Ligand Pharmaceuticals Incorporated · NASDAQ:LGND
Ligand Pharmaceuticals — Q2 2026 Earnings Presentation
20 slides from Ligand Pharmaceuticals's earnings presentation, Aug 6, 2026
Slide 1: Second Quarter 2026 Financial Results
AUGUST 6, 2026 Second Quarter 2026 Financial Results
Slide 2: Safe Harbor Statement and Disclaimers
Safe Harbor Statement and Disclaimers • This presentation contains forward-looking statements, as defined in Section 21E of the Securities Exchange Act of 1934, by Ligand and its partners that involve risks and uncertainties and reflect Ligand’s and its partners’ judgment as of the date of this presen
Slide 3: Second Quarter 2026 Highlights
Second Quarter 2026 Highlights • 32% royalty revenue growth over 2025 FINANCIAL • 48% adjusted EPS1 growth over 2025 Strong financial performance • Executed $700M convertible bond offering at 0% coupon rate • Acquired XOMA Royalty on July 14th BUSINESS DEVELOPMENT • Creates operating and financial syn
Slide 4: XOMA Acquisition Strategic Rationale
XOMA Acquisition Strategic Rationale Immediately Diversification of Significant IP and Strategic Accretive Portfolio Royalty Rights Synergies Transaction is Improved access to capital 3 new key royalty Long dated royalties, some immediately accretive, generating assets and into 2040+, increasing and B
Slide 5: Our Strategy: Disciplined, Diversified, Unchanged
Our Strategy: Disciplined, Diversified, Unchanged Strategy Since 2022 An Attractive Market Backdrop Disciplined, high-quality portfolio construction Growing demand for non-dilutive capital • Rigorous underwriting and a lean operating model • Biotech innovation continues to expand the royalty • XOMA a
Slide 6: Ligand 2022 To 2026 Comparison
Ligand 2022 To 2026 Comparison During the last four years, Ligand has transformed its business model to an operationally light strategy focused on profitable and compounding growth 2022 2023 2024 2025 20261 Royalty $73M $85M $109M $161M $225−250M Revenue Cash OpEx $92M $40M $38M $40M $50M Adjusted EP
Slide 7: Ligand Potential Pipeline Opportunity
Ligand Potential Pipeline Opportunity Qtorin Rapamycin AVIM Therapy Lasofoxifene Mezagitimab FDA Approval H1 ’27 Pivotal Results Q2 ’27 Phase 3 Results H2 ‘27 Ph 3 Results Late-’27 to MLM Hypertension ER+/HER2− mBC Early-’28 Peak Sales3: $1B+ Peak Sales4,5: $250M Peak Sales3: $1B ITP, IgAN Peak Roya
Slide 8: Financial Update
Financial Update Tavo Espinoza
Slide 9: Second Quarter 2026 Financial Highlights
Second Quarter 2026 Financial Highlights Q2 2026 Total Revenue Q2 2026 Royalties $64M $48M 34% increase vs 2025 32% increase vs 2025 Q2 2026 Adjusted EPS1 Cash & Investments $2.37 ~$1.4B 48% increase vs 2025 ~$700M in deployable capital after XOMA closed on July 14, 2026 9 1. Adjusted EPS represents
Slide 10: XOMA Integration Update
XOMA Integration Update Operational and Financial Synergies Tax Attributes 1 Significant operating cost synergies $110M+ in acquired Section 174 R&D tax credits and NOLs • XOMA operating expenses of ~$30M collapses to • Expected to be utilized over the next 3−5 years <$5M under Ligand • Resulting in
Slide 11: Overview of Ligand's 2031 Convertible Notes
Overview of Ligand’s 2031 Convertible Notes Took advantage of strong convertible debt market and executed a $700M transaction, including Issuance Size exercise of the greenshoe 0% Coupon and 27.5% Conversion Premium Convertible Terms Net Share Settlement reduces further dilution as we will repay the
Slide 12: Second Quarter 2026 Financial Performance
Second Quarter 2026 Financial Performance Three Months Ended June 30, $ in millions, except for per share amounts (unaudited) 2026 2025 Q2 2026 Highlights Revenues: Royalties $48.0 $36.4 • Royalty revenue +32% – Driven by Filspari, Captisol 8.0 8.3 Ohtuvayre and Zelsuvmi Contract revenue 7.7 2.9 Tot
Slide 13: 2026 Financial Guidance
2026 Financial Guidance Tightening of EPS guidance range reflects increase in interest income and lower share count Royalty Revenue Total Revenue $225−250M $270−310M Includes: Ojemda, Vabysmo and Miplyffa (no change) (no change) Non- Royalty Revenue Adjusted EPS1 Captisol: $35–40M $9.00−9.50 Contract
Slide 14: Portfolio Update
Portfolio Update Lauren Hay LIGAND
Slide 15: Key Commercial Partnered Programs
Key Commercial Partnered Programs Marketer Program Indication Royalty Rate Filspari IgA Nephropathy; Focal Segmental Glomerulosclerosis 9% Kyprolis R/R Multiple Myeloma Tiered 1.5% to 3% Qarziba High-Risk Neuroblastoma Tiered Mid-Teen Vabysmo Wet AMD; Diabetic Macular Edema 0.5% Ohtuvayre Chronic Ob
Slide 16: Key Pipeline Partnered Programs
Key Pipeline Partnered Programs All key pipeline programs represent new or follow- on investment activity since 2022 Developer(s) Program Indication(s) Phase Royalty Rate Microcystic Lymphatic Malformations Pre-Reg QTORIN Rapamycin Tiered 8−9.8% Cutaneous Venous Malformations Phase 3 Ready Lasofoxif
Slide 17: Potential Near-Term Growth Drivers: Vabysmo
Potential Near-Term Growth Drivers: Vabysmo • Third best selling product in Roche’s entire pharmaceutical portfolio • First approved bispecific antibody inhibiting both VEGF-A and Ang-2, reducing vascular leakage, neovascularization, and inflammation more than VEGF-only agents Product Value Propositio
Slide 18: Potential Near-Term Growth Drivers: Ojemda
Potential Near-Term Growth Drivers: Ojemda Launched: Relapsed or Refractory Pediatric Low-Grade Glioma (r/r pLGG) • First targeted therapy demonstrating clinically meaningful tumor shrinkage and durable responses in relapsed/refractory BRAF fusion/rearrangement and V600−mutated pLGG Product Value Ph
Slide 19: Portfolio Potential Catalysts In Next 18-Months
Portfolio Potential Catalysts In Next 18−Months Up To 7 Pivotal Trial Readouts Anticipated in Next 18−Months Pivotal Trial AVIM Phase 3 Trial Readouts Lasofoxifene Readouts Mezagitamab Osavampator2 Volixibat1 Ersodetug Potential FDA Approval for Potential Geographic Expansion Qtorin Rapamycin in MLM
Slide 20: LIGAND
LIGAND
Ligand Pharmaceuticals — Q2 2026 Earnings Presentation on 6ix