Core Viewpoint - Ligand Pharmaceuticals will report its fourth quarter and full year 2025 financial results on February 26, 2026, and will hold a conference call to discuss these results and provide a business update [1]. 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 partners with leading pharmaceutical companies to leverage their expertise in late-stage development, regulatory management, and commercialization [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 multiple alliances and licenses with major pharmaceutical companies, including Amgen, Merck, Pfizer, Jazz, Gilead Sciences, and Baxter International [3].

Core Insights - Baron Health Care Fund reported a 5.39% gain in Q3 2025, slightly outperforming the Russell 3000 Health Care Index which gained 5.05% but underperforming the broader Russell 3000 Index at 8.18% [1] - The fund's performance was impacted by stock selection and negative effects from active sub-industry allocations and cash holdings during a rising market [1] Company Highlights - Roivant Sciences Ltd. (NASDAQ:ROIV) was highlighted as a key investment, achieving a one-month return of 21.59% and a 68.10% increase over the past 52 weeks, closing at $19.60 per share with a market capitalization of $13.384 billion on November 3, 2025 [2] - Roivant operates a unique business model by creating subsidiaries, or "Vants," to develop specific pipeline drugs, with notable success from its subsidiary Telavant, which sold a drug for $7.1 billion in 2023 [3] - Current promising Vants include Immunovant, which is developing a first-in-class antibody for Graves disease and rheumatoid arthritis, and Priovant, which reported positive Phase 3 results for a potential blockbuster drug [3] - Genevant, another Roivant subsidiary, focuses on lipid nanoparticle drug delivery technology and is involved in litigation with Moderna and BioNTech, with potential multi-billion-dollar implications for Roivant's balance sheet [3]