Revenue Performance - Total revenue from continuing operations decreased by $45.3 million, or 19%, to $196.2 million in 2022 compared to $241.5 million in 2021, primarily due to a $52.8 million decrease in sales of COVID-related Captisol[240]. - Royalty revenue increased by $23.6 million, or 48%, to $72.5 million in 2022 compared to $48.9 million in 2021, driven by increased sales of drugs using the Pelican platform[241]. - Contract revenue decreased by $9.1 million, or 32%, in 2022 compared to 2021, primarily due to the timing of partner milestone events[241]. - Core Captisol sales were $16.4 million in 2022, down from $23.4 million in 2021, attributed to the timing of customer orders[241]. - The effective royalty rate for Kyprolis was 2.4% in both 2022 and 2021, with total sales of $1.3 billion in 2022 generating $30.1 million in royalty revenue[245]. - Total revenue from continuing operations in 2021 was $241.5 million, an increase of $78.0 million, or 48%, compared to $163.6 million in 2020, primarily due to increased demand for COVID-related Captisol[243]. Operating Costs and Expenses - Total operating costs and expenses from continuing operations increased by $55.5 million, or 40%, to $193.2 million in 2022 compared to $137.7 million in 2021[248]. - General and administrative expenses increased by $23.3 million in 2022 compared to 2021, primarily due to increases in stock compensation and headcount-related expenses[250]. Investment Performance - Gain from short-term investments was $28.5 million in 2022, a significant increase compared to a loss of $5.3 million in 2021, driven by changes in the fair value of ownership in Viking common stock[258]. - Interest income increased by 131% to $2.0 million in 2022, primarily due to significant interest rate increases by the Federal Reserve[258]. - As of December 31, 2022, the company's investment portfolio included $166.9 million in available-for-sale securities, with $63.1 million invested in Viking common stock[302]. Net Income and Tax Rate - The net income from continuing operations for FY 2022 was $(5,219) thousand, a decline of $81,572 thousand or 107% compared to $76,353 thousand in FY 2021[265]. - The effective tax rate for FY 2022 was 114%, a significant increase from (6)% in FY 2021, influenced by discrete tax expenses and limitations on stock-based compensation deductions[265]. Cash and Financing Activities - As of December 31, 2022, the company had approximately $211.9 million in cash, cash equivalents, and short-term investments, a decrease of $129.2 million from the previous year[268]. - The company repurchased $266.4 million in principal of the 2023 Notes for $261.4 million in cash during 2022, leaving $76.9 million in principal amount outstanding as of December 31, 2022[271]. - The company entered into an At-The-Market Equity Offering Sales Agreement to sell shares of common stock with an aggregate offering price of up to $100.0 million, but had not issued any shares as of December 31, 2022[270]. Research and Development - The company recognized revenue from R&D services over time, measuring progress based on input methods, which requires significant estimates and judgments[284]. Goodwill and Intangible Assets - The company performed goodwill impairment testing using quantitative analyses for the OmniAb business and Ligand core business due to a reorganization, reallocating goodwill based on relative fair value[289]. - The company evaluates the recoverability of intangible assets by comparing carrying amounts to undiscounted cash flows, recording impairment losses if necessary[291]. Foreign Currency Risk - The company is exposed to foreign currency risk, particularly from transactions in currencies other than the U.S. dollar, affecting royalty revenues[303]. - The company does not currently hedge against foreign currency fluctuations, and a 10% change in exchange rates would not materially impact financial results[304]. Investment Policy and Share-Based Compensation - The company’s investment policy focuses on capital preservation and liquidity, typically investing in highly rated securities[305]. - The company recognizes share-based compensation expense based on the fair value of awards, which is reassessed at each reporting period[297]. Deferred Tax Assets - The company assesses deferred tax assets regularly, establishing a valuation allowance when future realization is deemed unlikely[295].

Ligand Pharmaceuticals, Inc. (NASDAQ:LGND) Q4 2022 Earnings Conference Call February 22, 2023 4:00 PM ET Company Participants Simon Latimer - Head, IR Todd Davis - CEO Tavo Espinoza - CFO Matthew Korenberg - President and Chief Operating Officer Conference Call Participants Joseph Pantginis - HC Wainwright Larry Solow - CJS Securities Matthew Hewitt - Craig-Hallum Capital Group Operator Good evening. My name is Rob and I will be your conference operator today. At this time, I would like to welcome everyone ...

November 2022 Nasdaq: LGND Ligand Corporate Presentation SAFE HARBOR STATEMENT The following presentation contains forward-looking statements by Ligand and its partners that involve risks and uncertainties and reflect Ligand's and it's partners' judgment as of the date of this presentation. Words such as "plans," "believes," "expects," "projects," "could," "anticipates," and "will," and similar expressions, are intended to identify forward-looking statements. These forward-looking statements include, withou ...

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, 2022 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transitio ...

Ligand Pharmaceuticals, Inc. (NASDAQ:LGND) Q3 2022 Earnings Conference Call November 7, 2022 4:30 PM ET Company Participants Simon Latimer - Head, IR John Higgins - CEO Matthew Korenberg - President & CFO Octavio Espinoza - CFO Conference Call Participants Joseph Pantginis - HC Wainwright Larry Solow - CJS Securities Matthew Hewitt - Craig-Hallum Capital Group Scott Henry - ROTH Capital Operator Good afternoon. My name is Vinesin, and I will be your conference actor today. At this time, I would like to welc ...

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, 2022 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Per ...

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 ...