Ligand Pharmaceuticals Incorporated · NASDAQ:LGND
Ligand Pharmaceuticals — Q4 2023 Earnings Presentation
16 slides from Ligand Pharmaceuticals's earnings presentation, Feb 27, 2024
Slide 1: Fourth Quarter and Full Year 2023 Financial Results
FEBRUARY 27, 2024 Fourth Quarter and Full Year 2023 Financial Results
Slide 2: Safe Harbor Statement and Disclaimers
Safe Harbor Statement and Disclaimers This presentation contains forward-looking statements by Ligand and its partners that involve risks and uncertainties and reflect Ligand’s and its partners’ judgment as of the date of this presentation. Words such as “plans,” “believes,” “expects,” “anticipates,
Slide 3: 2023 Highlights
2023 Highlights 21% revenue growth*, 66% EPS growth* FINANCIAL Improved financial profile, lean corporate cost structure Strong financial performance Strong balance sheet, no debt Completed the OmniAb and Pelican separations STREAMLINED OPERATIONS Business development and investment team scale up, o
Slide 4: Looking Ahead: 5-Year Royalty Revenue Outlook
Looking Ahead: 5-Year Royalty Revenue Outlook Current Portfolio and Operations Drive Significant Growth Expectations • Royalty revenue growth could exceed a 20% CAGR $250 Ligand Royalty Revenue Projected Trend* Primrose • Existing commercial programs and late-stage (in millions) 6% pipeline (“Pharm
Slide 5: Key Portfolio Highlights
Key Portfolio Highlights Marketer Program Therapeutic Area Phase Royalty Rate 2024 Catalysts Pediatric & ZELSUVMI* Adult NDA FDA Approval N/A (Berdazimer Gel) Infectious Approved (January 5) Disease Low NDA Approval Decision Ensifentrine Pulmonology NDA Filed Single Digit (PDUFA June 26) Infectious
Slide 6: Building Out Our Senior Investment Team
Building Out Our Senior Investment Team Richard Baxter Karen Reeves, M.D. SVP, Investment Operations SVP, Clinical Strategy and Investments Decades of investment experience 20+ years of executive leadership in top across complex capital structures, pharmaceutical companies including senior secured d
Slide 7: 2023 Investment Activity
2023 Investment Activity Leveraged team’s extensive experience across 300+ Investments therapeutic categories and technologies to facilitate Reviewed quick kills and focus on highest value opportunities Initiated in-depth research and engaged external consultants to rapidly identify and 45 CDAs Sign
Slide 8: Q1 2024 Investment Pipeline
Q1 2024 Investment Pipeline Pipeline Volume Therapeutic Categories Investment Structures Ligand has a significant number Potential investments span more The pipeline comprises a diverse of investment opportunities in than 10 different therapeutic mix of investment structures: the pipeline areas, inc
Slide 9: Ligand Investment Criteria
Ligand Investment Criteria Clinical Differentiation Structural Alignment Data supports ability to Competent counterparty address high unmet need with structural alignment and strong safety profile to Ligand Time to Cash Flow Exclusivity Risk-Reward No more than a few Favorable market Superior risk-
Slide 10: Key Partnered Commercial Programs
Key Partnered Commercial Programs Marketer Program Therapeutic Area Royalty Rate 2023 Updates Outlook Volume growth continuing to drive sales Kyprolis® Oncology 1.5 to 3% Exceeded $1.4B in global sales higher EU and full US approval decisions FDA Accelerated Approval and FILSPARI™ Nephrology 9% expe
Slide 11: Key Partnered Pipeline Programs
Key Partnered Pipeline Programs Marketer Program Therapeutic Area Phase Royalty Rate 2023 Updates 2024 Catalysts ZELSUVMI* Pediatric & Adult NDA NDA Submission; FDA Approval N/A (Berdazimer Gel) Infectious Disease Approved Ligand acquired assets (January 5) Low NDA Submission FDA Approval Decision E
Slide 12: Captisol Platform Technology
Captisol Platform Technology Captisol received its first approval of 2024 with Eisai’s injectable FYCOMPA, approved in Japan on January 18th • In 2024, Captisol has already received 1 approval and 20 19 has 4 additional possible new approvals by end of year FYCOMPA 18 TOTAL PRODUCTS APPROVED OR SUBM
Slide 13: 2023 Financial Highlights
2023 Financial Highlights Revenue Cash & Investments* $131M $170M 21% core revenue growth* as of December 31, 2023 Debt Free Core Adjusted Diluted EPS $4.06 Convertible notes paid off in May 2023 66% growth over 2022* $75M revolving credit facility in place * Growth % excludes the impact on gross pr
Slide 14: Q4 & Full Year Financial Performance
Q4 & Full Year Financial Performance Three Months Ended December 31, Year Ended December 31, $ in millions, except for per share amounts (unaudited) 2023 2022 2023 2022 Revenues: Royalties $22.5 $22.0 $83.9 $72.5 • Total 2023 revenue increased Captisol - Core 3.9 3.3 28.4 16.4 21% when excluding Cap
Slide 15: 2024 Guidance & Longer-Term Outlook
2024 Guidance & Longer-Term Outlook 2022-2028 2024 2022 Actuals 2023 Actuals 2028 Outlook Outlook Guidance CAGR Royalty Revenue $73M $84M $90M - 95M $235M 22% Core Captisol Sales* $16M $28M $25 - 27M $30M 11% Contract Revenue $19M $19M $15 - 20M $25M 5% Total Core Revenue* $108M $131M $130M - 142M $
Slide 16: LIGAND
LIGAND
Ligand Pharmaceuticals — Q4 2023 Earnings Presentation on 6ix