For the quarter ended June 2023, Ligand Pharmaceuticals reported revenue of $26.37 million, down 54.1% over the same period last year. EPS came in at $1.42, compared to $0.34 in the year-ago quarter.

The reported revenue represents a surprise of -5.85% over the Zacks Consensus Estimate of $28 million. With the consensus EPS estimate being $0.76, the EPS surprise was +86.84%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Ligand performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

• Revenues- Contract revenue: $0.72 million versus the three-analyst average estimate of $3.01 million. The reported number represents a year-over-year change of -92.8%.
• Revenues- Royalties: $20.43 million versus $18.71 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +13.8% change.
• Revenues- Captisol- Core: $5.22 million versus $3.28 million estimated by two analysts on average.

View all Key Company Metrics for Ligand here>>>

Shares of Ligand have returned -5.1% over the past month versus the Zacks S&P 500 composite's +2.8% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.