Shares of Ligand Pharmaceuticals Inc. (NASDAQ: LGND) surged 5% on Tuesday, November 7, 2024, after the biopharmaceutical company reported better-than-expected third-quarter financial results and raised its full-year guidance.

For the three months ended September 30, 2024, Ligand posted revenue of $51.8 million, a 57.6% increase from the same period last year, beating analysts' average estimate of $40.65 million. The robust revenue growth was driven by higher royalties from recently acquired product QARZIBA, as well as increased sales of Travere Therapeutics' FILSPARI, which received full FDA approval during the quarter.

Ligand's adjusted earnings for the quarter came in at $1.84 per share, significantly higher than the consensus forecast of $1.35 per share and the prior-year figure of $1.02 per share. The company attributed the strong earnings performance to its growing portfolio of commercial-stage programs and the successful launches of new products, including Ohtuvayre and CAPVAXIVE.