Ligand Pharmaceuticals (NasdaqGM:LGND) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Company ParticipantsAnnabel Samimy - Managing DirectorJoe Pantginis - Managing DirectorJoohwan Kim - Assistant VP of BiotechnologyLauren Hay - VP of Strategic Planning and Investment AnalyticsMelanie Herman - Executive Director of Investor RelationsTavo Espinoza - CFOTodd Davis - CEOConference Call ParticipantsJohn Vandermosten - Senior AnalystMatt Hewitt - Senior Research AnalystPete Lucas - AnalystTrevor Allred - Ex ...

Ligand Pharmaceuticals (NasdaqGM:LGND) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Speaker7Thank you for standing by, and welcome to Ligand's fourth quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by 1 on your telephone keypad. If you would like to withdraw your question, please press star one again. ...

Summary of China Healthcare Trip Takeaways - Pharma Industry Overview - The report focuses on the **China Healthcare** sector, specifically discussing various pharmaceutical companies including **Hengrui**, **Hansoh**, **Huadong**, and **Henlius** [1] Key Company Insights Hengrui (1276.HK/600276.SS) - Participated in NRDL negotiations for **10 new drugs** and **5 new indications** in 2025, with outcomes meeting management expectations [2] - Management projects a **25%+ 3-year CAGR** for innovative drug sales, viewing this target as conservative compared to internal goals [2] - Anticipates accelerated growth in innovative drug sales post-NRDL inclusion, particularly for autoimmune drugs [2] - Plans slight growth in salesforce, reallocating resources to new areas like **cardio-metabolism** and **dermatology** [2] - Expects approval for **HRS-9531 (GLP-1/GIP injectable)** in 2026, with pricing strategy dependent on **tirzepatide's** NRDL entry [2][3] - Forecasts **Rmb2.1 billion** in licensing income for 9M25, with expectations for milestone payments from GSK and Kailera [3] Hansoh (3692.HK) - Secured NRDL renewal and indication expansion for **Ameile**, with peak sales projected at **~Rmb8 billion** by 2030 [4] - Upcoming approvals include **Ameile+chemo combo** in 1L NSCLC in 1Q26 and **GIP/GLP-1 injectable** in 2027 [5] - Highlighted the potential of **HS-20093 (B7H3 ADC)** in NSCLC, showing promising results in early trials [11] Huadong (000963.SZ) - Management expects **single-digit % revenue growth** and **~10% net profit growth** in 2025, with positive growth anticipated in 2026 [17] - Key approvals expected in 2026 include **CD19 CART** and **insulin degludec** [17] - Innovative drug sales projected to contribute **Rmb2.2 billion+** in 2025 [17][18] Henlius (2696.HK) - **HLX43 (PD-L1 ADC)** has enrolled over **400 subjects** globally, with data updates expected at **ASCO 2026** [12] - Discussing potential FDA approval pathways for HLX43, targeting a timeline of **2027-28** [12] - Plans to explore dosing by tumor type and expects **R&D costs** to remain above **Rmb1 billion** annually [13][14] Additional Insights - The overall sentiment in the **China Healthcare** industry is viewed as **attractive**, indicating positive growth prospects [8] - Companies are focusing on innovative drug development and strategic partnerships to enhance their market positions [3][12][14] Conclusion - The discussions during the China healthcare trip highlighted significant growth opportunities and strategic initiatives across the pharmaceutical sector, with a strong emphasis on innovative drug development and market expansion strategies.

Key Takeaways from China Biopharma Trip Industry Overview - The trip focused on the Chinese biopharmaceutical industry, highlighting the rapid development of local biotech companies and their competitive landscape in drug discovery and clinical R&D [3][5][9]. Core Insights 1. **Rapid Development of Biotech Companies**: Local Chinese biotech firms have shown a remarkable pace of development, with examples like Pyrotech achieving clinical proof-of-concept in 4 years and Hengrui progressing from preclinical studies to IND acceptance in 6 months [3]. 2. **Factors Driving Speed**: Key factors contributing to this accelerated development include streamlined decision-making, a concentrated ecosystem of contract research organizations (CROs), strong fundamental research, and experienced clinical investigators [3]. 3. **Licensing and Partnerships**: Chinese biotech companies generally prefer licensing out their products, but more mature firms are increasingly seeking co-development and co-commercialization agreements, as seen with Innovent's partnership with Takeda [4]. 4. **Pipeline Diversity**: Companies visited exhibited broad pipelines across multiple disease areas, with a notable focus on antibody-drug conjugates (ADCs) and a competitive landscape characterized by intense pressure [5]. 5. **Obesity Market Developments**: Eccogene is optimistic about its obesity drug ECC5004, while Innovent noted rapid uptake of mazdutide, indicating strong competition in the obesity segment [7]. 6. **Vaccine Market Challenges**: Zhifei highlighted ongoing challenges in the vaccine market due to vaccine hesitancy and pricing pressures, complicating commercialization efforts [8]. Competitive Landscape 1. **ADC Focus**: Nearly half of the companies visited are engaged in ADC research, particularly in oncology, indicating China's emergence as an ADC hub [5]. 2. **Emerging Therapies**: Companies are exploring bispecific/trispecific antibodies and new-generation cell therapies, with a focus on innovative approaches to cancer treatment [5][31]. 3. **Market Dynamics**: The Chinese pharmaceutical market is valued at $160-180 billion, with the innovative market growing at 20-30% annually, expected to reach $50-60 billion in five years [23]. Company-Specific Highlights 1. **3SBio and Pfizer**: 3SBio expressed optimism regarding its PD-1xVEGF bispecific antibody program, with plans for multiple trials to establish the compound as a backbone therapy [9]. 2. **Kelun Biotech**: Kelun is advancing its TROP2 targeting ADC, sac-TMT, with expectations of significant peak sales based on recent clinical data [10]. 3. **Hengrui's Lp(a) Program**: Hengrui is encouraged by Phase 2 data for its Lp(a) targeted oral small molecule drug, which could transform cardiovascular disease treatment [10]. 4. **Zhifei's Gardasil Challenges**: Zhifei reported difficulties in the vaccine market, particularly with Gardasil, due to pricing pressures and vaccine hesitancy [10]. Additional Observations - **Regulatory Environment**: Sanofi noted that early-stage R&D in China is 50% cheaper and 60% faster than in the US, with plans to invest more in local partnerships [23]. - **Pricing Dynamics**: The conversation with obesity experts revealed insights into pricing dynamics and the competitive landscape for obesity treatments [7]. Conclusion The trip underscored the dynamic nature of the Chinese biopharma industry, characterized by rapid innovation, strategic partnerships, and a competitive landscape that poses both opportunities and challenges for local and multinational companies [3][5][23].