Ligand Pharmaceuticals Incorporated · NASDAQ:LGND
Ligand Pharmaceuticals — Q3 2025 Earnings Presentation
24 slides from Ligand Pharmaceuticals's earnings presentation, Nov 6, 2025
Slide 1: Third Quarter 2025 Financial Results
NOV EM BER 6, 2025 Third Quarter 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 presen
Slide 3: 2025 Highlights
2025 Highlights 47% Q3’25 royalty growth over Q3’24, 68% Q3’25 adjusted EPS1 growth over Q3’24 FINANCIAL Increased core revenue2 guidance for a second time this year from $200M-225M to $225M-235M and Adjusted EPS guidance from $6.70−7.00 to $7.40−7.65 per diluted share2 Strong financial performance C
Slide 4: Track Record of Execution
Track Record of Execution Since separation of OmniAb in 2022, share price appreciation of ~160%1 Core Revenue2 Adj. Core EPS3 Total CAGR: 29% CAGR: 46% Royalty CAGR: 28% $230 $7.53 $38 $5.74 $167 $40 $27 $131 $4.06 $108 $18 $31 $19 $28 $2.44 $16 $152 $109 $73 $85 2022A 2023A 2024A 2025E 2022A 2023A
Slide 5: Looking Ahead To 2029
Looking Ahead To 2029 Expected Royalty Receipts CAGR of 22% from 2024−2029 Looki Current portfolio of commercial and late-stage programs + new deals drive growth ng • Long–term royalty receipt outlook on Ligand Expected Royalty Receipts ($M) 4% Ahea Future pace to meet or exceed 22% CAGR Investments
Slide 6: 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
Slide 7: Ligand 2025 YTD Investment Activity
Ligand 2025 YTD Investment Activity $121M committed across 5 investments executing on core strategy to drive long-term growth January 2025 • Ligand invests $2M in an inventor royalty monetization transaction to bring Ligand’s total Ohtuvayre royalty to 3% • Ligand leads a syndicate and invests $50M
Slide 8: 2025 Investment Activity
2025 Investment Activity Strong origination activity. Our 135 Investments Reviewed experienced team is quick to focus on highest value opportunities 32 active investment opportunities under 32 Under Review review, with both accretive and pre-approval investments 5 Closed Conducted thorough due dilig
Slide 9: Portfolio Update
Portfolio Update Lauren Hay LIGAND
Slide 10: Portfolio News, Events, & Catalysts
Portfolio News, Events, & Catalysts Strong momentum for both Commercial and Pharm Team portfolio Merck’s Ohtuvayre 3% royalty • Merck closed acquisition of Verona for $10B on October 7, 2025 Travere’s Filspari 9% royalty • IgAN: REMS modification changed from monthly to quarterly on August 28, 2025 •
Slide 11: 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 • Analyst Consensus Peak Sales: $1B ($90M pote
Slide 12: Near-Term Growth Drivers – Ohtuvayre
Near-Term Growth Drivers – Ohtuvayre • First inhaled product with novel mechanism of action in over 20 years for COPD, addressing high unmet need for patients uncontrolled on current therapies • One of the strongest launches in COPD history. Significant sales potential with Product Value ~8.6M mainte
Slide 13: Near-Term Growth Drivers - Capvaxive
Near-Term Growth Drivers - Capvaxive • Capvaxive protects against strains that cause 84% of invasive pneumococcal disease compared to just 52% from other pneumococcal conjugate vaccines Product Value Proposition • Merck expects Capvaxive will achieve majority market share in the adult setting • Anal
Slide 14: Near-Term Growth Drivers – QTORIN Rapamycin
Near-Term Growth Drivers – QTORIN Rapamycin • Received FDA Breakthrough Therapy Designation • If approved, would be the first FDA-approved therapy indicated for microcystic Product Value lymphatic malformations (MLM, Phase 3), cutaneous venous malformations (CVM, Proposition Phase 2), & clinically si
Slide 15: QTORIN Rapamycin MLM Commercial Opportunity
QTORIN Rapamycin MLM Commercial Opportunity QTORIN rapamycin in MLM presents several attractive commercial dynamics Large Orphan Concentrated FDA Approval Strong Pricing Power Addressable Market Prescriber Base Claims analyses verified If approved, would be Orphan analogs and Concentrated > 30K estim
Slide 16: QTORIN Rapamycin Franchise Strategy
QTORIN Rapamycin Franchise Strategy Phase Phase 3 Phase 2 Starting Phase 2 TBD 30K Patients 75K Patients 50K Patients 200K+ Patients Microcystic Cutaneous Venous Clinically Significant Potential Future Lymphatic Malformations Angiokeratomas Indications Malformations Potential 2027 2029 2031+ 2032+ Ap
Slide 17: Financial Update
Financial Update Tavo Espinoza
Slide 18: Pelthos Deconsolidation – July 1st, 2025
Pelthos Deconsolidation – July 1st, 2025 $62M $53M $76M 13% Value of Pelthos shares Gain on Sale Unrealized gain on PTHS Royalty Ligand Earns on (PTHS) received in ($28M related to assets, shares – $62M as of Net Sales of Zelsuvmi exchange for Pelthos $25M related to Zelsuvmi 7/1/25 increases to ass
Slide 19: Q3'25 Financial Highlights
Q3’25 Financial Highlights Q3 2025 Total Core Revenue Grows 68% 1 Q3 2025 Royalties $86.9M $46.6M 2025 Full Year Revised Guidance $225−$235M 2 47% increase vs Q3 2024 Q3 2025 Adjusted EPS Grows 68% 1 Cash & Investments3 $3.09 $665M 2025 Full Year Revised Guidance $7.40−$7.652 ~$1B in Deployable Capi
Slide 20: Overview of Ligand's 2030 Convertible Notes
Overview of Ligand’s 2030 Convertible Notes Took advantage of strong convertible debt market and executed a $460M transaction Issuance Size Including the exercise of the greenshoe 0.75% Coupon and 32.5% Conversion Premium were the best end of both the coupon range and the Convertible Terms conversio
Slide 21: $1B In Capital Deployment Capacity
$1B In Capital Deployment Capacity • $665 million of cash, $ in Millions $200 $1,003 cash equivalents and short-term investments as of September 30, $138 2025 $385 $665 • Pelthos stock adds additional source of liquidity $144 • $200 million available under credit facility $256 $(59) $39 $(101) • Gen
Slide 22: Q3'25 Financial Performance
Q3’25 Financial Performance $ in millions, except for per share amounts (unaudited) Three Months Ended September 30, • Q3’25 royalty revenue grew 47% 2025 2024 driven by Ohtuvayre, Filspari, Revenues: Qarziba and Capvaxive Royalties $46.6 $31.7 Captisol 10.7 6.3 Contract Revenue 58.2 13.8 • Contract
Slide 23: Ligand Updated 2025 Financial Guidance
Ligand Updated 2025 Financial Guidance Reflects the $24.5 million value of Zelsuvmi’s out-license 2025 2025 Prior Guidance 2022 Actuals 2023 Actuals 2024 Actuals Updated Guidance Change2 (%) Guidance Royalties $73M $85M $109M $140−150M $147−157M +$7M (5%) Captisol _ $16M $28M $31M $35−40M $40M Sales
Slide 24: LIGAND
LIGAND
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