Ligand Pharmaceuticals Inc., a San Diego-based biotechnology firm, posted quarterly earnings results recently.

The company reported revenue of $23 million for the quarter, a 56 percent increase from the same quarter last year.

Ligand reported $0.60 earnings per share (EPS) for the quarter, meeting Thomson Reuters consensus estimate of $0.60 EPS.

Net income increased to $7.1 million, or $0.34 per diluted share.

Ligand (NASDAQ:LGND) is a biotechnology company that operates with a business model focused on developing or acquiring assets.

The company’s technology portfolio Captisol is a formulation technology that has enabled five Food and Drug Administration approved products, including Pfizer’s VFEND IV and Baxter International’s Nexterone and is being used in a number of clinical-stage partner programs.