Ligand's full-year 2005 loss improves 19%

The USA's Ligand Pharmaceuticals says that, according to its unaudited preliminary results, net loss for the year ended December 31, 2005, was $36.4 million, or $0.49 per share, versus $45.1 million or $0.61 per share, a 19.3% improvement on the comparable period of the previous year.

The firm stated that its 37% product sales growth to $49.1 million, reflects a 62% increase in revenue from its flagship drug, the opioid painkiller Avinza (morphine sulphate extended-release capsules), which generated $112.8 million, as well as declining operating expenses.