Ligand Pharmaceuticals Incorporated · NASDAQ:LGND

Ligand Pharmaceuticals — Investor Day (June 2011)

6 slides from Ligand Pharmaceuticals's investor day presentation, Jun 23, 2011

1. Slide 1: Exhibit 99.2

   Exhibit 99.2

2. Slide 2: wes501d ZYDXD« Oo

   wes501d ZYDXD« Oo Q!Woz|yIe>« - 2UO0J2}X2N + P}EWOld« aunins AN3S3u4 asvd INNIAI ALITVND ONIdO13AIA [ [ L 7 — | Sayes jruayey = SWVUDOUd AI TWURARS AP N3IANG HLAOUS INN3AR TWILNILOd ONOUWS — , ITVS TWWRGELY UV3A/WOOS"OSES LY SITVS NW3d SILVWILS3 O39 Y3LXVE + Nid. ONY SOORIWT W¥8dDO"d INOWILXIN JHL W

3. Slide 3: Revenue drivers and royalty streams

   Exhibit REVENUE 2011 LICENSE ROYALTIES VFEND ABILIFY MATERIAL NUMEROUS NUMBERS DEVELOPING PAST PRESENT FUTURE License Material NEWEST Royalty LIGAND BAXTER STRONG CXCR2 Carfilzomib Nexterone Promacta REVENUE ~67% 99.2 and Program GEODON Sales RECEIVES ~10% NEXTERONE ACQUIRED LAUNCHED CEO POTENTIAL C

4. Slide 4: Slide 4

5. Slide 5: INI] WOLLOS 3HL 3NI1 WOLLOS HL INI1 WOLLOS GHL ENTMWOsSIOE 14.

   INI] WOLLOS 3HL 3NI1 WOLLOS HL INI1 WOLLOS GHL ENTMWOsSIOE 214. NE ADOVONHOT ONUJONVI BNSSU ONWON + NOULIY 40 WSINWHOIW SIL2EVIO TIAON + ALISISO/SLIEWIO TNE 8C NOUV 40 FSINWHOTHY S2L3V! % TITRE OnMUpONVI WD WHOWIM » NOUIV 40 WSINWHOTM S2L2TVIO TRAON + ONVH MI VIVO 206 TrHNITD © MOLDY 40 SINVICDIM SR

6. Slide 6: Captisol-enabled products and development programs

   PROPRIETARY CAPTISOL-ENABLED, PIVOTAL >50,000 MARKET MELPHALAN PRODUCT ALKERAN PROPYLENE DEVELOPMENT ORPHAN FINANCIAL 2013 ADDRESSES MARKETING Phase NDA Initiation PHASE Supportive Best-in-Class LGD-4033 SARM Unique Muscle Potential COMMERCIAL Most Ph. Well Lean Average Change Positive TOPICAL TARGE

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