Ligand Pharmaceuticals Incorporated · NASDAQ:LGND
Ligand Pharmaceuticals — Q4 2025 Earnings Presentation
20 slides from Ligand Pharmaceuticals's earnings presentation, Feb 26, 2026
Slide 1: Fourth Quarter and Full Year 2025 Financial Results
FEBRUARY 26, 2026 Fourth Quarter and Full Year 2025 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: 2025 Highlights
2025 Highlights 48% Full-year royalty revenue growth over 2024 FINANCIAL Strong financial performance 42% Full-year core adjusted EPS growth to $8.131 per share Scaling the BD function to capture value from our deep investment pipeline BUSINESS DEVELOPMENT ~$1B Deployable capital (including credit f
Slide 4: Biopharma Funding Landscape
Biopharma Funding Landscape Biopharma Industry Funding 2020-20241 Royalty Funding Market Size ($B)1 $29.4 Royalty financing is ~9% of total Private Debt industry funding 2.2x Convertible Debt $13.5 Total Funding: >$310B Licensing Follow-on Equity Deals Offerings IPOs 2015-2019 2020-2024 4 1Deloitte.
Slide 5: Proven Execution & Positioned For Continued Growth
Proven Execution & Positioned For Continued Growth Profits have tripled since 2022, driving strong share price performance Core Revenue1 $430 • Strong operating leverage driving margin expansion and sustained EPS growth 3 • Past catalysts include the OmniAb, Pelican and $265 Pelthos spinouts, the Ap
Slide 6: 5-Year Outlook
5 -Year Outlook Expected Royalty Receipts CAGR 23% From 2025-2030 Current portfolio of commercial and late-stage $400 programs + new deals drive growth Figures in $ millions, 3% CAGR • Long–term royalty receipt outlook to meet or $350 annual basis Future Investments exceed 23% CAGR despite anticipat
Slide 7: Financial Update
Financial Update Tavo Espinoza
Slide 8: 2025 Financial Highlights
2025 Financial Highlights 2025 Total Core Revenue1 2025 Royalties $240M $161M 43% increase vs 2024 48% increase vs 2024 2025 Adjusted EPS2 Cash & Investments $8.13 $734M 42% increase vs 2024 ~$1B in Deployable Capital as of 12/31/25 8 1. Core revenue represents a non-GAAP measure. See our Q4 25 earn
Slide 9: Q4'25 & Full Year 2025 Financial Performance
Q4’25 & Full Year 2025 Financial Performance Three Months Ended December 31, Year Ended December 31, $ in millions, except for per share amounts (unaudited) 2025 2024 2025 2024 • 2025 core revenue* increased 43% Revenues: Royalties $50.5 $34.8 $161.0 $108.8 Captisol 7.8 7.9 40.2 30.9 • 2025 royaltie
Slide 10: Reiterating 2026 Financial Guidance
Reiterating 2026 Financial Guidance Royalty Revenue Total Revenue $200 - 225M $245 - 285M Royalty revenue growth of 32% over 20251 Total revenue increase ~11% over 2025 Driven by Filspari, Ohtuvayre, Capvaxive and Zelsuvmi Non-Royalty Revenue Adjusted Core EPS2 Captisol: $35 – 40M $8.00 -9.00 Contra
Slide 11: Portfolio Update
Portfolio Update Lauren Hay LIGAND
Slide 12: Portfolio Management Process
Portfolio Management Process Ligand’s robust process efficiently manages and identifies new opportunities within the company’s portfolio of over 100 therapeutic assets Portfolio Management Objectives Monitor & Discuss Track Product Sales News Flow & vs. Forecast Upcoming Catalysts Identify New Stren
Slide 13: Lasofoxifene Background
Lasofoxifene Background Lasofoxifene ER+/HER2- metastatic breast cancer in patients with ESR1 Indication mutations Phase of Development / Approval Date Phase 3 Initially discovered through a research collaboration between Background Ligand and Pfizer Royalty Rate Tiered 6 − 10% LeonaBio: Global (exc
Slide 14: Portfolio Update - Lasofoxifene
Portfolio Update - Lasofoxifene • Demonstrated Strong Efficacy Profile: Approved SERD therapies demonstrate mPFS of 3-6 months as monotherapy, whereas lasofoxifene has achieved 13-month median PFS in combination in a Phase 2 study Product Value Proposition • Differentiated MOA: As the only SERM in t
Slide 15: Portfolio News, Events, & Catalysts
Portfolio News, Events, & Catalysts Strong momentum for both Commercial and Pharm Team portfolio Palvella’s Qtorin Rapamycin 3.9% 8 to 9.8% royalty • Positive Phase 3 results in microcystic lymphatic malformations. Plans to submit for regulatory approval in H2 ‘26 • Positive Phase 2 results in cutan
Slide 16: Near-Term Growth Drivers – Qtorin Rapamycin
Near-Term Growth Drivers – Qtorin Rapamycin • Potential First FDA Approved Treatment for Multiple Serious Rare Dermatological Conditions: If approved, would be the first FDA-approved therapy indicated for Product Value microcystic lymphatic malformations (MLM, Phase 3 completed), cutaneous venous Pr
Slide 17: Catalysts & Market Size– Qtorin Rapamycin
Catalysts & Market Size– Qtorin Rapamycin Near-Term Multi-Billion Dollar Market Opportunity Near-Term Catalysts for Qtorin rapamycin in two lead indications alone Feb. 2026 Positive Ph 3 MLM SELVA topline data in MLM Microcystic Lymphatic Cutaneous Venus Malformations Malformations H1 2026 Submissio
Slide 18: Near-Term Growth Drivers – Filspari
Near-Term Growth Drivers – Filspari Approved: IgA Nephropathy (IgAN) • First non-immunosuppressive therapy approved for IgAN, a rare kidney disease that leads to diminished kidney filtering, proteinuria, and progressive kidney function loss Product Value • Peak Sales Estimates: $1B+ ($90M potential
Slide 19: Near-Term Growth Drivers – Ohtuvayre
Near-Term Growth Drivers – Ohtuvayre • Innovative Treatment For High Unmet Need: First inhaled product with novel mechanism of action in over 20 years for COPD, addressing high unmet need for patients uncontrolled on current therapies Product Value • Large Market Opportunity: Strongest launch in COP
Slide 20: LIGAND
LIGAND
Ligand Pharmaceuticals — Q4 2025 Earnings Presentation on 6ix