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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: Skeeter Bug who wrote (20294)	5/9/1998 6:52:00 AM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

sb, Three analysts have recent updates on 1999 earnings. Bear Stearns came up with $0.09 in their Dec 31, 1997 update. 1-2 months ago H&Q came up with new numbers and they predicted a whopping $0.84 profit for 1999. Legg Mason said $0.08. Ligand has also indicated that they will make money next year. Legg Mason does not expect big amounts from "on label" sales of Panretin or Targretin initially because of the size of the KS or CTCL markets. However, they do expect eventual approval for some of the larger indications. LGND will be getting royalty payments (largest will come from LLY) and some of that money will come next year. They also have to decide on the LLY product (SRGN's IL-2 fusion protein) which could also be available next year (FDA should be meeting on it soon). Next year's off-label sales can be significant because many trials are advanced (lung and breast for Targretin) and could generate significant off label sales next year. LGND is still very small compared to Pharmas. A profit of $0.08 translates into just $3 million, which is why LGND's EPS will explode as products come to market, even if such products are not blockbusters.