Ligand's 1st-qtr 2006 revenues up 38%

USA-based drug developer Ligand Pharmaceuticals says that its first-quarter 2006 losses, which hit $137.1 million, include charges of $132.9 million relating to the termination of its co-promotion agreement with Dutch firm Organon (part of the Akzo Nobel group). Ligand added that, excluding the one-time termination costs, it had reduced its losses to $4.2 million in the period from the $15.8 million it lost in the first quarter of last year.

Ligand also reported that it had achieved a 37% increase in net product sales, which reached $48.0 million in the first three months of the year. Paul Maier, the company's senior vice president, said the sales growth had been led by a 48% increase in revenues from its pain management product Avinza (morphine sulfate extended-release capsules), which reached $32.5 million.

Mr Maier added that the firm's oncology business had performed as expected, citing the $9.2 million revenue contribution from Ontak (denileukin diftitox), up from $8.0 million in 2005, and $5.0 million from sales of Targretin (bexarotene) capsules, representing 25% growth, as examples.