 (411 ) 663 (327 )
Income tax effect of adjusted reconciling items above 8,317 (4,180
) 13,808 (13,949 ) Valuation allowance release(5) — — (1,666 ) —
Excess tax benefit from stock-based compensation(6) (6,105 ) (1,014
) (8,188 ) (2,841 ) Adjusted net income $ 31,657 $ 15,298
$ 127,894 $ 42,888
Diluted per-share
amounts attributable to common shareholders: Net income $ 2.80
$ 0.36 $ 7.61 $ 0.84 Share-based compensation expense 0.23 0.22
0.61 0.68 Non-cash interest expense(1) 0.40 0.12 1.03 0.37 Net
change in fair value of derivatives (0.01 ) — 0.07 — Amortization
related to acquisitions 0.22 0.08 0.53 0.44 Increase in contingent
liabilities(2) 0.04 0.06 0.15 0.10 (Gain) Loss from Viking (2.60 )
0.04 (5.09 ) 0.14 Realized gain from Viking(3) 0.13 — 0.13 —
Other(4) 0.01 (0.02 ) 0.03 (0.01 ) Income tax effect of adjusted
reconciling items above 0.35 (0.18 ) 0.57 (0.60 ) Valuation
allowance release(5) — — (0.07 ) — Excess tax benefit from
stock-based compensation(6) (0.25 ) (0.04 ) (0.34 ) (0.12 ) 2019
Senior Convertible Notes share count adjustment — 0.04
0.21 0.09 Adjusted net income $ 1.32 $
0.69 $ 5.44 $ 1.94 GAAP - Weighted
average number of common shares-diluted 24,052 23,551 24,430 23,262
Less: 2019 Senior Convertible Notes share count adjustment — 1,334
924 1,119 Adjusted weighted average number of common shares-diluted
24,052 22,217 23,506 22,143
(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) Amounts represent changes in fair value of contingent
consideration related to CyDex and Metabasis transactions.
(3) Amounts represent difference between price of Viking shares
at time of them being acquired, net of adjustment for trading
restrictions, and price of Viking shares at time of sale.
(4) Amounts represent mark to market adjustments associated with
our equity investment in Retrophin net of amounts due to a third
party licensor, absorbed losses from an investment accounted for
under the equity method, and excess tax expense from non-deductible
derivative expenses.
(5) Amount represents release of a valuation allowance relating
to our investment in Viking during the second quarter of 2018.
(6) 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 as a result of the adoption
of an accounting pronouncement (ASU 2016-09) on January 1, 2017.
Prior to the adoption, the amount was recognized in additional
paid-in capital on the consolidated statement of stockholders'
equity.
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version on businesswire.com: https://www.businesswire.com/news/home/20181108005271/en/
Ligand Pharmaceuticals IncorporatedTodd
PettingillEmail: investors@ligand.comPhone: (858)
550-7893Twitter: @Ligand_LGNDorLHA Investor RelationsBruce
VossEmail: bvoss@lhai.comPhone: (310) 691-7100
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