Ligand Pharmaceuticals Incorporated · NASDAQ:LGND
Ligand Pharmaceuticals — Q1 2025 Earnings Presentation
16 slides from Ligand Pharmaceuticals's earnings presentation, May 8, 2025
Slide 1: First Quarter 2025 Financial Results
MAY 8, 2025 First 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 pres
Slide 3: 2025 Highlights
2025 Highlights 46% Q1’25 revenue growth over Q1’24, 11% Q1’25 adjusted EPS1 growth over Q1’24 FINANCIAL Strong financial performance Cash and investments of $209 million, no debt, >$400 million in deployable capital with access to $125 million credit facility (expandable to $200 million) Invested ~
Slide 4: Q1 2025 Investment Activity
Q1’ 2025 Investment Activity Record setting quarter of 80+ Investments Reviewed origination. Our experienced team is quick to focus on highest value opportunities 38 active investment opportunities under 38 Under Review review; even balance between accretive and pre-approval investments 2 Conducted
Slide 5: Ligand Strategic Differentiation
Ligand Strategic Differentiation STRONG FINANCIALS High-margin / high-growth strategy Superior P&L, low op-ex with lean operations, high profits per employee Predictable and diversified growth ADVANTAGEOUS STRATEGY High Demand: Inefficient market with inexhaustible demand for capital Superior Inform
Slide 6: Looking Ahead To 2029
Looking Ahead To 2029 Expected Royalty Receipts CAGR 22% from 2024-2029 Looki Current portfolio of commercial and late-stage programs + new deals drive growth ng • Long–term royalty receipt outlook on Ligand Expected Royalty Receipts ($M) 4% Ahea Future CAGR pace to meet or exceed 22% CAGR Investmen
Slide 7: Investment Update
Investment Update Rich Baxter
Slide 8: Pelthos Transaction Overview
Pelthos Transaction Overview Enables the combined company to focus on accelerating the launch of ZELSUVMITM in the U.S. Investment proceeds will be used to fund launch preparation efforts and company operations Transaction Highlights • Merger with Channel Therapeutics, which will be renamed Pelthos
Slide 9: Zelsuvmi Is the First and Only At-Home Treatment for MC
Zelsuvmi Is the First and Only At-Home Treatment for MC That Offers a First-Line Efficacious and Safe Treatment Option Zelsuvmi Vision Zelsuvmi is the first and only at-home treatment that could revolutionize how MC is treated today for patients greater than 1 year old First product to be FDA-approv
Slide 10: Significant Updates Since Ligand's Acquisition in Fall 2023
Significant Updates Since Ligand’s Acquisition in Fall 2023 FDA Approval for Zelsuvmi Ligand Investment Commercial Launch Strategy • First and only product approved by FDA for MC • Established Pelthos as a wholly-owned • Well-positioned to be first line therapy treating infections for use at home by
Slide 11: Pelthos Commercial Leadership
Pelthos Commercial Leadership Pelthos’ management and board has extensive experience successfully commercializing products to both pediatricians and dermatologists Management Team and Board Members with Extensive Commercial Experience Scott Plesha • Prior to joining Pelthos, Mr. Plesha was President
Slide 12: Financial Update
Financial Update Tavo Espinoza
Slide 13: Q1'25 Financial Highlights
Q1’25 Financial Highlights Q1 2025 Total Revenue Q1 2025 Royalties $45.3M $27.5M 2025 Full Year Guidance $180-$200M 44% increase vs Q1 2024 Q1 2025 Adjusted EPS1 Cash & Investments3 $1.33 $209M 2025 Full Year Guidance $6.00-$6.252 >$400M in Deployable Capital as of March 31, 2025 1. Adjusted EPS rep
Slide 14: Q1'25 Financial Performance
Q1’25 Financial Performance $ in millions, except for per share amounts (unaudited) Three Months Ended March 31, 2025 2024 Revenues: Royalties $27.5 $19.1 • Q1’25 royalty revenue grew 44% Captisol 13.5 9.2 driven by Filspari, Contract revenue 4.4 2.7 Total revenues 45.3 31.0 Ohtuvayre,Capvaxive and
Slide 15: Ligand 2025 Financial Guidance
Ligand 2025 Financial Guidance 2025 Financial 2022 Actuals 2023 Actuals 2024 Actuals Guidance Royalties $73M $85M $109M $135-140M Core Captisol Sales1 $16M $28M $31M $35-40M Contract Revenue $19M $18M $27M $10-20M Total Core Revenue1 $108M $131M $167M $180-200M Adjusted Core EPS2 $2.44 $4.06 $5.74 $
Slide 16: LIGAND
LIGAND
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