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Ligand Pharmaceuticals (LGND) Q1 FY2024 earnings: revenue $31 million, down 29.6% on the year

Ligand Pharmaceuticals Inc. (LGND) reported revenue of $31 million for Q1 FY2024, the quarter ended 31 March 2024, down 29.6% on the same quarter a year earlier. Net income was $86 million, up 105.3% on the year, and diluted earnings per share $4.75. The figures are the company's own, from the 10-Q it filed with the SEC on 8 May 2024.

Revenue$31 milliondown 29.6%
Net income$86 millionup 105.3%
Diluted EPS$4.75
QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Revenue31.028.1n/an/a
Research and development6.05.5n/an/a
Operating income3.0-3.4n/an/a
Operating margin9.6%-11.9%n/a
Interest expense0.10.1n/an/a
Pre-tax income11317.1n/an/a
Income tax27.3-1.1n/an/a
Effective tax rate24.1%-6.4%n/a
Net income86.118.2n/an/a
Net margin278.1%64.7%n/a
Diluted EPS$4.75$1.03n/an/a
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Operating cash flow18.78.1n/an/a
Capital expenditure0.10.4n/an/a
Free cash flow18.67.6n/an/a
Free cash flow margin60.1%27.2%n/a
Cash from investing-3.8-10.3n/an/a
Cash from financing12.25.3n/an/a
Depreciation and amortisation8.88.9n/an/a
Share-based compensation7.35.7n/an/a
Diluted shares, weighted18m18mn/an/a
Shares outstanding at period end18m18mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Shareholders' equity807701n/an/a
Debt0.00.0n/an/a
Operating lease liabilities5.25.8n/an/a
Finance lease liabilitiesn/a0.0n/an/a
Other liabilities10280.5n/an/a
Total liabilities and equity914787n/an/a
Fixed assets15.115.6n/an/a
Goodwill105103n/an/a
Intangible assets291300n/an/a
Investments260147n/an/a
Cash and equivalents50.123.0n/an/a
Receivables28.432.9n/an/a
Inventory21.324.0n/an/a
Other assets142141n/an/a
Total assets914787n/an/a

Questions

What was Ligand Pharmaceuticals' revenue in Q1 FY2024?

Ligand Pharmaceuticals (LGND) reported revenue of $31 million for Q1 FY2024, the quarter ended 31 March 2024, down 29.6% on the same quarter a year earlier.

How much did Ligand Pharmaceuticals earn in Q1 FY2024?

Net income for Q1 FY2024 was $86 million, up 105.3% on the year, and diluted earnings per share $4.75.

When did Ligand Pharmaceuticals report Q1 FY2024 results?

Ligand Pharmaceuticals filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 8 May 2024.

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue32.928.131.041.551.842.845.347.611559.751.763.7
R&D5.55.56.05.45.74.450.16.621.03.52.114.7
Operating income3.1-3.43.0-19.13.1-9.6-36.28.454.913.817.48.6
Operating margin9%-12%10%-46%6%-23%-80%18%48%23%34%13%
Interest expense0.00.10.11.30.70.90.91.20.91.81.71.7
Pre-tax income-12.117.1113-65.4-6.3-39.2-50.211.214156.8-24.364.3
Tax raten/a-6%24%n/an/an/an/a57%17%21%n/a25%
Net income-10.318.286.1-51.9-7.2-31.1-42.54.811744.8-13.348.5
Net margin-31%65%278%-125%-14%-73%-94%10%102%75%-26%76%
Diluted EPS-$0.59$1.03$4.75-$2.88-$0.39-$1.64-$2.21$0.24$5.68$2.12-$0.67$2.22
Operating cash flow7.68.118.713.336.528.5-25.415.813.145.948.724.0
Capital expenditure0.50.40.10.40.60.70.20.20.00.00.20.0
Free cash flow7.27.618.612.935.927.8-25.715.613.145.948.524.0
Buybacksn/an/an/an/an/an/an/an/a15.0n/an/an/a
Shares outstanding17m18m18m18m19m19m19m19m20m20m20m20m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 8 May 2024, accession 0000886163-24-000032: the filing on EDGAR. All of Ligand Pharmaceuticals Inc.'s filings: EDGAR company page.

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