Core Insights - Ligand Pharmaceuticals will participate in the Oppenheimer 36th Annual Healthcare Life Sciences Conference on February 25, 2026, with CEO Todd Davis and CFO Tavo Espinoza attending a fireside chat [1] - The company will also host one-on-one meetings with investors during the conference, encouraging interested parties to contact their Oppenheimer representative for arrangements [2] Company Overview - Ligand Pharmaceuticals is a biopharmaceutical company focused on supporting the clinical development of high-value medicines through financing and licensing technologies [3] - The company's business model aims to create a diversified portfolio of biotech and pharmaceutical product revenue streams while maintaining a low corporate cost structure [3] - Ligand's strategy includes funding mid- to late-stage drug development programs in exchange for economic rights, purchasing royalty rights, and licensing technology to assist partners in drug discovery and development [3] - The company operates two royalty-generating technology platforms: Captisol®, which enhances drug solubility and stability, and NITRICIL™, which allows for tunable dosing and adjustable drug release profiles [3] - Ligand has established partnerships with leading pharmaceutical companies such as Amgen, Merck, Pfizer, Jazz, Gilead Sciences, and Baxter International [3]

Core Insights - VEON Ltd. has been recognized at the World Communication Awards 2025 for its advancements in financial inclusion, resilient connectivity, and digital transformation [1][2] Group Achievements - JazzCash, VEON's digital financial services platform in Pakistan, won the Gold Award in the Beyond Connectivity category, highlighting its role in expanding financial access [2][4] - Kyivstar, VEON's operator in Ukraine, received the Silver Award for Satellite Telecommunications, showcasing its efforts to maintain connectivity in challenging circumstances [2][3] - Jazz, VEON's operator in Pakistan, earned a Silver Award for Best Digital Transformation Programme, reflecting its commitment to delivering AI-powered digital experiences [2][5] Strategic Focus - VEON's CEO emphasized the company's commitment to building digital services that promote access, resilience, and inclusion across its markets [3] - The recognition of JazzCash aligns with VEON's strategy to leverage digital services for economic empowerment and social impact, with JazzCash serving 20.6 million monthly active users and a merchant base of 750,000 [4][9] Technological Innovations - Kyivstar's recent milestone includes the launch of SMS messaging via Starlink Direct to Cell satellites, enhancing connectivity in areas with infrastructure disruptions [3] - Jazz's joint award with Huawei for Best Digital Transformation Programme underscores its evolution into a digital life partner, addressing diverse customer needs across various sectors [5] Industry Recognition - The World Communications Awards are organized by Total Telecoms and are recognized as prestigious accolades in the telecommunications industry, adjudicated by over 100 independent experts [6]

Ligand Pharmaceuticals 2025 Investor Day Summary Company Overview - **Company**: Ligand Pharmaceuticals (NasdaqGM:LGND) - **Event**: 2025 Investor Day held on December 09, 2025 Core Industry Insights - **Industry**: Biopharmaceuticals, focusing on royalty financing and commercialization of biotech products - **Market Dynamics**: The biopharmaceutical industry is experiencing significant growth, with a notable increase in royalty financing, which is less than 10% of total funding but rapidly expanding Key Financial Highlights - **2022 to 2025 Growth**: - Core revenue expected to grow from $108 million in 2022 to $230 million in 2025, and projected to reach $430 million by 2030 [22] - Royalty revenue is anticipated to grow nearly 40% in 2025, driven by products like Filspari, Ohtuvayre, and Capvaxive [23] - Adjusted EPS expected to be in the range of $7.40-$7.65 per share for 2025, reflecting a 31% growth [24] - **Long-term Outlook**: - Long-term royalty growth rate revised to 23% CAGR from 2025 to 2030, up from the previous 22% [29] - Significant contributions expected from commercial-stage products and development-stage programs [30] Strategic Initiatives - **Portfolio Expansion**: - Strong portfolio with 12 commercial-stage products and over 80 development-stage programs [5] - Focus on high unmet clinical needs and diversified product offerings [10] - **Investment Strategy**: - Emphasis on royalty monetization and project finance to create tailored investment opportunities [11] - Recent investments include Pelthos and Castle Creek, focusing on high-value assets [41][42] Operational Efficiency - **Cost Management**: - Operating expenses reduced to less than half of previous levels since 2022, contributing to increased profitability [6] - Cash operating profits increased by approximately 50% year-over-year [24] Product Development and Market Positioning - **Key Products**: - Filspari and Ohtuvayre are expected to be major revenue drivers, with Filspari projected to grow approximately 75% and Ohtuvayre by 150% in 2026 [27] - Zelsuvmi, a new product for treating molluscum contagiosum, is positioned as a unique therapeutic option with no direct competition [17] Team and Management - **Investment Team Growth**: - Investment team projected to grow from 3 to 18 members by 2026, enhancing deal origination capabilities [34] - **Leadership**: - Strong management team with extensive experience in the biopharmaceutical sector, ensuring effective execution of strategies [14] Risks and Considerations - **Market Risks**: - The biopharmaceutical industry is inherently risky, with potential for volatility in operating expenses and market acceptance of new products [9] - **Regulatory Environment**: - Ongoing changes in healthcare policies may impact product development and market dynamics [16] Conclusion - Ligand Pharmaceuticals is positioned for significant growth through a diversified portfolio, strategic investments, and a strong focus on high unmet clinical needs. The company aims to leverage its operational efficiencies and robust financial outlook to deliver value to investors and patients alike.

Core Insights - The company is evolving its strategy to a royalty-based model, which is a significant shift in its operational approach [2] Group 1: Strategic Evolution - The decision to move to a royalty-based model is driven by the need for financial advantages and better prioritization of the pipeline and portfolio [2] - The company aims to leverage this new model to enhance its financial stability and optimize its resource allocation [2]

Core Viewpoint - Ligand Pharmaceuticals has successfully completed an offering of 0.75% convertible senior notes due 2030, raising a total of $460 million, with net proceeds of approximately $445.1 million after fees and expenses [1][2]. Group 1: Offering Details - The offering consisted of $460 million in convertible senior notes, including an additional $60 million purchased by initial purchasers [1]. - The net proceeds from the offering were approximately $445.1 million, which will be used for various corporate purposes [2]. Group 2: Use of Proceeds - Ligand allocated approximately $45.9 million of the net proceeds to cover costs associated with convertible note hedge transactions [2]. - The company repurchased 102,034 shares of its common stock for about $15.0 million at a price of $147.01 per share [2]. - Remaining net proceeds are expected to be used for general corporate purposes [2]. Group 3: Financial Instruments - Ligand entered into convertible note hedge transactions to mitigate potential dilution of its common stock upon conversion of the notes [3]. - The company also issued warrants to purchase common stock, with an initial strike price of $294.02 per share, representing a 100% premium over the last reported price [3].

Financial Performance & Partnerships - Recognized approximately $75 million in 2025, including around $45 million from partnership-related cash milestones and option exercise fees, which significantly reduced net operating cash burn in the first half of 2025 compared to the first half of 2024[12] - Milestone, option exercise, and related deferred revenue of $45.8 million recognized in 2Q 2025 from BeOne and BMS[16, 17] - Potential future milestone payments from existing partnerships could reach up to $6.1278 billion, with royalty rates varying from low single-digit percentages to 20% depending on the partner and therapeutic indication[13] - Cash, cash equivalents, and marketable securities totaled $324.2 million in 2Q 2025, an increase of $9.2 million year-to-date, benefiting from milestone revenues and favorable working capital movements[16, 17] Clinical Development Updates - Investigational New Drug (IND) application cleared for ZW251, with first-in-human studies planned to start in 2025[11, 12, 47] - Phase 2 trial initiated to evaluate zanidatamab in HER2+ neoadjuvant and adjuvant breast cancer[12] - Bristol Myers Squibb collaboration progresses with a $7.5 million option exercise payment to Zymeworks[12] - ZW171: Global Phase 1 study in MSLN-Expressing Solid Tumors (NCT06523803) is an open-label, FIH, dose-escalation study (N~160)[19] - ZW191: Global Phase 1 Study in FRα-Expressing Solid Tumors (NCT06555744) is an open-label, FIH, dose-escalation study (N~145)[24] Zanidatamab Regulatory & Clinical Progress - NMPA granted BeOne conditional approval of zanidatamab in China for BTC, resulting in a $20 million payment to Zymeworks[12] - EMA granted conditional marketing approval of zanidatamab in Europe for BTC, expanding patient access and potential future royalties payable to Zymeworks[12, 47] - Jazz presented encouraging overall survival (OS) data for zanidatamab in 1L HER2+ GEA at the ASCO Annual Congress, showing a median OS of 36.5 months[12]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 grew 15% year over year to $47.6 million, with adjusted EPS rising 14% to $1.6 per share, reflecting solid execution and continued operating leverage [32] - Royalty revenue increased 57% from the prior year to $36.4 million, underscoring the strength and momentum of partnered programs [32] - GAAP net income for the quarter was $4.8 million or $0.24 per diluted share, compared to a GAAP net loss of $51.9 million or $2.88 per share in the prior year period [38] Business Line Data and Key Metrics Changes - Key drivers of royalty revenue growth included strong performance from Varonis O2VARE, Trevyr's FILSPARI, Recordati's Carziva, and Merck's CapXiv and Vaxnuvanse [33] - Varonis reported a 45% sequential increase in Q2 2025 sales to $103 million, with expectations for continued strong launch trajectory [34] - FILSPARI showed strong commercial momentum, with Trevyr reporting Q2 sales in line with internal estimates, indicating robust year-over-year growth [34] Market Data and Key Metrics Changes - Merck's CapXiv generated $129 million in sales, a 21% sequential increase, while Vaxnuvanse generated $229 million in net sales, representing a 20% year-over-year increase [35] - Record ID reported sales of Carziva grew 12% in 2025, reaching €78.5 million, with Ligand earning a high teens royalty on Carziva sales [12] Company Strategy and Development Direction - The company aims to deliver profitable compounding growth by remaining disciplined in its investment approach and identifying high-quality assets that address significant unmet needs [21] - The strategic merger of Pylthos with Channel Therapeutics and a $40 million investment in Orchestra Biomed reflect the company's commitment to innovative therapies and expanding its portfolio [8][26] - The company is optimistic about the potential of its royalty assets, particularly with the expected blockbuster status of O2VARE by 2027 [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the strong launch trajectories of therapies and the potential for significant revenue growth from O2VARE and FILSPARI [44] - The company anticipates that Merck's acquisition of Verona will accelerate the launch of O2VARE, enhancing its market potential [76] - Management acknowledged the ongoing pricing pressure in the pharmaceutical industry but emphasized the importance of investing in high clinical value drugs to navigate this environment [63] Other Important Information - The company ended the quarter with $245 million in cash and investments, with approximately $450 million in deployable capital factoring in its undrawn credit facility [32] - The deconsolidation of Peltos effective July 1 will impact future financial reporting, with the estimated fair value of Ligand's stake in Peltos at approximately $100 million [41] Q&A Session Summary Question: Expectations for the Peltos launch - Management is optimistic about the launch of ZELSUMI, citing strong demand and a capable commercial team [47][48] Question: Impact of Vilsparri REMS removal on uptake - The removal of REMS restrictions is expected to enhance uptake, particularly among earlier stage patients [50][51] Question: Guidance on revenue and EPS growth - Management explained that operating expenses are being cautiously managed, and tax rates are impacting net income due to increased foreign revenue [56][57] Question: Merck's ownership of Verona and its impact on O2VARE - Management believes Merck's global capabilities will accelerate O2VARE's rollout compared to its previous management by Verona [76] Question: Orchestra Biomed's commercialization pathway - Medtronic and Tarumo are the commercial partners for Orchestra Biomed's AVIM technology and Virtu SAB balloon, respectively [77]

Core Insights - Ligand Pharmaceuticals' partner Pelthos Therapeutics has launched ZELSUVMI™, the first FDA-approved at-home treatment for molluscum contagiosum, leading to a $5 million milestone payment for Ligand [1][2] Company Overview - Ligand Pharmaceuticals is a biopharmaceutical company focused on supporting the clinical development of high-value medicines through financing and licensing technologies [4] - The company aims to create a diversified portfolio of biotech and pharmaceutical revenue streams while maintaining a low corporate cost structure [4] - Ligand partners with leading pharmaceutical companies to leverage their expertise in late-stage development, regulatory management, and commercialization [4] Product Details - ZELSUVMI™ (berdazimer) is a nitric oxide-releasing topical gel indicated for treating molluscum contagiosum in patients aged one year and older [3] - It is the first and only approved topical prescription medication that can be applied at home, outside of a medical setting [3] - The product was developed using Ligand's proprietary NITRICIL™ technology platform [3] Financial Aspects - Following the merger between Pelthos Therapeutics and Channel Therapeutics, Ligand now owns 56% of Pelthos [2] - Ligand is entitled to a 13% royalty on worldwide sales of ZELSUVMI and can earn up to an additional $5 million in commercial sales milestones [2]

Core Insights - VEON Ltd. has successfully closed a partnership with Engro Corporation for the pooling and management of telecommunications infrastructure assets in Pakistan, marking a significant step in its asset-light strategy [1][3][4] Group 1: Partnership Details - The infrastructure assets of VEON, managed under Deodar (Private) Limited, have been transferred to Engro Connect, a subsidiary of Engro Corp, while VEON's digital operator Jazz will lease these assets for mobile voice and data services [2][4] - The partnership was completed at an enterprise value of USD 562.7 million, with regulatory approvals obtained in May 2025 [4] Group 2: Strategic Implications - This partnership allows Jazz to accelerate its transformation into a services company, expanding its digital portfolio to include financial services, entertainment, healthcare, and enterprise services [3] - The collaboration aims to strengthen Pakistan's digital economy, reflecting the visionary approach of Pakistani authorities that facilitated the partnership [3] Group 3: Company Profiles - VEON operates across six countries, serving nearly 160 million customers and focusing on technology-driven services that promote economic growth [5] - Jazz, as Pakistan's leading digital operator, has over 71.5 million cellular subscribers and offers a wide range of digital services, including JazzCash, Garaj, and Tamasha [6] - Engro Corporation is a diversified conglomerate in Pakistan, involved in various sectors including telecommunications infrastructure, and has established partnerships with global entities [7]

Core Insights - VEON Ltd. has secured all regulatory approvals for its strategic partnership with Engro Corporation Limited to manage telecommunications infrastructure assets in Pakistan, enhancing digital investments in the country [1][2] - The partnership involves transferring VEON's infrastructure assets to Engro Connect, a subsidiary of Engro Corp, through a scheme of arrangement, expected to be completed in June [2] - This agreement is anticipated to accelerate Jazz's transformation into an asset-light services company, promoting growth for both Jazz and Engro Corp while supporting Pakistan's digital transformation [3][4] Financial Details - Engro will pay Jazz approximately USD 188 million and guarantee the repayment of Deodar's intercompany debt amounting to USD 375 million [6] Company Profiles - VEON is a Nasdaq-listed digital operator serving nearly 160 million customers across six countries, focusing on technology-driven services that empower individuals and stimulate economic growth [7] - Jazz, as Pakistan's leading digital operator, has over 71.5 million cellular subscribers and offers a wide range of digital services, including JazzCash and Tamasha [8] - Engro Corporation is a diversified conglomerate in Pakistan, involved in various sectors including telecommunications infrastructure, and aims to address pressing issues through its business portfolio [9]