Ligand Pharma up 5% after hours on 2023 guidance boosts

• Ligand Pharmaceuticals (NASDAQ:LGND) is up 5% in after-hours trading after raising its 2023 financial guidance.
• Revenue for the hyear is now expected to be $124M-$128M up from $120M-$124M before. Consensus is $128.07M.
• Diluted EPS is expected between $4.60 and $4.75 up from between $3.30 and $3.45.
• In Q1 2023, Ligand (LGND) beat on the top and bottom lines.
• In the quarter, the company swung to net income of $41.9M from a net loss of $15.4M in the year-ago period ($2.33 per share diluted vs -$0.91).
• Ligand (LGND) ended the quarter with cash, cash equivalents, and short-term investments of ~$282.7M, a ~33% increase from Dec. 31, 2022.

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