On February 27, 2020 Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) reported an update to its financial outlook and raises its 2020 financial guidance (Press release, Ligand, FEB 27, 2020, View Source [SID1234554866]). Ligand now expects 2020 total revenues to be approximately $133 million and diluted EPS to be $3.62, up from previous guidance for total revenues of approximately $128 million and diluted EPS of $3.45. This increase is due to higher material sales of Ligand’s Captisol technology as a result of multiple recent orders for Captisol to be used with the investigational compound remdesivir. Material sales for 2020 are now expected to be approximately $40 million, up from previous guidance of approximately $35 million.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
This updated financial guidance continues to include the contribution from the core assets and business of Icagen, Inc. (Icagen). This acquisition was announced on February 11, 2020, is subject to certain closing conditions, including a vote of Icagen stockholders, and is expected to close in April 2020.
"Ligand’s Captisol technology has enabled several ground-breaking medicines, and we are now seeing partners increase their orders in support of clinical studies of the antiviral drug remdesivir, which is being actively assessed for the treatment of the new strain of the coronavirus, COVID-19," said John Higgins, Chief Executive Officer of Ligand. "We have invested significantly in the Captisol technology and supply chain over the years to enable the development and manufacture of important medicines that address significant medical needs. We stand ready to fulfill additional future orders of Captisol for use in formulating remdesivir, as needed."
About Captisol
Captisol is a patent-protected, chemically modified cyclodextrin with a structure designed to optimize the solubility and stability of drugs. Captisol was invented and initially developed by scientists in the laboratories of Dr. Valentino Stella, University Distinguished Professor at the University of Kansas’ Higuchi Biosciences Center for specific use in drug development and formulation. This unique technology has enabled several FDA-approved products, including Amgen’s KYPROLIS, Baxter International’s NEXTERONE, Acrotech Biopharma L.L.C.’s and CASI Pharmaceuticals’ EVOMELA and Melinta Therapeutics’ BAXDELA and Sage Therapeutics’ ZULRESSO. There are many Captisol-enabled products currently in various stages of development.