WASHINGTON (dpa-AFX) - Shares of Ligand Pharmaceuticals Inc. (LGND) gained 5% in extended trading hours on Tuesday after the company's third-quarter profit and revenues trumped Wall Street estimates. The company also reaffirmed its full year outlook.
Third-quarter net income was $13.7 million or $0.80 per share, compared to net loss of $6.7 million or $0.42 per share last year.
On an adjusted basis, net income was $27.1 million or $1.58 per share, compared to $17.5 million or $1.04 per share last year.
Revenues for the third quarter rose to $64.8 million from $41.8 million last year.
Analysts polled by Thomson Reuters expected earnings of $1.04 per share on revenues of $55.65 million for the quarter. Analysts' estimates typically exclude one-time items.
Ligand reaffirmed its 2021 financial guidance. Ligand continues to expects full-year 2021 total revenues to be between $265 million and $275 million, and adjusted earnings to be between $5.80 and $6.05 per share. Analysts currently estimate earnings of $5.93 per share on revenue of $270.82 million for the full year.
LGND closed Tuesday's trading at $151.88, down $1.94 or 1.26%, on the Nasdaq. The stock, however, gained $8.12 or 5.35% in the after-hours trading.
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