SAN DIEGO (AP) _ Ligand Pharmaceuticals Inc. (LGND) on Monday reported first-quarter net income of $18.1 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the San Diego-based company said it had profit of $1.05. Earnings, adjusted for one-time gains and costs, came to $1.41 per share.

The drugmaker posted revenue of $55.2 million in the period.

Ligand expects full-year earnings to be $6.15 per share, with revenue expected to be $291 million.

Ligand shares have increased 45% since the beginning of the year. In the final minutes of trading on Monday, shares hit $144.28, a climb of 55% in the last 12 months.

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