XML 59 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Revenues:      
Royalties $ 29,994us-gaap_RoyaltyRevenue $ 23,584us-gaap_RoyaltyRevenue $ 14,073us-gaap_RoyaltyRevenue
Material Sales 28,488us-gaap_SalesRevenueGoodsNet 19,072us-gaap_SalesRevenueGoodsNet 9,432us-gaap_SalesRevenueGoodsNet
Collaborative research and development and other revenues 6,056lgnd_CollaborativeResearchAndDevelopmentAndOtherRevenues 6,317lgnd_CollaborativeResearchAndDevelopmentAndOtherRevenues 7,883lgnd_CollaborativeResearchAndDevelopmentAndOtherRevenues
Total revenues 64,538us-gaap_Revenues 48,973us-gaap_Revenues 31,388us-gaap_Revenues
Operating costs and expenses:      
Cost of material sales 9,136us-gaap_CostOfGoodsSold 5,732us-gaap_CostOfGoodsSold 3,601us-gaap_CostOfGoodsSold
Research and development 12,122us-gaap_ResearchAndDevelopmentExpense 9,274us-gaap_ResearchAndDevelopmentExpense 10,790us-gaap_ResearchAndDevelopmentExpense
General and administrative 22,570us-gaap_GeneralAndAdministrativeExpense 17,984us-gaap_GeneralAndAdministrativeExpense 15,782us-gaap_GeneralAndAdministrativeExpense
Lease exit and termination costs 1,084us-gaap_BusinessExitCosts1 560us-gaap_BusinessExitCosts1 1,022us-gaap_BusinessExitCosts1
Write-off of acquired in-process research and development 0us-gaap_ResearchAndDevelopmentInProcess 480us-gaap_ResearchAndDevelopmentInProcess 0us-gaap_ResearchAndDevelopmentInProcess
Total operating costs and expenses 44,912us-gaap_OperatingCostsAndExpenses 34,030us-gaap_OperatingCostsAndExpenses 31,195us-gaap_OperatingCostsAndExpenses
Income from operations 19,626us-gaap_OperatingIncomeLoss 14,943us-gaap_OperatingIncomeLoss 193us-gaap_OperatingIncomeLoss
Other (expense) income:      
Interest expense, net (4,860)us-gaap_InterestIncomeExpenseNet (2,077)us-gaap_InterestIncomeExpenseNet (2,924)us-gaap_InterestIncomeExpenseNet
Increase in contingent liabilities (5,135)us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInTheRangeOfOutcomesContingentConsiderationLiabilityValueHigh (3,597)us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInTheRangeOfOutcomesContingentConsiderationLiabilityValueHigh (1,650)us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInTheRangeOfOutcomesContingentConsiderationLiabilityValueHigh
Other, net 1,671us-gaap_OtherNonoperatingIncomeExpense (63)us-gaap_OtherNonoperatingIncomeExpense 516us-gaap_OtherNonoperatingIncomeExpense
Total other expense, net (8,324)us-gaap_NonoperatingIncomeExpense (5,737)us-gaap_NonoperatingIncomeExpense (4,058)us-gaap_NonoperatingIncomeExpense
Income (loss) from continuing operations before income tax benefit 11,302us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments 9,206us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments (3,865)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
Income tax (expense) benefit from continuing operations (410)us-gaap_IncomeTaxExpenseBenefit (374)us-gaap_IncomeTaxExpenseBenefit 1,191us-gaap_IncomeTaxExpenseBenefit
Income (loss) from continuing operations including noncontrolling interests 10,892us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest 8,832us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest (2,674)us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
Less: Net loss attributable to noncontrolling interests (1,132)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 0us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 0us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Net income (loss) from continuing operations 12,024us-gaap_IncomeLossFromContinuingOperations 8,832us-gaap_IncomeLossFromContinuingOperations (2,674)us-gaap_IncomeLossFromContinuingOperations
Discontinued operations:      
Gain on sale of Avinza Product Line, net 0us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax 2,588us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax 3,656us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
Income tax expense on discontinued operations 0us-gaap_DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod 0us-gaap_DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod (1,509)us-gaap_DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod
Income from discontinued operations 0us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax 2,588us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax 2,147us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
Net income $ 12,024us-gaap_NetIncomeLoss $ 11,420us-gaap_NetIncomeLoss $ (527)us-gaap_NetIncomeLoss
Basic per share amounts:      
Income (loss) from continuing operations (in usd per share) $ 0.59us-gaap_IncomeLossFromContinuingOperationsPerBasicShare $ 0.43us-gaap_IncomeLossFromContinuingOperationsPerBasicShare $ (0.14)us-gaap_IncomeLossFromContinuingOperationsPerBasicShare
Income from discontinued operations (in usd per share) $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $ 0.13us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $ 0.11us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
Net income (loss) (in usd per share) $ 0.59us-gaap_EarningsPerShareBasic $ 0.56us-gaap_EarningsPerShareBasic $ (0.03)us-gaap_EarningsPerShareBasic
Weighted average number of common shares-basic 20,418,569us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 20,312,395us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 19,853,095us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Diluted per share amounts:      
Income (loss) from continuing operations (in usd per share) $ 0.56us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare $ 0.43us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare $ (0.14)us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare
Income from discontinued operations (in usd per share) $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $ 0.12us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $ 0.11us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
Net income (loss) (in usd per share) $ 0.56us-gaap_EarningsPerShareDiluted $ 0.55us-gaap_EarningsPerShareDiluted $ (0.03)us-gaap_EarningsPerShareDiluted
Weighted average number of common shares-diluted 21,433,177us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 20,745,454us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 19,853,095us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding