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

To: Phil Cressman who wrote (23053)	7/10/1998 3:29:00 PM
From: jayhawk969	Respond to of 32384

Phil, Other than Milestone payments what else might help this quarters performance? It sure doesn't appear that they are slowing down research expenditures. Executive costs are high by comparative standards with start-up biotechs(those that have no commercial products). There may be acquisition costs and write-downs for SRGN, although this is doubtful as a current quarter expense. Looking forward, my guess is that Ligand has a big enough pipeline to spend a lot more dollars than are projected to arrive during the next 2-3 years. Therefore research allocation and alliances will continue to be a key. My gut tells me that Robinson will increase research at the expense of earnings once this company has reoccurring revenue. Good long term if it pays off, however, it may squeeze shareholders in the midterm.