Ligand Pharmaceuticals Incorporated · NASDAQ:LGND
Ligand Pharmaceuticals — Q3 2026 Earnings Presentation
24 slides from Ligand Pharmaceuticals's earnings presentation, Oct 29, 2026
Slide 1: Third Quarter 2026 Financial Results
OCTOBER 29, 2026 Third Quarter 2026 Financial Results
Slide 2: Safe Harbor Statement and Disclaimers
Safe Harbor Statement and Disclaimers • This presentation contains forward-looking statements, as defined in Section 21E of the Securities Exchange Act of 1934, by Ligand and its partners that involve risks and uncertainties and reflect Ligand’s and its partners’ judgment as of the date of this presen
Slide 3: Strong Strategic Momentum in Third Quarter 2026
Strong Strategic Momentum in Third Quarter 2026 COMMERCIAL MOMENTUM PORTFOLIO SCALE DISCIPLINED DEPLOYMENT FUTURE OUTLOOK +51% 16 180+ Up to 7 royalty revenue growth key commercial royalty opportunities reviewed in pivotal readouts YoY, to ~$70M assets 2026 anticipated through 2027 Filspari, Ohtuvay
Slide 4: Leadership Network Drives Deal Sourcing and Diligence
Leadership Network Drives Deal Sourcing and Diligence CORPORATE MANAGEMENT Todd Davis Tavo Espinoza Andrew Reardon Chief Executive Officer Chief Financial Officer Chief Legal Officer INVESTMENTS Paul Hadden Rich Baxter Lauren Hay SVP, Investments & Business Development SVP, Investment Operations VP,
Slide 5: $1B+ Invested Across 20+ Investments Since 2023
$1B+ Invested Across 20+ Investments Since 2023 Royalty Monetization Project Finance Special Situations $30M $19M $40M $75M $8M $22M $73M $20M Oct '23 Jan '24–Jan '25 Jul '25 May '24 Nov ’23−Jul '24 Sep ‘23−Sep ‘26 Sep '23–Nov '25 Nov '23 $11M $23M $47M 1 $50M $100M $739M Sep '25 Q3 '26 Q3 '26 Feb '
Slide 6: Royalty Revenue On Track to Triple and EPS to Nearly Quadruple Since 2022
Royalty Revenue On Track to Triple and EPS to Nearly Quadruple Since 2022 Royalty revenue Adjusted EPS2 +34% CAGR, 2022–2026E +41% CAGR, 2022–2026E 3.9× 3.3× $238M 1 $9.631 $8.13 $161M $5.74 $109M $4.06 $85M $73M $2.44 2022 2023 2024 2025 2026E 2022 2023 2024 2025 2026E 1 2026E shown at the midpoint
Slide 7: Financial Update
Financial Update Tavo Espinoza
Slide 8: Third Quarter 2026 Highlights
Third Quarter 2026 Highlights ROYALTY REVENUE ADJUSTED EPS CASH & INVESTMENTS DEPLOYABLE CAPITAL $70.3M 1 $2.67 2 ~$450M ~$750M Third-quarter royalty Adjusted diluted EPS Cash, cash equivalents & Approximate deployable revenue short-term investments capital +51% year-over-year vs. $3.09 in Q3 2025 v
Slide 9: Q3 2026 Royalty Revenue Exceeds $70 Million
Q3 2026 Royalty Revenue Exceeds $70 Million LEGACY VS. XOMA- ACQUIRED ($M) Q3 2026 PRODUCT MIX ($M) 2 ROYALTY REVENUE Legacy royalties XOMA-acquired Filspari $16.8M 24% +51% $70.3M Largest royalty asset, includes US and Ex-US year-over-year growth, to $12.3M $70.3M Ohtuvayre $7.0M 10% $46.6M Include
Slide 10: Third Quarter 2026 Financial Performance
Third Quarter 2026 Financial Performance Three Months Ended September 30, $ in millions, except for per share amounts (unaudited) 2026 2025 Revenues: • Total core revenue1 −9% – Driven by $24.5M Royalties $70.3 $46.6 Zelsuvmi out-license fee recorded in Q3 2025. Captisol 7.9 10.7 Excluding the fee,
Slide 11: Share Dilution From 2030 & 2031 Convertible Transactions
Share Dilution From 2030 & 2031 Convertible Transactions At $400, the call spread limits dilution to ~0.6M shares, or ~3% of current shares outstanding $460M, 0.75% convertible senior notes due 2030 Economic dilution1 GAAP basis2 $700M, 0% convertible senior notes due 2031 Ligand share price Shares
Slide 12: 2026 Financial Guidance
2026 Financial Guidance Raising Adjusted EPS Guidance and Reaffirming Full-Year Revenue Guidance Royalty Revenue Total Revenue $225−250M $270−310M Includes: Ojemda, Vabysmo and Miplyffa Non- Royalty Revenue Adjusted EPS1 $9.50−9.75 Captisol: $35–40M Contract: $10−20M (Previously $9.00−9.50) 1. Adjus
Slide 13: 5-Year Outlook To Be Updated In December
5−Year Outlook To Be Updated In December Positive developments which are expected to drive an Ligand Expected Royalty Receipts1 increase to the long- term outlook include: Acquisition of XOMA is immediately accretive and is expected to drive Potential Incremental Growth To Be significant growth Share
Slide 14: Portfolio Update
Portfolio Update Lauren Hay LIGAND
Slide 15: Key Commercial Programs
Key Commercial Programs Ryjunea acquisition adds 16th Key Program to Commercial Portfolio Marketer Program Indication Royalty Rate Filspari IgA Nephropathy; Focal Segmental Glomerulosclerosis 9% Kyprolis R/R Multiple Myeloma Tiered 1.5% to 3% Qarziba High-Risk Neuroblastoma Tiered mid-teens Vabysmo
Slide 16: Key Pipeline Partnered Programs
Key Pipeline Partnered Programs All key pipeline programs represent new or follow- on investment activity since 2022 Developer(s) Program Indication(s) Phase Royalty Rate Microcystic Lymphatic Malformations Reg QTORIN Rapamycin 8−9.8% Cutaneous Venous Malformations Phase 3 Ready Lasofoxifene Metasta
Slide 17: XOMA High-Priority Pipeline Assets
XOMA High-Priority Pipeline Assets Volixibat Mezagitamab Catalyst: PSC: Potential NDA Submission H1 ’27 Catalyst: Ph 3 Results Late-’27 to Early-’28 PBC: Potentially Pivotal Ph 2b Results Q1 ’27 Indication: ITP, IgAN Indication: PSC and PBC Royalty Rate: Low-single-digit Royalty Rate: Low-to-mid-sin
Slide 18: 2026 Portfolio Activity
2026 Portfolio Activity 2026 Developments New Portfolio Additions Acquisition of XOMA including 3 key ✓ NDA approval & commercial launch in FSGS ✓ commercial assets Volixibat Phase 2b potentially registrational ✓ ✓ AvenCell Pipeline readout in primary sclerosing cholangitis QTORIN rapamycin NDA acce
Slide 19: Portfolio Potential Catalysts Through 2027
Portfolio Potential Catalysts Through 2027 Up To 7 Pivotal Trial Readouts Anticipated Through 2027 Pivotal Trial AVIM PhaseVolixibat 3 Trial Readouts Lasofoxifene Readouts Mezagitamab Ersodetug Osavampator1 Potential FDA Approval for Potential Geographic Expansion QTORIN Rapamycin in MLM for Commerc
Slide 20: Investment Update
Investment Update Paul Hadden
Slide 21: 2026 YTD Investment Activity
2026 YTD Investment Activity >180 Investments reviewed On track to best prior years Investments reviewed ~60% to CDA 115 CDAs signed Highest in the past four years CDAs signed 3% to close 2026 closed investments High $ XOMA 6 Medium $ Sydnexis AvenCell Investments closed Small $ Agenus Primrose Zeri
Slide 22: Ryjunea: $23M for Europe's First Pediatric Myopia Drug
Ryjunea: $23M for Europe’s First Pediatric Myopia Drug $23M WHY IT MATTERS Upfront payment for Sydnexis’ royalty rights under its 1st First and only approved drug to slow pediatric myopia (nearsightedness) Santen license progression Royalty Tiered low-double-digit to high-teens on net sales EU + UK
Slide 23: AvenCell: up to $47M Royalty on a Next-Gen CAR-T Platform
AvenCell: up to $47M Royalty on a Next-Gen CAR-T Platform PLATFORM Up to $47M CRISPR-engineered allogeneic CAR-T with a switchable CAR for greater activity control; off-the-shelf, with Royalty financing plus a concurrent Series C equity potential in blood cancers and autoimmune disease investment PIP
Slide 24: Ligand
LIGAND
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