Business
Ligand Provides Highlights from Today’s Investor Day Event
Updates 2020 Guidance Introduces Preliminary Financial Outlook for 2021 to 2023 SAN DIEGO--(BUSINESS WIRE)-- Ligand Pharmaceuticals Incorporated (NASDAQ:
About this update from Ligand Pharmaceuticals Incorporated
[{"type":"text","content":"\nUpdates 2020 Guidance\n\nIntroduces Preliminary Financial Outlook for 2021 to 2023\n\n SAN DIEGO--(BUSINESS WIRE)--\nLigand Pharmaceuticals Incorporated (NASDAQ: LGND) announced that at today’s virtual Investor Day event its senior management reviewed recent business progress and provided a financial growth outlook. Management also provided updated 2020 financial guidance and introduced a preliminary financial outlook for 2021 to 2023 including 2021 financial guidance, and discussed its three primary technology platforms.\n\nA webcast of the event including slides is available here. Highlights of today’s presentations include the following:\n\nBusiness model and growth drivers:\n\n\nManagement reviewed Ligand’s business model and the ongoing diversification of its portfolio. Leveraging the OmniAb, Captisol and Protein Expression Technology platforms, Ligand’s business model is based on providing drug discovery platforms, completing early stage drug development and partnering.\n\n\nToday Ligand has more than 130 different partners.\n\n\nLigand highlighted more than 10 major potential pipeline events expected to take place by the end of 2021, including commercial product approvals and Phase 3 clinical trial data, as well as Phase 2 or Phase 2b clinical trial data.\n\n\nLigand reported that strong demand for Captisol continues and it forecasts higher needs for Captisol for the manufacturing of remdesivir to treat COVID-19 in 2021.\n\n\nLigand announced plans to consolidate its San Diego facilities into the Pfenex location, and to change corporate headquarters to Emeryville, California in 2021, the location of its OmniAb laboratories.\n\n\nThe company’s growth is expected to be driven by royalty revenue, with projections for a nearly three-fold increase over the next three years, reaching $95 million in royalty revenue in 2023. Approximately two-thirds of 2023 royalty revenue is expected to come from core Ligand royalty programs, and approximately one-third is expected to come from the programs acquired as part of the recent Pfenex transaction.\n\n\nLigand summarized its merger and acquisition history, noting it has made more than 20 acquisitions and investments over the past 12 years deploying approximately $1 billion of capital.\n\n\nOmniAb technology:\n\n\nLigand reported that it is positioned to continue OmniAb’s best-in-class...