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Ligand Pharmaceuticals
Ligand Pharmaceuticals (LGND) investor relations material
Ligand Pharmaceuticals Investor Day 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Day 2025 summary9 Dec, 2025
Strategic direction and business model
Shifted since 2022 to a royalty-focused, operationally light model, emphasizing commercial and development-stage assets and reducing OpEx by ~50%.
Royalty investing model offers high operating leverage, low infrastructure costs, and mitigates operating and financing risks compared to traditional biotech investments.
Business development leverages royalty monetization, project finance, special situations, and proprietary technology platforms (Captisol and NITRICIL).
Partnerships with leading pharmaceutical companies and a rigorous, private equity-style investment process focus on high unmet clinical needs.
Special situations, such as Pelthos and Apeiron, have delivered significant value and are a core part of the growth strategy.
Financial performance and guidance
Royalty revenue has doubled and operating expenses halved since 2022, driving a 3x increase in adjusted EPS.
2025 guidance: $225M–$235M core revenue, $147M–$157M royalty revenue (~40% YoY growth), adjusted EPS $7.40–$7.65.
2026 guidance: $245M–$285M revenue, $200M–$225M royalty revenue (~40% growth), adjusted EPS $8.00–$9.00.
Five-year outlook raised to 23% CAGR in royalty receipts through 2030, anchored by commercial-stage assets and a robust development pipeline.
Nearly $1B in deployable capital, targeting $150M–$250M annual investments, supporting durable, compounding value creation.
Portfolio and pipeline developments
Portfolio includes 12 major commercial royalty drivers and over 80 development-stage programs, diversified across therapeutic areas and partners.
Key assets: Filspari (potential FSGS approval, 9% royalty), Ohtuvayre (strongest COPD launch, 3% royalty), Qarziba (mid-teen royalty), Capvaxive, and Zelsuvmi (13% royalty).
Pelthos’s Zelsuvmi launched successfully, achieving $7M in first-quarter sales and a $35M annualized run rate with rapid sales force breakeven.
Captisol platform remains a core technology, with 17 approved products and ongoing licensing activity, though long-term growth will be royalty-driven.
Ongoing focus on proactive portfolio management, leveraging AI for efficiency, and expanding partner engagement.
What types of investments will drive 23% royalty CAGR?
What bridges the 20% to 23%+ royalty CAGR outlook?
Future revenue contribution from proprietary platforms?
Expand on proprietary deal flow in special situations
How will new investments mitigate portfolio concentration
How to leverage capital in inefficient development market
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Next Ligand Pharmaceuticals earnings date
Q4 202527 Feb, 2026
Ligand Pharmaceuticals
Next Ligand Pharmaceuticals earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Ligand Pharmaceuticals Incorporated is a biopharmaceutical company that focuses on developing and licensing innovative technologies and drug discovery platforms to pharmaceutical companies. Ligand’s business model centers around partnerships, where it provides proprietary drug development technologies such as its OmniAb antibody discovery platform and Captisol drug formulation technology. These technologies are used to support the development of therapies across a wide range of therapeutic areas, including oncology, infectious diseases, and autoimmune disorders. The company is headquartered in San Diego, California, and its shares are listed on the NASDAQ.
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