Ligand Pharmaceuticals Incorporated · NASDAQ:LGND
Ligand Pharmaceuticals — Q1 2023 Earnings Presentation
16 slides from Ligand Pharmaceuticals's earnings presentation, May 4, 2023
Slide 1: First Quarter 2023 Performance & Outlook
1 FIRST QUARTER 2023 PERFORMANCE & OUTLOOK MAY 4, 2023 Nasdaq: LGND
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT 2 The following presentation contains forward-looking statements by Ligand and its partners that involve risks and uncertainties and reflect Ligand’s and it’s partners’ judgment as of the date of this presentation. Words such as “plans,” “believes,” “expects,” “projects,” “coul
Slide 3: Growth Drivers Overview
3 GROWTH DRIVERS OVERVIEW Ligand is positioned for significant financial growth from: New Deals Platforms Commercial Products: Driving 7 major commercial royalties, all growing significant Pharm Team annual royalty Key Pipeline: growth Multiple late-stage partner events that can contribute to future
Slide 4: First Quarter Highlights
4 FIRST QUARTER HIGHLIGHTS Outstanding performance First quarter revenues of $44 million Strong Balance Sheet $283 million of cash & short-term investments Lean operating structure Expense reductions implemented in 2023 Focused strategy Create a diversified portfolio of high-margin royalties produci
Slide 5: Strategy: The Royalty Opportunity
5 STRATEGY THE ROYALTY OPPORTUNITY Significant opportunity to expand our late-stage pipeline in current environment Flexibility to add to portfolio using several tactics: Project Finance Royalty Monetization M&A Platforms Fund late-stage clinical trials Acquire existing royalty Identify companies wi
Slide 6: Execution: Investing at Scale
6 EXECUTION INVESTING AT SCALE Ligand’s goal: Scale our process for origination and deal making Institute our deal process and implement best practices on how we originate, negotiate and execute transactions Expand deal team: Currently adding personnel to deal team to increase deal capacity and dili
Slide 7: Financial Review and 2023 Guidance
7 FINANCIAL REVIEW AND 2023 GUIDANCE
Slide 8: Q1 2023 Financial Performance
8 Q1 2023 FINANCIAL PERFORMANCE $ in millions, except for per share amounts (unaudited) Q1 2023 Q1 2022 % change Royalties $17.2 $13.4 +28% Core Captisol Sales 10.6 6.2 +71% Covid Captisol Sales - 5.9 - Contract Revenue 16.2 10.9 +49% Total Revenue $44.0 $36.5 +21% Cost of Goods Sold $3.7 $4.7 (21%)
Slide 9: Revenue & EPS – Q1'23 Actuals & 2023 Guidance
REVENUE & EPS – Q1’23 ACTUALS & 2023 GUIDANCE 9 Q1 2023 Actuals 2023 Guidance - YoY royalty revenue grows 28% due to strong sales of Kyprolis and continued launch of Rylaze Royalty Revenue $17.2M $78 – 82M and Vaxneuvance - Approval of Travere’s Filspari Captisol Sales $10.6M $21M results in $15.3M
Slide 10: Growth Drivers and Portfolio Review
10 GROWTH DRIVERS AND PORTFOLIO REVIEW
Slide 11: Partnered Pipeline Snapshot
PARTNERED PIPELINE SNAPSHOT 11 OVER 100 ACTIVE PROGRAMS WITH ECONOMIC RIGHTS Partner Program Therapy Area Phase 1 Phase 2 Phase 3 NDA Approved Kyprolis® Oncology FILSPARI™ Kidney Disease / EVOMELA® Oncology Teriparatide Osteoporosis Rylaze™ Oncology Vaxneuvance™ Infection Pneumosil® Infection Berdaz
Slide 12: Growth Drivers Overview
12 GROWTH DRIVERS OVERVIEW Commercial Key Pharm New Platforms Products Pipeline Team Deals 7 major commercial Multiple late-stage 80+ early-stage New licensing from Reinvesting to royalties partner events programs existing platforms expand pipeline
Slide 13: Growth Drivers: Commercial Royalties
13 GROWTH DRIVERS Our existing portfolio of commercial stage royalties are expected to continue driving short- and medium-term financial growth Program Partner Sales Trends • China launch ongoing Kyprolis Amgen / Beigene • Label expansion with new combinations and other indications • Launching NOW F
Slide 14: Growth Drivers: Late-Stage Partnered Products
14 GROWTH DRIVERS Beyond the existing approved royalty streams, a number of late-stage partnered products with anticipated catalysts in 2023 are expected to begin to drive growth into the next decade through launches over the next 1 to 4 years Partner Program Indication Event Timing Royalty Verona E
Slide 15: Growth Drivers: Early-Stage Programs, Platforms, New Deals
15 GROWTH DRIVERS Early-Stage Programs “Pharm Team” Beyond the highly visible late-stage and approved pipeline, Ligand has economic rights to >50 clinical programs and >25 discovery/preclinical stage programs ‒ Many of these programs will fail, but some will mature into important late-stage portfoli
Slide 16: Ligand
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