Ligand Pharmaceuticals Inc. (LGND) filed Amended Quarterly Report for the period ended 2011-03-31.

Ligand Pharmaceuticals Inc. has a market cap of $280.7 million; its shares were traded at around $14.9048 with and P/S ratio of 11.9. Ligand Pharmaceuticals Inc. had an annual average earning growth of 7.2% over the past 10 years.

Highlight of Business Operations:

Total revenues for the three months ended March 31, 2011 were $3.9 million compared to $6.0 million for the same period in 2010. We reported income from continuing operations of $10.0 million for the three months ended March 31, 2011, compared to a loss of $3.0 million for the three months ended March 31, 2010.

Royalty revenues were $2.0 million for the three months ended March 31, 2011, compared to $2.0 million for the same period in 2010. Royalty revenues were flat period over period as an increase in PROMACTA royalties was offset by a decrease in AVINZA royalties.

We recorded collaborative research and development and other revenues of $0.9 million for the three months ended March 31, 2011, compared to $4.0 million for the same period in 2010. The decrease of $3.1 million for the three months ended March 31, 2011, compared to the same period in 2010, is primarily due to the termination of our remaining research obligations under collaboration agreements, including the recognition of approximately $1.7 million of deferred revenue related to the termination.

realized gain on investment of $0.7 million, partially offset by depreciation of assets of $0.7 million and the recognition of $0.6 million of stock-based compensation expense. The use of cash during the three months ended March 31, 2010 is further impacted by changes in operating assets and liabilities due primarily to decreases in accounts payable and accrued liabilities of $9.8 million, an increase in other long term assets of $0.5 million, a decrease in other liabilities of $1.3 million and a decrease in deferred revenue of $1.6 million, partially offset by a decrease in accounts receivable, net of $0.3 million. Net cash provided by operating activities of discontinued operations was $0.3 million for the three months ended March 31, 2010.

In connection with the acquisition of CyDex Pharmaceuticals, Inc. on January 24, 2011, we issued as series of Contingent Value Rights. We are obligated to pay $4.3 million in January 2012 and may be required to pay up to an additional $7.25 million upon achievement of certain milestones. In addition, we will pay CyDex shareholders, for each respective year from 2011 through 2016, 20% of all CyDex-related revenue, but only to the extent that and beginning only when CyDex-related revenue for such year exceed $15.0 million; plus an additional 10% of all CyDex-related revenue recognized during such year, but only to the extent that and beginning only when aggregate CyDex-related revenue for such year exceeds $35.0 million.

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