Ligand raises FY23 EPS to $5.10-$5.25 from $4.85-$5.00, consensus $4.98

Narrows FY23 revenue view to $124M-$126M from $124M-$128M, consensus $127.1M. The company states: “Ligand is increasing adjusted EPS guidance and modifying revenue guidance. As a result of the divestiture and given the profile of the Pelican business, Ligand will have lower contract revenue than previously expected but increased adjusted earnings. In addition, Ligand is updating royalty revenue guidance based upon the latest product sales estimates. Guidance for royalties is now $82 million to $84 million, previously $78M to $82M. Sales of Captisol are expected to be $25 million (previously $24 million) and contract revenue is now expected to be $17 million from previously $22 million.”