Ligand revises previous revenue and net income guidance for fourth quarter and full year 2013

Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) is revising upward its previous revenue and net income guidance for the fourth quarter and full year 2013 as a result of higher-than-expected sales of Captisol^® material. Ligand now expects total revenues for the fourth quarter of 2013 to be between $14.0 million and $14.5 million, compared with previous guidance of between $11.0 million and $12.0 million. Non-GAAP earnings from continuing operations per diluted share for the fourth quarter of 2013 is expected to be between $0.31 and $0.32, compared with previous guidance of between $0.22 and $0.24.

For the full year 2013, Ligand expects total revenues to be between $48.0 million and $48.5 million, compared with previous guidance of between $45.0 million and $46.0 million. Non-GAAP earnings from continuing operations per diluted share for the full year 2013 is expected to be between $0.86 and $0.87, compared with previous guidance of between $0.77 and $0.79. The financial outlook for 2014 is unchanged.

Non-GAAP earnings from continuing operations per diluted share excludes expenses related to the increase or decrease in liability for contingent liabilities, write-off of in-process research and development and non-cash stock-based compensation. The forecasted non-GAAP measures are forward-looking statements for which the corresponding GAAP measure is not available; accordingly, we do not believe that reconciling information for such forecasted measures would be meaningful.

Ligand believes that the presentation of forward-looking non-GAAP financial measures provides useful supplementary information to and facilitates additional analysis by investors. Ligand uses these non-GAAP financial measures in connection with its own budgeting and financial planning. These non-GAAP financial measures are in addition to, and are not a substitute for, or superior to, measures of financial performance prepared in conformity with GAAP. Future GAAP results may be materially different from such forward-looking non-GAAP measures.