Ligand Pharmaceuticals Incorporated · NASDAQ:LGND
Ligand Pharmaceuticals — Q1 2026 Earnings Presentation
20 slides from Ligand Pharmaceuticals's earnings presentation, May 7, 2026
Slide 1: First Quarter 2026 Financial Results
M AY 7, 2026 First 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: First Quarter 2026 Highlights
First Quarter 2026 Highlights • 56% first quarter 2026 royalty revenue growth over 2025 FINANCIAL • 23% first quarter 2026 adjusted EPS growth over 2025 Strong financial performance • Announced immediately accretive acquisition of XOMA Royalty expected to add ~$0.50 of adjusted EPS in 20261 and ~$1.50
Slide 4: 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 5: Executing on Our Strategy & Delivering Strong Results
Executing on Our Strategy & Delivering Strong Results Scaling a model that drives compounding growth Core Revenue1 Positioned for Success in 2026 and Beyond Significant growth from key contributors in our Commercial $290 3 Portfolio $240 $167 $131 Meaningful inflection from our Pharm Team, $108 $238 f
Slide 6: XOMA Acquisition Strategic Rationale
XOMA Acquisition Strategic Rationale Immediately Accretive Diversification of Significant IP and Strategic Synergies Transaction is Portfolio Royalty Rights Improved access to capital immediately accretive, 7 new royalty generating Long dated royalties, some and BD opportunities; expected to add ~$0.5
Slide 7: 5-Year Outlook To Be Updated In December
5−Year Outlook To Be Updated In December Positive developments which are expected to drive an Ligand Expected Royalty Receipts1 increase to the long- term outlook include: Acquisition of XOMA will be immediately accretive and is Potential Incremental Growth To Be expected to drive significant growth
Slide 8: Financial Update
Financial Update Tavo Espinoza
Slide 9: First Quarter 2026 Financial Highlights
First Quarter 2026 Financial Highlights Q1 2026 Total Core Revenue1 Q1 2026 Royalties $52M $43M 14% increase vs 2025 56% increase vs 2025 Q1 2026 Adjusted EPS2 Cash & Investments $1.63 ~$780M 23% increase vs 2025 ~$1B in Deployable Capital as of 3/31/2026 9 1. Core revenue represents a non-GAAP meas
Slide 10: First Quarter 2026 Financial Performance
First Quarter 2026 Financial Performance Three Months Ended March 31, $ in millions, except for per share amounts (unaudited) 2026 2025 Q1 2026 Highlights Revenues: Royalties $43.0 $27.5 • Royalty revenue +56% – Driven by Filspari, Captisol 8.7 13.5 Ohtuvayre and Qarziba Contract revenue 0.1 4.4 Tot
Slide 11: 2026 Financial Guidance
2026 Financial Guidance XOMA expected to be immediately accretive. Recently revised financial guidance assumes transaction closes in Q3 2026 Royalty Revenue Total Revenue $225−250M $270−310M Previously ($200 - $225M) (Previously $245 - $285M) Includes: Ojemda, Vabysmo and Miplyffa Non- Royalty Revenu
Slide 12: Portfolio Update
Portfolio Update Lauren Hay LIGAND
Slide 13: Major 2026 Positive Catalyst: Qtorin Rapamycin In MLM
Major 2026 Positive Catalyst: Qtorin Rapamycin In MLM Palvella announced extremely positive Phase 3 results for Qtorin rapamycin in MLM in February • Phase 3 results far surpassed expectations and demonstrated compelling consistency of clinical results – Primary Endpoint: Mean change of +2.13 (p<0.0
Slide 14: Near-Term Growth Driver: Qtorin Rapamycin
Near-Term Growth Driver: Qtorin Rapamycin Multi- Billion Dollar Market Opportunity Near- Term Qtorin Rapamycin Catalysts in two lead indications alone H1 2026 Microcystic Lymphatic Cutaneous Venus CVM: Breakthrough Therapy Designation submission Malformations Malformations >30K diagnosed US patients
Slide 15: Major 2026 Positive Catalyst: Filspari In FSGS
Major 2026 Positive Catalyst: Filspari In FSGS Approval of Filspari in FSGS marks the second major positive 2026 catalyst in LGND portfolio Broad Label • Full approval includes all FSGS patients age 8 and older without nephrotic syndrome Filspari in FSGS Untapped Commercial Opportunity • No FDA appr
Slide 16: Key Commercial Partnered Programs
Key Commercial Partnered Programs Marketer Program Therapeutic Area Royalty Rate Kyprolis Oncology Tiered 1.5% to 3% Qarziba Oncology Tiered Mid-Teen Filspari Nephrology 9% Rylaze Oncology Tiered Low Single-Digit Ohtuvayre Pulmonology 3% Capvaxive Infectious Disease Low Single-Digit Vaxneuvance Infe
Slide 17: Key Pipeline Partnered Programs
Key Pipeline Partnered Programs Developer Program Indication Phase Royalty Rate Microcystic Lymphatic Malformations Pre-Reg QTORIN Rapamycin Tiered 8−9.8% Cutaneous Venous Malformations Phase 3 Ready D-Fi Dystrophic Epidermolysis Bullosa Phase 3 Mid single-digit Lasofoxifene Metastatic Breast Cancer
Slide 18: Pro Forma Royalty Portfolio – Key Programs
Pro Forma Royalty Portfolio – Key Programs From Ligand From XOMA Commercial DARE to PLAY Sildenafil Cream Lasofoxifene QTORIN Rapamycin AVIM Therapy Ersodetug Undisclosed Seralutinib Rezolute Anti-TL1A Gossamer Bio/Chiesi Phase 3 LeonaBio Palvella Orchestra D- Fi Rilvegostomig Osavampator Mezagitamab
Slide 19: 2026 Portfolio Product Catalysts
2026 Portfolio Product Catalysts Clinical Regulatory and Commercial Volixibat1 Phase 2b registrational readout in ✓ ✓ NDA approval & commercial launch in FSGS primary sclerosing cholangitis Qtorin rapamycin positive Phase 3 results in NDA submission of efdoralprin alfa ✓ Q3 microcystic lymphatic mal
Slide 20: Ligand
LIGAND
Ligand Pharmaceuticals — Q1 2026 Earnings Presentation on 6ix