Ligand Pharmaceuticals Incorporated · NASDAQ:LGND
Ligand Pharmaceuticals — Q2 2023 Earnings Presentation
16 slides from Ligand Pharmaceuticals's earnings presentation, Aug 8, 2023
Slide 1: Second Quarter 2023 Performance & Outlook
SECOND QUARTER 2023 PERFORMANCE & OUTLOOK August 8, 2023 1 Nasdaq: LGND
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT The following presentation contains forward-looking statements by Ligand and its partners that involve risks and uncertainties and reflect Ligand’s and it’s partners’ judgment as of the date of this presentation. Words such as “plans,” “believes,” “expects,” “projects,” “could,
Slide 3: Growth Drivers
GROWTH DRIVERS Ligand is positioned for significant financial growth New Deals Commercial Products 7 major commercial-stage royalty streams Platforms Multiple, late-stage partner events that can contribute to future royalty Pharm Team Key Pipeline growth Driving significant royalty growth Key Pipeli
Slide 4: Highlights
HIGHLIGHTS Outstanding performance Strong quarter revenues of $26 million $219 million of cash and short-term investments, after repayment of convertible Strong Balance Sheet debt and sale of $26M in Viking shares Lean operating structure Expense reductions implemented in 2023 Create a diversified p
Slide 5: Our Strategy
OUR STRATEGY Significant opportunity to expand our late-stage pipeline in the current environment Project Finance Royalty Monetization M&A Platforms Fund late-stage clinical Acquire existing royalty Identify companies with Focus on infrastructure-light trials for royalty interest contracts attractiv
Slide 6: Execution at Scale
EXECUTION AT SCALE Ligand’s goal: Scale our process for origination and deal making Institute our deal process and implement best practices improving how we originate, negotiate and execute transactions Expanding deal team growing deal capacity and diligence capabilities Increasing deal funnel leadi
Slide 7: Royalty Revenue Drives Cash Flow Growth
ROYALTY REVENUE DRIVES CASH FLOW GROWTH Royalty Revenue & Cash Operating Expenses $219M in cash at June 30 and no debt Leverage from royalty revenue growth and lean operating Excess Royalty Revenue Above Cash Expenses expenses Operating structure expected to Cash Operating Expenses support growing p
Slide 8: Financial Review and 2023 Guidance
FINANCIAL REVIEW AND 2023 GUIDANCE 8
Slide 9: Q2 2023 Financial Performance
Q2 2023 FINANCIAL PERFORMANCE Three Months Ended June 30 $ in millions, except for per share amounts (unaudited) 2023 2022 Revenues: Royalties 20.4 17.8 Captisol - Core 5.2 3.3 Captisol - COVID - 26.2 • Total revenue grows 10% when Contract revenue 0.7 2.8 excluding Captisol used for COVID Total rev
Slide 10: Revenue & EPS – Q2'23 Actuals
REVENUE & EPS – Q2’23 ACTUALS • YoY royalty revenue grows 15% due to Prior FY 2023 Updated FY 2023 Q2 2023 Actuals strong sales of Guidance Guidance Kyprolis, launch of Filspari and continued Royalty $20.4M $78M - $82M $78M - $82M growth of Rylaze and Revenue Vaxneuvance Captisol Sales $5.2M $21M $2
Slide 11: Growth Drivers and Portfolio Review
GROWTH DRIVERS AND PORTFOLIO REVIEW 11
Slide 12: Partnered Pipeline Snapshot
PARTNERED PIPELINE SNAPSHOT Over 100 active programs with economic rights Partner Program Therapy Area Phase 1 Phase 2 Phase 3 NDA Approved Kyprolis® Oncology FILSPARI™ Kidney Disease / EVOMELA® Oncology Teriparatide Osteoporosis Rylaze™ Oncology Vaxneuvance™ Infection Pneumosil® Infection Berdazime
Slide 13: Commercial Products
COMMERCIAL PRODUCTS Our existing portfolio of commercial stage royalties are expected to continue driving short- and medium-term financial growth Program Partner Sales Trends Kyprolis Amgen / Beigene Label expansion with new combinations, indications and geographies Filspari Travere Launched in Febr
Slide 14: Key 2023 Development Pipeline Catalysts
KEY 2023 DEVELOPMENT PIPELINE CATALYSTS Beyond the existing approved royalty streams, a number of late-stage partnered products with anticipated catalysts in 2023 Partner Program Indication Event Timing Royalty Sermonix Lasofoxifene Metastatic breast cancer Phase 3 start March 9, 2023 6 – 10% Viking
Slide 15: Ligand Offers $15 Million to Acquire Assets of Novan
LIGAND OFFERS $15 MILLION TO ACQUIRE ASSETS OF NOVAN Graphics to work on Background Next Steps • On July 17, Ligand entered an agreement to acquire the assets • If the agreement is approved by the Bankruptcy Court of Novan, Inc. (Nasdaq: NOVN) for $15M, which contemplated and Ligand’s bid is success
Slide 16: Ligand
Ligand
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