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Ligand Pharmaceuticals (LGND) investor relations material

Ligand Pharmaceuticals 16th Annual Midwest Ideas Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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16th Annual Midwest Ideas Conference summary27 Aug, 2025

Business overview and strategy

  • Focuses on acquiring and investing in late-stage clinical and commercial biopharma programs to generate royalty revenue, with 12 major commercial royalty drivers expected to deliver $150M in revenue this year, up from $109M last year.

  • Operates two technology platforms, Captisol and Nitrocil, and maintains a pipeline of 90 partnered programs, emphasizing infrastructure-light, high-margin, and predictable growth.

  • Holds $245M in cash and investments, a $200M credit facility, and recently closed a $460M convertible note, providing $800M in deployable capital for annual investments of $150M–$250M.

  • Utilizes four main tactics for royalty acquisition: royalty monetization, project finance (synthetic royalties), special situations (including M&A and asset incubation), and platform technologies.

  • Team has deep investment and operational experience, with recent strategic leadership changes and a focus on scaling the royalty aggregation model.

Portfolio highlights and growth drivers

  • Portfolio is diversified across large pharma and mid-sized companies, with royalty rates ranging from low single digits to mid-teens.

  • Key growth drivers include Filspari (approved for IgA nephropathy, potential in FSGS), O2Ver (novel COPD treatment, strong launch, Merck acquisition pending), and Palvella’s Qtorin Rapamycin (potential first-in-class for rare skin diseases).

  • Filspari could generate $90M in annual royalties for each indication if approved, with important regulatory catalysts expected soon.

  • O2Ver’s peak sales estimates have risen to $3.5B, with potential to reach $6–7B under Merck, translating to $100M in annual royalties.

  • Palvella’s programs could yield $150M in royalties, with key clinical readouts expected by early next year.

Financial performance and outlook

  • Q2 revenue grew 15% to $47.6M, with royalties up 57% year-over-year; full-year revenue guidance raised to $200M–$225M and adjusted EPS to $6.70–$7.00.

  • Convertible note issuance provided favorable terms, further strengthening the balance sheet and supporting business development.

  • Major restructuring in 2022 included spinning out the antibody business and bringing in a new CEO, with a focus on high-growth, high-margin royalty investments.

  • Long-term outlook targets a 22% CAGR over five years, with commercial portfolio contributing 13% growth, late-stage pipeline 5%, and future investments 4%.

  • Recent product outperformance and new launches underpin upward revisions to guidance and future growth expectations.

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Frequently asked questions

Ligand Pharmaceuticals Incorporated is a biopharmaceutical company that focuses on developing and licensing innovative technologies and drug discovery platforms to pharmaceutical companies. Ligand’s business model centers around partnerships, where it provides proprietary drug development technologies such as its OmniAb antibody discovery platform and Captisol drug formulation technology. These technologies are used to support the development of therapies across a wide range of therapeutic areas, including oncology, infectious diseases, and autoimmune disorders. The company is headquartered in San Diego, California, and its shares are listed on the NASDAQ.

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