Ligand Pharmaceuticals Incorporated · NASDAQ:LGND
Ligand Pharmaceuticals — Q4 2024 Earnings Presentation
29 slides from Ligand Pharmaceuticals's earnings presentation, Feb 27, 2025
Slide 1: Fourth Quarter and Full Year 2024 Financial Results
FEBRUARY 27, 2025 Fourth Quarter and Full Year 2024 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 pres
Slide 3: 2024 Highlights
2024 Highlights 27% YTD revenue growth, 41% YTD adjusted EPS growth, 55% Q4’24 royalties growth over Q4’23 Generated > $100M in cash from operations in 2024 FINANCIAL Strong financial performance Cash and investments of $256 million, no debt, >$400 million in deployable capital with access to $125 m
Slide 4: Ligand 2022 To 2024 Comparison
Ligand 2022 To 2024 Comparison 2022 2023 2024 Royalty Revenue $73 million $85 million $109 million Cash OpEx $92 million $40 million $39 million Adjusted EPS $2.44 $4.06 1 $5.74 1 Platforms Captisol, OmniAb, Pelican Captisol Captisol, NITRICIL FTEs 170 35 2 42 2 During the last two years, Ligand has
Slide 5: Ligand Strategic Differentiation
Ligand Strategic Differentiation STRONG FINANCIALS High-margin / high-growth strategy Superior P&L, low op-ex with lean operations, high profits per employee Predictable and diversified growth ADVANTAGEOUS STRATEGY High Demand: Inefficient market with inexhaustible demand for capital Superior Inform
Slide 6: Looking Ahead to 2029
Looking Ahead to 2029 Expected Royalty Receipts CAGR 22% from 2024-2029 Looki Current portfolio of commercial and late-stage programs + new deals drive growth ng • Long–term royalty receipt outlook on Ligand Expected Royalty Receipts ($M) 4% Ahea22% CAGR Future CAGR Investments pace to meet or excee
Slide 7: Investment Update
Investment Update Paul Hadden
Slide 8: Castle Creek Investment Overview
Castle Creek Investment Overview Provides royalty on global net sales of Castle Creek’s Phase 3 ready D-Fi in DEB Investment proceeds will be used to fund Phase 3 trial through topline data results Transaction Highlights D-Fi Overview Transaction Value • $50M Ligand investment Indication • Dystrophi
Slide 9: Financial Update
Financial Update Tavo Espinoza
Slide 10: 2024 & Q4 Financial Highlights
2024 & Q4 Financial Highlights 2024 Total Revenue Q4 2024 Royalties $167M $34.8M 27% revenue growth 55% increase vs Q4 2023 2024 Core Adjusted Diluted EPS Cash & Investments* $5.74 $256M 41% growth over 2023* >$400M in Deployable Capital as of December 31, 2024 * Growth % excludes gains from Viking
Slide 11: Q4'24 & Full Year Financial Performance
Q4’24 & Full Year Financial Performance Three Months Ended December 31, Year Ended December 31, $ in millions, except for per share amounts (unaudited) 2024 2023 2024 2023 • Total 2024 revenue increased 27% Revenues: Royalties $34.8 $22.5 $108.8 $85.0 Captisol 7.9 3.9 30.9 28.4 • 2024 royalties incr
Slide 12: Ligand 2025 Financial Guidance
Ligand 2025 Financial Guidance 2025 Financial 2022 Actuals 2023 Actuals 2024 Actuals Guidance Royalties $73M $85M $109M $135-140M Core Captisol Sales* $16M $28M $31M $35-40M Contract Revenue $19M $18M $27M $10-20M Total Core Revenue* $108M $131M $167M $180-200M Adjusted Core EPS** $2.44 $4.06 $5.74
Slide 13: Significant Non-Dilutive Financial Capacity
Significant Non-Dilutive Financial Capacity • $256 million of cash, cash Cash and cash equivalents equivalents and short- ($ in millions) term investments as of 381 December 31, 2024 125* -78 172 • $125 million available under credit facility (expandable to $175M) -192 99 256 • Financial capacity of
Slide 14: Portfolio Update
Portfolio Update Lauren Hay LIGAND
Slide 15: Commercial Portfolio
” Commercial Portfolio LIGAND
Slide 16: Qarziba Background
Qarziba Background Indication High-risk neuroblastoma Phase of Development Ex-US approval May 2017 Ligand acquired Apeiron Biologics in July 2024 for ~$100M Investment Background and received rights to Qarziba royalties Royalty Rate Tiered mid-teen royalty €227M 2024 Oncology franchise sales (13% gr
Slide 17: Qarziba Updates
Qarziba Updates • Very high unmet need in rare pediatric indication Product Value • Well-established in ex-US treatment paradigm Proposition • Geographically well-diversified across >35 countries • Strong commercial partner in Recordati Rare Disease Recent News Key Upcoming Catalysts • June 2024: Qa
Slide 18: Filspari Background
Filspari Background Primary Immunoglobulin A Nephropathy (IgAN) Indications Focal Segmental Glomerulosclerosis (FSGS) IgAN: Full FDA approval September 2024 Phase of Development / Approval Date FSGS: sNDA submission expected Q1 25 Travere (US) Development Partners CSL Vifor (EU, Australia, New Zeala
Slide 19: Filspari Updates – IgAN
Filspari Updates – IgAN • First and only non-immunosuppressive therapy approved for IgAN, a rare kidney Product Value disease that leads to diminished kidney filtering, proteinuria, and progressive kidney Proposition function loss Recent News Key Upcoming Catalysts • CSL Vifor launched Filspari for
Slide 20: Ohtuvayre Background
Ohtuvayre Background Indication Maintenance treatment of COPD Phase of Development US approval June 2024 Ligand acquired Vernalis in 2018 Investment Background Additional royalties acquired from Ohtuvayre inventors in 2024 & 2025 Verona (US, EU) Development Partners Nuance Pharma (Greater China) Roy
Slide 21: Ohtuvayre Updates
Ohtuvayre Updates • First inhaled product with novel mechanism in over 20 years for COPD • Addresses high unmet need for patients uncontrolled on current therapies Product Value • Blockbuster sales potential with ~8.6M maintenance treated COPD patients, 50% of whom Proposition remain persistently sy
Slide 22: Capvaxive Background
Capvaxive Background Indication Pneumococcal prophylactic vaccine Phase of Development / Approval Date Approved June 2024 Investment Background Pfenex acquisition (Pelican) Royalty Rate Low single-digit $50M Q4 24 Recent Sales $96M full-year 2024 22
Slide 23: Capvaxive Updates
Capvaxive Updates • Capvaxive protects against strains that cause 84% of invasive pneumococcal disease compared to just 52% from other pneumococcal conjugate vaccines Product Value Proposition • Merck expects Capvaxive will achieve majority market share in the adult setting • Estimated peak sales of
Slide 24: Zelsuvmi Background
Zelsuvmi Background Indication Molluscum contagiosum Approved January 2024 Phase of Development / Approval Date Launch expected mid-2025 Investment Background Novan special situations investment Royalty Rate Low double-digit Future Sales Estimate Potential peak-year sales of $200M 24
Slide 25: Zelsuvmi Updates
Zelsuvmi Updates • Molluscum contagiosum is a highly contagious skin disease with an annual incidence Product Value in the US of ~6 million patients, most of whom are children Proposition • Zelsuvmi is the first and only at-home treatment for molluscum that can be administered by patients, parents,
Slide 26: Partnered Pipeline Assets
” Partnered Pipeline Assets LIGAND
Slide 27: Filspari Updates – FSGS
Filspari Updates – FSGS • Approval of Filspari in FSGS could represent the first FDA approved treatment, an Product Value important milestone for the FSGS community of approximately 30,000 addressable Proposition patients Recent News Key Upcoming Catalysts • Oct 2024: Ligand attended the PARASOL wor
Slide 28: Additional Pipeline Updates
Additional Pipeline Updates • Bot / Bal (Agenus) – Jan 2025: Agenus presented data in several colorectal cancer treatment settings at the ASCO-GI conference – Efforts to secure a strategic partnership for Bot / Bal development are ongoing • QTORIN Rapamycin (Palvella) – Nov 2024: First patient dosed
Slide 29: LIGAND
LIGAND
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