Ligand narrows loss on rocketing revenue
Ligand Pharmaceuticals narrowed its loss by 23% year-on-year for the first quarter, on rocketing revenue driven by royalties and the company's acquisition of Pharmacopeia (Marketletters passim).
The US firm's turnover leapt to $11.6 million, versus just $4.9 million. The increase was due to $4.5 million of milestones earned from Pfizer, Schering-Plough and GlaxoSmithKline, as well as $4.3 million in collaboration turnover from agreements acquired from Pharmacopeia.
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