Revenue during the quarter grew 22.13 percent to $21.62 million from $17.70 million in the previous year period. Gross margin for the quarter expanded 244 basis points over the previous year period to 95.38 percent. Total expenses were 76.60 percent of quarterly revenues, up from 51.43 percent for the same period last year. That has resulted in a contraction of 2517 basis points in operating margin to 23.40 percent.

Operating income for the quarter was $5.06 million, compared with $8.60 million in the previous year period.

"Our solid third quarter financial performance is highlighted by all-time high royalty revenues. In addition, we had a very active quarter with new licensings further increasing our portfolio of partnered assets," said John Higgins, chief executive officer of Ligand. "Novartis continues to make excellent progress with growing sales, expanding indications and entering new geographies with Promacta®. Amgen is focused on growing Kyprolis®, and Spectrum’s product Evomela® is showing good momentum in sales growth following its launch earlier this year. Also, recent positive clinical and regulatory milestones were achieved with a few of our more important portfolio programs, notably for programs or technologies licensed to Retrophin, Lundbeck and Melinta. We also initiated a Phase 2 clinical trial with LGD-6972 for the treatment of type 2 diabetes mellitus."