Ligand Pharmaceuticals Inc. has increased its revenue and net income guidance, due to better-than-expected sales of its Captisol product.

The company now expects total revenues for the fourth quarter of 2013 to be between $14 million and $14.5 million, up from previous guidance of $11 million to $12 million.

Similarly, it is increasing its 2013 revenue guidance to be about $48 million to $48.5 million, compared with previous estimates of between $45 million to $46 million.

Shares for the $1.15 billion market cap have risen 5.5 percent from $53.57 to $56.52 following the Dec. 4 announcement.

— SDBJ Staff Report