Ligand reports revenues up 58% in Q1

Ligand Pharmaceuticals from San Diego has reported total net product sales for the first quarter 2004, of $34.1m, an 80% increase over the $18.9m in total net product sales in the first quarter of 2003. The increase was driven by solid Avinza (morphine sulfate extended-release capsules) sales of $22.4m, and oncology product revenues were solid.

Ligand's total revenues for the first quarter of 2004 were $36.6m, compared with $23.1m for the same period in 2003, an increase of 58%. Net loss for the first quarter of 2004 was $13.1m, compared with a net loss of $20.3m for the same period in 2003, an improvement of 35%.

'Ligand's first quarter earnings performance was consistent with our annual financial guidance and overall business plan goals for 2004,' said Paul Maier, Ligand's senior vice president and chief financial officer. 'We are pleased with this 80% increase in product sales, which was driven by an even stronger growth in Rxs and units of Avinza and Ontak offset in part by a near term surge in chargebacks and rebates. We are fully engaged with our partner Organon in the roll-out of the recently announced expansion of primary care and long-term care/hospice sales calls targeted for full execution by the end of the second quarter of 2004 which we expect to accelerate the moderate first quarter market share gains of Avinza throughout the balance of this year. We also continue to monitor the level of competitor activity as generic entries impact the investment level of the major market leaders.'