LIGAND PHARMACEUTICALS INCORPORATED

(NASDAQ:LGND)

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Quarterly Data
Annual Data
Note: All numbers in thousands

	Sep 30, 2008	Jun 30, 2008	Mar 31, 2008	Dec 31, 2007
Operating revenue
Total Revenue	5,248	4,804	4,874	5,770
Operating Revenue	5,248	4,804	4,874	5,770
Adjustments To Revenue	—	—	—	—
Cost Of Sales	-1,248	241	193	-364
Cost Of Sales With Depreciation	—	—	—	—
Gross Operating Profit	6,496	4,563	4,681	6,134
Operating Expenses
Research And Development Expenses	6,165	6,377	7,165	10,432
Selling General And Administrative Expenses	5,929	4,551	10,099	3,871
Advertising Expenses	—	—	—	—
Operating Income Before Depreciation	-5,598	-6,365	-12,583	-8,169
Operating Income	-6,355	-5,633	-11,899	-8,042
Depreciation	1,248	-241	-193	364
Depreciation Unreconciled	—	—	—	—
Amortization	—	—	—	—
Amortization Of Intangibles	—	—	—	—
Operating Income After Depreciation	-6,846	-6,124	-12,390	-8,533
Non Operating Expenses
Interest Expense	45	39	52	132
Pre Tax Income	-6,134	-5,919	-11,498	-8,240
Income Taxes	2,990	-1,030	-1,781	-2,918
Minority Interest	—	—	—	—
Income Before Income Taxes	-6,134	-5,919	-11,498	-8,240
Net Income From Continuing Operations	-9,124	-4,889	-9,717	-5,322
Net Income From Discontinued Operations	-9,001	-1,540	5,784	11,260
Net Income From Total Operations	-18,125	-6,429	-3,933	5,938
Non Recurring Events
Extraordinary Income Losses	—	—	—	—
Income From Cummulated Effect Of Accounting Changes	—	—	—	—
Income From Tax Loss Carryforward	—	—	—	—
Other Gains And Losses	—	—	—	—
Total Net Income	-18,125	-6,429	-3,933	5,938
Normalized Income	-9,615	-5,380	-10,208	-3,849
NetIncome Available For Common	-9,124	-4,889	-9,717	-5,322
Preferred Dividends	—	—	—	—
Excise Taxes	—	—	—	—

	Dec 31, 2007	Dec 31, 2006	Dec 31, 2005	Dec 31, 2004
Operating revenue
Total Revenue	12,894	140,960	176,608	163,512
Operating Revenue	12,894	140,960	166,081	151,677
Adjustments To Revenue	—	—	—	—
Cost Of Sales	-2,615	6,425	21,140	24,529
Cost Of Sales With Depreciation	—	22,642	39,847	39,804
Gross Operating Profit	15,509	134,535	144,941	127,148
Operating Expenses
Research And Development Expenses	44,623	41,926	56,075	65,204
Selling General And Administrative Expenses	30,410	248,281	107,157	95,875
Advertising Expenses	—	—	—	—
Operating Income Before Depreciation	-59,524	-155,672	-18,291	-33,931
Operating Income	-60,175	-168,770	-26,471	-37,371
Depreciation	2,615	16,217	18,707	15,275
Depreciation Unreconciled	—	—	—	—
Amortization	—	—	—	—
Amortization Of Intangibles	—	—	—	—
Operating Income After Depreciation	-62,139	-171,889	-36,998	-49,206
Non Operating Expenses
Interest Expense	735	10,614	12,458	12,338
Pre Tax Income	-53,456	-174,273	-36,340	-44,908
Income Taxes	-18,697	-38,414	59	233
Minority Interest	—	—	—	—
Income Before Income Taxes	-53,456	-174,273	36,340	-44,908
Net Income From Continuing Operations	-34,759	-135,859	-36,399	-45,141
Net Income From Discontinued Operations	316,447	104,116	—	—
Net Income From Total Operations	281,688	-31,743	-36,399	-45,141
Non Recurring Events
Extraordinary Income Losses	—	—	—	—
Income From Cummulated Effect Of Accounting Changes	—	—	—	—
Income From Tax Loss Carryforward	—	—	—	—
Other Gains And Losses	—	—	—	—
Total Net Income	281,688	-31,743	-36,399	-45,141
Normalized Income	-34,759	-135,859	-36,399	-45,141
NetIncome Available For Common	-34,759	-135,859	-36,399	-45,141
Preferred Dividends	—	—	—	—
Excise Taxes	—	—	—	—