Ligand Pharmaceuticals (LGND) Corporate presentation summary

Investment strategy and portfolio

• Expanded investment capacity with $150–$250M annual investment target and over $1.4B in cash and investments, with $700M deployable capital post-XOMA acquisition.

• Utilizes royalty monetization, project finance, and special situations to add late-stage programs and diversify assets.

• Over $1B committed across 19 investments in the past three years, reflecting diverse strategic approaches.

• Two proprietary platform technologies: NITRICILTM and CaptisolⓇ.

• More than 160 investment opportunities reviewed in 2026.

Financial performance and guidance

• Q2 2026 total revenue reached $64M, up 34% year-over-year; royalties at $48M, up 32%.

• Adjusted EPS for Q2 2026 was $2.37, a 48% increase from 2025.

• 2026 royalty revenue guidance is $225–$250M, with total revenue projected at $270–$310M and adjusted EPS at $9.00–$9.50.

• Convertible financing of $700M at 0% coupon and 27.5% conversion premium, with share repurchases to reduce dilution.

• Tightened EPS guidance reflects increased interest income and lower share count.

XOMA acquisition and integration

• Acquisition immediately accretive, adding $0.50 and $1.50 to projected 2026 and 2027 adjusted EPS, respectively.

• Portfolio doubled with 3 new key royalty assets and over 100 development-stage assets.

• Significant cost synergies, reducing XOMA operating expenses from ~$30M to <$5M.

• $110M+ in acquired R&D tax credits and NOLs expected to yield substantial U.S. cash tax savings.

• Entitled to 25% of proceeds from Janssen Tremfya litigation, with $2.3B in potential milestone opportunities.