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Ligand Pharmaceuticals Inc. Reports Operating Results (10-Q/A)
Posted by: gurufocus (IP Logged)
Date: November 14, 2012 02:06PM

Ligand Pharmaceuticals Inc. (LGND) filed Amended Quarterly Report for the period ended 2012-03-31. Ligand Pharmaceuticals, Inc. has a market cap of $332.4 million; its shares were traded at around $17.5 with a P/E ratio of 1667 and P/S ratio of 11.1.



Highlight of Business Operations:

During the Company’s quarter-end close procedures for the period ended September 30, 2012, the Company discovered spreadsheet formula and other errors in the calculation of the contingent liability related to the Company’s acquisition of CyDex Pharmaceuticals, Inc. (“CyDex”) on January 24, 2011. The initial fair value of the contingent liability was overstated by $1.6 million resulting in an initial overstatement of goodwill by $2.7 million, an understatement of intangible assets of $0.9 million, an overstatement of deferred income tax liability of $0.3 million and an understatement of income tax benefit from continuing operations of $0.1 million.

Decrease (increase) in contingent liabilities for the three-month period ended March 31, 2012 has been decreased by $0.3 million to $0.5 million from $0.8 million and decrease (increase) in contingent liabilities for the three-month period ended March 31, 2011 has been increased by $0.6 million to $(2.3) million from $(1.7) million;

Loss from continuing operations for the three-month period ended March 31, 2012 has been increased by $0.2 million to $0.7 million, or $0.04 per share, from $0.5 million, or $0.03 per share and income from continuing operations for the three-month period ended March 31, 2011 has been decreased by $0.4 million to $9.6 million, or $0.49 per share, from $10.0 million, or $0.51 per share;

Goodwill at March 31, 2012 has been decreased by $2.7 million to $12.2 million from $14.9 million, intangible assets have been increased by $0.8 million to $57.7 million from $56.9 million, deferred income taxes have decreased by $0.3 million to $2.4 million from $2.7 million and long-term portion of contingent liabilities has decreased by $0.8 million to $9.8 million from $10.6 million and goodwill at December 31, 2011 has been decreased by $2.7 million to $12.2 million from $14.9 million, intangible assets has been increased by $0.9 million to $58.3 million from $57.4 million, deferred income taxes have decreased by $0.3 million to $2.2 million from $2.5 million and long-term portion of contingent liabilities at December 31, 2011 has decreased by $1.0 million to $10.4 million from $11.4 million; and

The financial information previously disclosed in the Company’s unaudited interim condensed consolidated financial statements previously included in the Company’s Quarterly Reports on Form 10-Q for the three months ended March 31, 2012 and 2011 should not be relied upon.

Read the The complete Report



Stocks Discussed: LGND,
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