Ligand Pharmaceuticals Incorporated · NASDAQ:LGND
Ligand Pharmaceuticals — Q2 2024 Earnings Presentation
20 slides from Ligand Pharmaceuticals's earnings presentation, Aug 6, 2024
Slide 1: Second Quarter 2024 Financial Results
AUGUST 6, 2024 Second 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,” “anticipate
Slide 3: Q2 '24 Highlights
Q2 ‘24 Highlights Double-digit growth in royalties FINANCIAL 2024 revenue and earnings guidance raised at time of Aperion acquisition Strong financial performance Cash $226.9 million, no debt, access to $125 million (expandable to $175 million) through credit facility Portfolio today includes 12 maj
Slide 4: Ligand Strategic Differentiation
Ligand Strategic Differentiation STRONG FINANCIALS High-margin / high-growth strategy Superior P&L, low op-ex with lean operations, high profits per employee Predictable and diversified growth ADVANTAGEOUS STRATEGY High Demand: Inefficient market with inexhaustible demand for capital Superior Inform
Slide 5: Looking Ahead To 2028
Looking Ahead To 2028 Expected Royalty Revenue CAGR >20% Current portfolio of commercial and late-stage programs + new deals drive growth1 • 5-year royalty revenue outlook on pace to exceed Ligand Expected Royalty Revenue ($M) Future 4% CAGR 22% CAGR previously shared at analyst day in Investments D
Slide 6: Leadership Team
Leadership Team: Differentiated Relationships & Biopharma Investment Experience Deep network of biopharma relationships enable proprietary deal sourcing and rigorous due diligence Management Team Board of Directors Todd Davis John W. Kozarich, Ph.D. Chief Executive Officer Chairman Tavo Espinoza Jas
Slide 7: Ligand 12-Month Investment Activity
Ligand 12-Month Investment Activity Transaction Type Amount Invested Date Primrose Bio Spinout $15M Sep 2023 Novan / Pelthos M&A + Spinout $12M Sep 2023 Ovid Therapeutics Royalty Monetization $30M Oct 2023 Tolerance Therapeutics M&A $20M Nov 2023 Palvella Project Finance + Convertible Note $7.5M Dec
Slide 8: Apeiron Biologics AG Investment Overview
Apeiron Biologics AG Investment Overview Provides royalty rights to Qarziba, marketed by Recordati & commercially available in >35 countries Immediately accretive to Ligand EPS by ~$1.00 per share on an annualized basis Transaction Highlights Qarziba Overview • High-risk pediatric neuroblastoma Tran
Slide 9: Portfolio Update: Ohtuvayre
Portfolio Update: Ohtuvayre During the past 6 months, Ligand purchased several inventor royalties for $17M in exchange for a nearly 1% incremental royalty Total Ligand Ohtuvayre royalty just under 3% of net sales 9
Slide 10: Soticlestat Phase 3 Update
Soticlestat Phase 3 Update SKYLINE Study (Dravet Syndrome) SKYWAY Study (Lennox-Gastaut Syndrome) • Narrowly missed primary endpoint of reduction in convulsive • Missed primary endpoint of reduction in major motor drop seizure frequency: seizures: − p-value = 0.06 – p-value not disclosed − n = 144 –
Slide 11: Agenus: Recent Updates Support Ligand's Thesis
Agenus: Recent Updates Support Ligand’s Thesis • Agenus announced outcome of End-of-Phase-2 Meeting and new clinical data in July 2024 – Agreement reached with the FDA on Phase 3 dose for the BOT/BAL combination – Accelerated approval pathway based on preliminary Phase 2 data discouraged by FDA (at
Slide 12: Palvella Therapeutics Merger With Pieris Pharmaceuticals
Palvella Therapeutics Merger With Pieris Pharmaceuticals Reverse merger and financing will create a Nasdaq listed company funded through 2H 2027 • July 24 – Palvella announced definitive merger agreement with Pieris Pharmaceuticals, Inc. (Nasdaq: PIRS) − Proposed merger will create a Nasdaq-listed,c
Slide 13: Current Investment Pipeline
Current Investment Pipeline Pipeline Volume Therapeutic Areas Investment Structures Ligand has a significant number of Potential investments span more The pipeline comprises a diverse mix investment opportunities in the than 10 different therapeutic of investment structures: pipeline areas Royalty M
Slide 14: Travere's Filspari – Significant Achievements in 2024
Travere’s Filspari – Significant Achievements in 2024 • Filspari is the first and only non-immunosuppressive approved for treatment of IgA nephropathy (IgAN) – Received accelerated approval in February 2023 for IgAN – Received Conditional Marketing Authorization in Europe for IgAN in April Filspari
Slide 15: Portfolio Update: Ohtuvayre for COPD
Portfolio Update: Ohtuvayre for COPD Ohtuvayre Analyst Projections ($M) $1,500 • Ohtuvayre was approved by the FDA on June 26, 2024 • Ligand purchased inventor royalties for $17M in $1,000 exchange for a ~1% royalty • Ohtuvayre’s approval came with a broad label for the maintenance treatment of COPD
Slide 16: Portfolio Update: Capvaxive vaccine
Portfolio Update: Capvaxive vaccine Capvaxive Analyst Projections ($M) • 21-valent pneumococcal vaccine designed $1,500 specifically for adults and approved in June 2024 in individuals 18 years of age and older • In their latest Q2 2024 earnings call, Merck stated, “Given its compelling clinical pro
Slide 17: Q2 '24 Financial Highlights
Q2 ‘24 Financial Highlights Total Revenue Royalty Revenue $41.5M $23.2M 58% increase vs Q2 2023 11% increase vs Q2 2023 Core Adjusted EPS** Deployable Capital $1.40 >$350M 109% increase vs Q2 2023 $227M in cash and investments* plus $125M credit facility * 226.9M in cash and investments as of June 3
Slide 18: Q2 '24 Financial Performance
Q2 ‘24 Financial Performance $ in millions, except for per share amounts Three Months Ended June 30, • Increase in total revenue driven by milestones earned with 2024 2023 Revenues and other income: the approvals of Filspari in Europe and Ohtuvayre and Royalties $23.2 $20.9 Capvaxive in the US Capti
Slide 19: Ligand 2024 Financial Guidance – Updated July 8th, 2024
Ligand 2024 Financial Guidance – Updated July 8th, 2024 2023 Reported 2024 Prior 2024 Updated Guidance Results Guidance Guidance Change2 (%) Royalty $84M $90 - 95M $100 - 105M +$10M (11%) Revenue Captisol $28M $25 - 27M $25 - 27M _ Sales Contract YoY Growth3 $19M $15 - 20M $15 - 25M $2.5M (14%) Reve
Slide 20: Ligand
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