Ligand Pharmaceuticals Incorporated · NASDAQ:LGND

Ligand Pharmaceuticals — Q2 2025 Earnings Presentation

18 slides from Ligand Pharmaceuticals's earnings presentation, Aug 7, 2025

  1. Slide 1: Second Quarter 2025 Financial Results

    A U GU ST 7, 2025 Second Quarter 2025 Financial Results

  2. 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

  3. Slide 3: 2025 Highlights

    2025 Highlights 57% Q2’25 royalty growth over Q2’24, 14% Q2’25 adjusted EPS1 growth over Q2’24 Increased revenue guidance from $180M-200M to $200M-225M and Adjusted EPS guidance from FINANCIAL $6.00−6.25 to $6.70−7.00 per diluted share1 Strong financial performance Cash and investments of $245M, no d

  4. Slide 4: Portfolio News, Events, & Catalysts

    Portfolio News, Events, & Catalysts Strong momentum for both Commercial and Pharm Team portfolio in H1 2025 Verona’s Ohtuvayre 3% royalty • Merck set to acquire Verona for $10B, announced July 2025 and anticipated to close in Q4 2025 • Announced positive data from Nuance Pharma’s Phase 3 trial in Ch

  5. Slide 5: Zelsuvmi Investment Background

    Zelsuvmi Investment Background • Ligand invests $12M in a project finance transaction to advance Novan’s Phase 3 asset, berdazimer topical gel 10.3% May 2019 (Zelsuvmi) • Ligand purchases Novan out of bankruptcy, including berdazimer topical gel 10.3% and the Nitricil platform for $12M in Late 2023 –

  6. Slide 6: Ohtuvayre Investment Background

    Ohtuvayre Investment Background • Ligand acquires Vernalis for ~$10M and through this investment, acquires rights to development milestones and a 2% royalty Oct 2018 on Verona’s Ohtuvayre • Ligand divests Vernalis research operations in exchange for $25M, while retaining the economic rights to Ohtuv

  7. Slide 7: Ohtuvayre Potential Future Royalty Revenue

    Ohtuvayre Potential Future Royalty Revenue Current sell-side consensus estimates for Ohtuvayre are steadily increasing as the strong launch trajectory continues LGND Potential Ohtuvayre Royalty Receipts Based on Analyst Consensus Projections $103M $88M $73M $59M $45M $33M $22M $12M Ohtuvayre 2025 20

  8. Slide 8: 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 Informat

  9. Slide 9: Investment Update

    Investment Update Paul Hadden

  10. Slide 10: H1 2025 Investment Activity

    H1 2025 Investment Activity Record setting origination activity. 100 Investments Reviewed Our experienced team is quick to focus on highest value opportunities 25 active investment opportunities under 25 Under Review review; even balance between accretive and pre-approval investments 4 Closed Conduc

  11. Slide 11: Orchestra BioMed Transaction Overview

    Orchestra BioMed Transaction Overview Ligand and Medtronic to invest a combined Ligand’s Investment: $40M total $70M of strategic capital in Orchestra BioMed • $20M at closing + $5M in equity offering • $15M at the 9−month anniversary of the to advance its late-stage partnered cardiology programs tr

  12. Slide 12: Financial Update

    Financial Update Tavo Espinoza

  13. Slide 13: Q2'25 Financial Highlights

    Q2’25 Financial Highlights Q2 2025 Total Revenue Grows 15% Q2 2025 Royalties $47.6M $36.4M 2025 Full Year Revised Guidance $200−$225M 57% increase vs Q2 2024 Q2 2025 Adjusted EPS Grows 14% 1 Cash & Investments3 $1.60 $245M 2025 Full Year Revised Guidance $6.70−$7.002 ~$450M in Deployable Capital as

  14. Slide 14: Q2'25 Financial Performance

    Q2’25 Financial Performance $ in millions, except for per share amounts (unaudited) Three Months Ended June 30, 2025 2024 Revenues: Royalties $36.4 $23.2 • Q2’25 royalty revenue grew 57% Captisol 8.3 7.5 driven by Ohtuvayre, Filspari, Contract Revenue 2.9 10.9 Qarziba, Capvaxive and Total revenues 4

  15. Slide 15: Looking Ahead To 2029

    Looking Ahead To 2029 Expected Royalty Receipts CAGR of 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% Ahea Future pace to meet or exceed 22% CAGR Investments

  16. Slide 16: 5-Year Outlook To Be Updated In December

    5−Year Outlook To Be Updated In December Major positive developments which could drive increase to long-term outlook include: Ligand Expected Royalty Receipts ($M) Ohtuvayre peak-sales consensus updated from $1.2B in Dec 2024 to Potential Incremental Growth To Be Shared $3.4B in Aug 2025, with addit

  17. Slide 17: Ligand Updated 2025 Financial Guidance

    Ligand Updated 2025 Financial Guidance Reflects the value of Zelsuvmi’s out-license and first commercial sale milestone 2025 2025 Prior Guidance 2022 Actuals 2023 Actuals 2024 Actuals Updated Guidance Change2 (%) Guidance Royalties $73M $85M $109M $135−140M $140−150M +$10M (7%) Captisol _ $16M $28M $3

  18. Slide 18: LIGAND

    LIGAND

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