Ligand Pharmaceuticals Incorporated · NASDAQ:LGND
Ligand Pharmaceuticals — Q1 2024 Earnings Presentation
18 slides from Ligand Pharmaceuticals's earnings presentation, May 7, 2024
Slide 1: First Quarter 2024 Financial Results
MAY 7, 2024 First Quarter 2024 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: Great Start To 2024
Great Start To 2024 Strong balance sheet with $311M in cash and investments ($82M in VKTX) at 3/31/24 FINANCIAL Announced Agenus royalty monetization & project finance investment today Strong financial performance Reiterating 2024 revenue and earnings guidance, on continued growth trajectory Pelthos
Slide 4: 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 5: Looking Ahead: 5-Year Royalty Revenue Outlook
Looking Ahead: 5-Year Royalty Revenue Outlook Current Portfolio of Commercial and Late-Stage Programs + New Deals Drive Growth Primrose & Agenus Partnered Programs • Royalty revenue growth could exceed a 20% CAGR $250 Ligand Royalty Revenue Projected Trend* • Recent investments: Tzield will contribu
Slide 6: Agenus Investment Profile
Agenus Investment Profile Counterparty Agenus Bio Agenus Asset (Royalties): Botensilimab +/- Balstilimab “BOT/BAL” (CTLA-4 +/- PD-1, Ph 2 with potential Accelerated Approval) Partnered Portfolio: Assets / MOAs / Phases / Marketers INCAGN-2390 (TIM-3, Incyte) INCAGN-2385 (LAG-3, Incyte) BMS-986442 (T
Slide 7: Agenus Investment Criteria
Agenus Investment Criteria Time to Cash Flow Less than 4 years from approval • Agenus plans to submit a BLA filing in late 2024 for BOT/BAL in r/r MSS CRC NLM, which could potentially lead to royalties to Ligand beginning in 2026 • Ligand could also receive partnered program milestone payments from
Slide 8: Agenus Clinical & Regulatory Outlook
Agenus Clinical & Regulatory Outlook BOT/BAL • BOT is a proprietary Fc-enhanced next-generation anti-CTLA-4 antibody designed to improve magnitude of responses as compared to first- generation anti-CTLA-4 antibodies, to expand the population of patients currently benefiting from anti-CTLA-4 therapy,
Slide 9: Zelsuvmi Offers Highly Differentiated Profile
Zelsuvmi Offers Highly Differentiated Profile • High burden of untreated, highly contagious viral disease with approximately 6M pediatric patients, with >70% of children left untreated • Zelsuvmi approved for use in patients 1 year old and older vs. competitor approval in patients 2 years old and ol
Slide 10: Pelthos Therapeutics
Pelthos Therapeutics Pelthos Therapeutics • Created in April 2024 to accelerate Zelsuvmi (berdazimer gel 10.3%) commercialization • Scott Plesha appointed Chief Executive Officer • Ligand has a track record of successfully executing similar strategy used in Viking Therapeutics, Primrose Bio, and Omn
Slide 11: Ensifentrine Approaching FDA PDUFA Date
Ensifentrine Approaching FDA PDUFA Date • Novel PDE3/4 inhibitor with robust efficacy and good safety profile • FDA PDUFA action date of June 26, 2024 for the maintenance treatment of chronic obstructive pulmonary disease (COPD) • Differentiated mechanism from competitors • Anticipating commercial l
Slide 12: Filspari Approved In Europe
Filspari Approved In Europe • FDA accelerated approval as first and only non-immunosuppressive therapy for primary IgAN in patients with urinary protein-to-creatinine ratio ≥1.5 g/g in February 2023 • FDA granted Priority Review of Supplemental NDA for full approval; PDUFA date September 5, 2024 • O
Slide 13: V116 Approaching PDUFA Date
V116 Approaching PDUFA Date • Potentially the first pneumococcal conjugate vaccine specifically designed for adults • Investigational, 21-valent pneumococcal conjugate vaccine addressing Streptococcus pneumoniae serotypes predominantly responsible for adult pneumococcal disease and those responsible
Slide 14: Q1'24 Key Partnered Commercial Program Updates
Q1’24 Key Partnered Commercial Program Updates Marketer Program Therapeutic Area Royalty Rate Q1’24 Updates Outlook Projecting > $1.5B in total 2024 global Kyprolis Oncology 1.5% to 3% Reported $376M in Q1’24 sales sales Full US approval PDUFA Sep 5, 2024 ; EU approval received April 2024; Filspari
Slide 15: Key Partnered Pipeline Programs
Key Partnered Pipeline Programs Marketer Program Therapeutic Area Phase Royalty Rate Updates & 2024 Catalysts Pediatric & Adult Created Pelthos to accelerate Zelsuvmi Zelsuvmi * Approved N/A Infectious Disease commercialization Low FDA Approval Decision Ensifentrine Pulmonology NDA Single Digit (PDU
Slide 16: Q1'24 Financial Highlights
Q1’ 24 Financial Highlights Royalty Revenue Cash & Investments* $19M $311M 2024 Full-Year Guidance $90-$95M as of March 31, 2024 Adjusted EPS Core Adjusted EPS $3.84 $1.20 Includes $2.64 from VKTX gain* 2024 Full-Year Guidance $4.25 - $4.75 16 • Cash & Investments includes $82M in VKTX stock as of 3
Slide 17: Q1'24 Financial Performance
Q1’24 Financial Performance Three Months Ended March 31, $ in millions, except for per share amounts 2024 2023 • Q1’24 royalty revenue grew 8% driven Revenues: Royalties $19.1 $17.7 by Kyprolis, Filspari and Rylaze, offset by Captisol 9.2 10.6 a decrease in Evomela due to Contract revenue & other in
Slide 18: LIGAND
LIGAND
Ligand Pharmaceuticals — Q1 2024 Earnings Presentation on 6ix