Ligand Pharmaceuticals, Inc. (NASDAQ:LGND) Q2 2022 Earnings Conference Call August 8, 2022 4:30 PM ET Company Participants Simon Latimer - Head, IR John Higgins - CEO & Executive Director Matthew Korenberg - EVP, Finance & CFO Matthew Foehr - President & COO Conference Call Participants Peter Lukas - CJS Securities Matthew Hewitt - Craig-Hallum Operator Welcome to the Ligand Pharmaceuticals Second Quarter Earnings Conference Call. My name is Vanessa, and I will be your operator for today's call. [Operator I ...

Revenue Performance - Total revenue decreased by $9.5 million, or 17%, to $45.7 million in Q1 2022 compared to $55.2 million in Q1 2021, primarily due to a $24.1 million decrease in sales of COVID-related Captisol[120] - Royalties from commercialized products increased to $13.7 million in Q1 2022, up from $7.1 million in Q1 2021, representing a 93% increase[120] - Captisol sales for core applications increased by 397% to $6.2 million in Q1 2022, compared to $1.3 million in Q1 2021[120] - Revenues attributable to the Ligand core business segment were $36.5 million in Q1 2022, compared to $46.6 million in Q1 2021[121] - The royalty revenue from Kyprolis was $4.6 million in Q1 2022, with partner product sales of $297.5 million and an effective royalty rate of 1.6%[124] - Contract revenue increased by $3.1 million, or 19%, to $19.9 million in Q1 2022 compared to $16.8 million in Q1 2021[120] Operating Costs and Expenses - Total operating costs and expenses increased by $4.6 million, or 9%, in Q1 2022 compared to Q1 2021, primarily due to OmniAb spin-off related transaction costs[125] - Research and development expenses rose to $20.3 million in Q1 2022 from $17.9 million in Q1 2021, driven by increased activities at Icagen, Crystal, and Pfenex[128] - General and administrative expenses increased to $18.2 million in Q1 2022 from $12.6 million in Q1 2021, largely due to $4.8 million of OmniAb spin-off related transaction costs[129] Financial Position - The company reported a net loss of $20.1 million in Q1 2022, compared to a profit of $5.8 million in Q1 2021[135] - Cash, cash equivalents, and short-term investments totaled $204.0 million as of March 31, 2022, a decrease of $137.1 million from the end of the previous year[136] - Net cash provided by operating activities was $52.0 million in Q1 2022, significantly up from $10.8 million in Q1 2021[142] - The company repurchased $165.8 million in principal of the 2023 Notes for $163.7 million in cash during Q1 2022[139] - Total other income (expense), net, was $(10.8) million in Q1 2022, a decrease from $1.0 million in Q1 2021, primarily due to fluctuations in short-term investments[131] - The effective tax rate for Q1 2022 was 23.6%, compared to (214.1)% in Q1 2021, influenced by foreign derived intangible income tax credits and R&D tax credits[135] - As of March 31, 2022, the company had $9.0 million in fair value of contingent consideration liabilities associated with prior acquisitions[141] Business Strategy and Development - The OmniAb platform has over 250 programs actively developed or commercialized, with 25 active clinical- or commercial-stage OmniAb-derived antibodies as of March 31, 2022[113] - Ligand plans to distribute 100% of its equity in OmniAb to Ligand shareholders immediately prior to the business combination with APAC, with an initial pre-money equity valuation of $850 million[110] - The company has over 1,600 issued patents worldwide, supporting its diverse portfolio of biotech and pharmaceutical product revenue streams[105] - Ligand's business model focuses on drug discovery and early-stage drug development, partnering with pharmaceutical companies for late-stage development and commercialization[107]

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Q1 2022 Earnings Conference Call May 4, 2022 4:30 PM ET Company Participants Simon Latimer - Head of Investor Relations John Higgins - CEO Matt Foehr - COO Matt Korenberg - CFO Conference Call Participants Larry Solow - CJS Securities Matt Hewitt - Craig Hallum Capital Operator Good day, everyone. And welcome to the Ligand Pharmaceuticals First Quarter '22 Earnings Call. At this time, all participants are in a listen-only mode [Operator Instructions]. Please ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________________________________________ FORM 10-K _____________________________________________________________________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2021 OR☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition ...

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Q4 2021 Earnings Conference Call February 17, 2022 4:30 PM ET Company Participants Simon Latimer - Head of Investor Relations John Higgins - Chief Executive Officer Matt Korenberg - Chief Financial Officer Matt Foehr - Chief Operating Officer Conference Call Participants Joe Pantginis - H.C. Wainwright Larry Solow - CJS Securities Matt Hewitt - Craig-Hallum Jacob Johnson - Stephens Scott Henry - ROTH Capital Operator Good day and thank you for standing by a ...

Financial Data and Key Metrics Changes - Total revenues for Q3 2021 were $64.8 million, up 55% from $41.8 million a year ago [21] - Royalty revenue increased 74% to $15.6 million from $9 million a year ago [21] - Captisol sales were $35.1 million, up 50% from $23.4 million a year ago [22] - GAAP EPS for the quarter was $0.80, and adjusted diluted EPS was $1.58, an increase of 52% from $1.04 last year [22] - The company exited the quarter with approximately $323 million in cash, cash equivalents, and short-term investments [22] Business Line Data and Key Metrics Changes - Royalties are the main revenue driver, with significant contributions from KYPROLIS and EVOMELA, which saw higher-than-expected sales [6][21] - EVOMELA is beginning to be a major contributor to the bottom line with a 20% royalty [8] - The approval of Rylaze, VAXNEUVANCE, and zimberelimab is expected to fuel growth and royalty revenue for years to come [20] Market Data and Key Metrics Changes - KYPROLIS received approval in China, which is anticipated to drive further growth [7][29] - Merck's VAXNEUVANCE received FDA approval and is expected to play a significant role in preventing invasive pneumococcal disease [30][32] - The first approval of an OmniAb derived antibody, zimberelimab, marks a significant milestone for the company [34] Company Strategy and Development Direction - The company plans to split into two independent entities to better position itself for growth and value creation [12][18] - The OmniAb platform has exceeded expectations, with over 50 partners and more than 200 programs [14][15] - The company is pursuing a path to create an independent publicly traded OmniAb company, with plans to file a confidential S1 [25][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, driven by a diverse portfolio of royalties and strong partner relationships [12][51] - The company is optimistic about the future of the OmniAb platform and its potential for further approvals and partnerships [35][44] - Management noted that the core business is performing well, with expectations for continued growth into next year [57] Other Important Information - The company has seen a string of partner successes with several approvals in recent months, which are expected to contribute to future revenue [5][9] - The company is focused on maintaining a lean operating structure to enhance cash flow and profitability [12] Q&A Session Summary Question: What prompted the decision to split the company now? - Management indicated that the decision was driven by the success of the business and the opportunity to create more focused teams for R&D and capital allocation [50][51] Question: Why was guidance not increased despite strong performance? - Management explained that while the overall business is performing well, uncertainties around Captisol related to Remdesivir influenced the decision to maintain guidance [57] Question: What is the timeline for the potential IPO of OmniAb? - Management stated that they hope to file an S1 in the coming months and aim to consummate a transaction sometime next year [70] Question: What are the expectations for Captisol sales going into 2022? - Management maintained that the outlook for Captisol remains unchanged, focusing on core business and anticipating a smaller contribution from COVID-related sales [77] Question: What are the key contributors to royalty revenue growth? - Management highlighted Teriparatide, Rylaze, and other smaller products as significant contributors to the quarter's royalty revenue [78]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________________________________________ FORM 10-Q ________________________________________________________________________________________ ☒ Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2021 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transitio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________________________________________ FORM 10-Q ________________________________________________________________________________________ ☒ Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2021 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Per ...

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Q2 2021 Earnings Conference Call July 29, 2021 4:30 PM ET Company Participants Simon Latimer - Head of IR John Higgins - CEO Matthew Korenberg - CFO Matt Foehr - COO Matthew Foehr - Conference Call Participants Lawrence Solow - CJS Securities Matt Hewitt - Craig-Hallum Capital Balaji Prasad - Barclays Jacob Johnson - Stephens Scott Henry - ROTH Capital Operator Good day and thank you for standing by. Welcome to the Ligand Pharmaceuticals Second Quarter Earn ...

Washington, D.C. 20549 ________________________________________________________________________________________ FORM 10-Q ________________________________________________________________________________________ ☒ Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2021 or UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Pe ...