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Third Quarter 2025 Financial Results NOVEMBER 6, 2025
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2 Safe Harbor Statement and Disclaimers • Thispresentationcontainsforward-lookingstatements,as definedin Section21E of the SecuritiesExchangeAct of 1934, by Ligandand its partnersthatinvolverisksand uncertaintiesand reflectLigand’sand its partners’judgmentas of thedateof thispresentation. Allstatements,otherthanstatementsof historicalfact,couldbe deemedto be forward-lookingstatements,includingstatementsthatexpressLigand’sor its partners’opinions,expectations,objectives,assumptions,plansor projectionsregardingfutureeventsor futureresults.In someinstances,wordssuchas “plans,”“believes,”“expects,”“anticipates,”and“will,”and similarexpressions,areintendedtoidentifyforward-lookingstatements. Readersarecautionednotto placeunduerelianceon theseforward-lookingstatements,whichreflectourgoodfaithbeliefs(orthoseofthe indicatedthirdparties)andspeakonlyas of thedatehereof. Theseforward-lookingstatementsinclude,withoutlimitation: Ligand’sabilityto expanditsportfoliowithlifesciencesroyaltyopportunities; thetimingof clinicaland regulatoryeventsof Ligand’spartnersand othercommercializationand marketingefforts; the timingof the initiationor completionof preclinicalstudiesand clinicaltrialsby Ligandand its partners; the timingof productlaunchesby Ligandor itspartners; andguidanceregardingprojected2025financialresults.Actualeventsor resultsmaydifferfromLigand'sexpectationsdueto risksanduncertaintiesinherentin Ligand’sbusiness,including,withoutlimitation: Ligandrelieson collaborativepartnersfor milestonepayments,royalties,materialsrevenue,contractpaymentsand otherrevenueprojectionsand may not receive expectedrevenue; LigandmaynotreceiveexpectedrevenuefromCaptisolmaterialsales;Ligandanditspartnersmaynotbeabletotimelyorsuccessfullyadvanceanyproduct(s)initsinternalorpartneredpipelineor receiveregulatoryapprovaland theremay not be a marketfor the product(s)even if successfullydevelopedand approved; Ligandmay not achieveits financialguidancefor 2025; Ligandfacescompetitionin acquiringroyaltiesandlocatingsuitableroyaltiesto acquire; Ligandmaynotbe ableto createfuturerevenuesandcashflowsthroughthe acquisitionof royaltiesor by developinginnovativetherapeutics; products underdevelopmentby Ligandoritspartnersmaynotreceiveregulatoryapproval; thetotaladdressablemarketforourpartners’productsmaybesmallerthanestimated; Ligandfacescompetitionwithrespecttoits technologyplatformswhichmaydemonstrategreatermarketacceptanceorsuperiority; Ligandiscurrentlydependentona singlesourcesolesupplierforCaptisolandfailuresbysuchsuppliermayresultindelaysor inabilityto meettheCaptisoldemandsof itspartners; Ligand’spartnersmaychangetheirdevelopmentfocusandmaynotexecuteon theirsalesandmarketingplansformarketedproductsforwhichLigandhasan economicinterest;Ligand’scollaborationpartnersmay becomeinsolvent; Ligand’sand its partners’productsmay not be provedto be safe and efficaciousand may not performas expectedand uncertainty regardingthecommercialperformanceof suchproducts; Ligandor itspartnersmaynotbe ableto protecttheirintellectualpropertyandpatentscoveringcertainproductsandtechnologiesmaybe challengedor invalidated; cyber-attacksor otherfailuresin telecommunicationsor informationtechnologysystemscouldresultin informationtheft,datacorruptionand/orsignificantdisruptionto Ligand’sbusinessoperations; Ligand’spartnersmay terminateany of their agreementsor the developmentor commercializationof any of its products; Ligandand its partnersmay experiencedelays in the commencement,enrollment, completionoranalysisofclinicaltestingforitsproductcandidates,orsignificantissuesregardingtheadequacyof itsclinicaltrialdesignsortheexecutionofitsclinicaltrials,challenges,costsandchargesassociated withintegratingacquisitionswithLigand’sexistingbusinesses; Ligandmaynotbeabletosuccessfullyimplementitsstrategicgrowthplanandcontinuethedevelopmentofitsproprietaryprograms; restrictionsunder Ligand’screditagreementmay limitits flexibilityin operatingits businessand a defaultunderthe agreementcouldresultin a foreclosureof the collateralsecuringsuch obligations; changesin generaleconomic conditions,includingas a resultof war,conflict,epidemicdiseases,the impositionand/orannouncementof tariffsand ongoingor futurelitigationcouldexposeLigandto significantliabilitiesand havea material adverseeffecton Ligand; and otherrisksand uncertaintiesdescribedin our publicfilingswith the Securitiesand ExchangeCommission(the “SEC”),availableat www.sec.gov. Informationregardingpartnered productsand programscomesfrominformationpubliclyreleasedby our partners. Our trademarks,tradenamesand servicemarksreferencedhereinincludeLigand,Captisol, NITRICILand ZELSUVMI. Eachother trademark,tradenameorservicemarkappearinginthispresentationbelongstoitsowner. • Thispresentationpresentscertainnon-GAAPmeasures. A reconciliationbetweenthenon-GAAPadjustedfinancialnumbersandcorrespondingGAAPfiguresisusuallyshowninourquarterlyearningspressreleaseor the fiscalyearannualreport,availableat https://investor.ligand.com/news-and-events/press-releases/. However,otherthanwithrespectto totalrevenues,Ligandonlyprovidesfinancialguidanceon an adjusted basisanddoesnotprovidereconciliationsofsuchforward-lookingadjustedmeasurestoGAAPduetotheinherentdifficultyinforecastingandquantifyingcertainamountsthatarenecessaryforsuchreconciliation. • Allforwardlookingstatementsarequalifiedin theirentiretyby thiscautionarystatement,andLigandundertakesno obligationtoreviseorupdatethispresentationto reflecteventsorcircumstancesorupdatedthird partyresearchnumbersoccurringafterthedatehereof.ThiscautionismadeunderthesafeharborprovisionsofSection21EoftheSecuritiesExchangeActof1934.
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3 2025 Highlights STRATEGIC DIFFERENTIATION Financials, advantage, team Long-term royalty revenue CAGR >22% to be updated in December at Investor Day Special situations initiatives drive outsized returns Strong track record of execution ROYALTY PORTFOLIO Significant growth in 2025 Portfolio today includes 12 major commercial stage royalty assets, Key growth drivers include: • Zelsuvmi – Pelthos’ commercial launch in July • Ohtuvayre – Q3’25 net sales of $136M; Merck closed acquisition of Verona for $10B in October • Filspari - Q3’25 net sales of $91M; PDUFA date of Jan 13, 2026 for FSGS; REMS liver monitoring requirement for IgAN patients relaxed in August Ligand’s ~50% equity interest in Pelthos valued at ~ $138M as of 9/30, and Ligand is entitled to a 13% royalty on Zelsuvmi sales Committed $35 million in long-term capital for royalty interest in Orchestra BioMed’s AVIM therapy and Virtue SAB and invested $5 million in equity private placement Committed $11 million for royalty rights to AT220 and milestone and technology access fees on AT292 BUSINESS DEVELOPMENT Highly productive, rigorous process 47% Q3’25 royalty growth over Q3’24, 68% Q3’25 adjusted EPS1 growth over Q3’24 Increased core revenue2 guidance for a second time this year from $200M-225M to $225M-235M and Adjusted EPS guidance from $6.70−7.00 to $7.40−7.65 per diluted share2 Cash and investments of $665M, ~$1B deployable capital inclusive of $200M credit facility FINANCIAL Strong financial performance 1. Adjusted EPS represents a non-GAAP measure. See our Q3 25 earnings release for a reconciliation to the corresponding GAAP measure 2. A reconciliation of forward-looking non-GAAP core revenue and adjusted EPS to their most directly comparable GAAP measure is not available without reasonable effort, as certain items cannot be reasonably predicted because of their high variability, complexity and low visibility. Specifically, non-cash adjustments that could be made for changes in contingent liabilities, changes in the market value of investments in public companies, share-based compensation expense and the effects of any discrete income tax items, directly impact the calculation of our core revenue and adjusted EPS.
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4 Track Record of Execution Since separation of OmniAb in 2022, share price appreciation of ~160%1 1. Figures from 11/2/2022 to 9/30/2025. 2. Excludes Covid-19 related Captisol sales in 2022 and gains associated with the sale of Pelthos to Channel Therapeutics in Q3 2025, except the Zelsuvmi out-license component, as it represents a core element of the Company’s value creation strategy. See our Q3 25 earnings release for a reconciliation to the corresponding GAAP measure other than the 2025 guidance. 3. Excludes gains from short-term investments on the sale of Viking Therapeutics stock. Actual historical Adjusted Core EPS represents a non-GAAP measure. See our Q2 25 earnings release for a reconciliation to the corresponding GAAP measure. 4. Calculated using the midpoint of management guidance. 5. A reconciliation of forward-looking non-GAAP adjusted core EPS to the most directly comparable GAAP measure is not available without unreasonable effort, as certain items cannot be reasonably predicted because of their high variability, complexity and low visibility. Specifically, non- cash adjustments that could be made for changes in contingent liabilities, changes in the market value of investments in public companies, share-based compensation expense and the effects of any discrete income tax items, directly impact the calculation of our adjusted core EPS. Core Revenue2 Adj. Core EPS3 $73 $85 $109 $152$16 $28 $31 $40 $19 $18 $27 $38 $108 $131 $167 $230 2022A 2023A 2024A 2025E $2. 44 $4. 06 $5. 74 $7. 53 2022A 2023A 2024A 2025E YoY Gr ow th 21% 27% 38% YoY Gr ow th 66% 41% 31% 4 4, 5 Total CA GR: 29% Royalty CAGR: 28% CAGR: 46% ■ Royalties ■ Captisol Sales ■ Contract Revenue
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5 2023 2024 2025 2026 2027 2028 2029 4% CAGR 1. Sell-side consensus sales estimates used to arrive at royalty revenue from commercial programs. Looki ng Ahea d To 2028 Expecte d Royalty Revenue CAGR >20% • Long–term royalty receipt outlook on pace to meet or exceed 22% CAGR previously shared at analyst day in December 2024 • Existing commercial programs (13%) and late-stage pipeline (“Pharm Team”) (5%) supports Royalty Receipts CAGR of 18% • Pharm Team includes risk-adjusted development stage programs including Filspari for FSGS, Verona’s Phase 2 Ohtuvayre, Agenus’ BOT/BAL, Viking’s VK- 2809, Palvella’s PTX-022 and other mid to late-stage programs Current portfolio of commercial and late-stage programs + new deals drive growth Pelican Royalties - Captisol Royalties - Kyprolis, Evomela, Nexterone Filspari - IgAN 13% CAGR 22% CAGR Ligand Expected Royalty Receipts ( $M) Ohtuvayre Pharm Team ZelsuvmiQarziba Looking Ahead To 2029 Expected Royalty Receipts CAGR of 22% from 2024−2029 5% CAGR Rylaze,Teriparatide Future Investments Vaxneuvance, Capvaxive, Pneumosil
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6 2023 2024 2025 2026 2027 2028 2029 1. Sell-side consensus sales estimates used to arrive at royalty revenue from commercial programs. Ligand Expected Royalty Receipts ( $M) 5−Y ear Outlook To Be Updated In December Current 5 −Year Projections From 2024 Investor Day Major positive developments which could drive increase to long-term outlook include: Ohtuvayre peak-sales consensus updated from $1.2B in Dec 2024 to $3.4B in Aug 2025, with additional upside from Merck acquisition Sell-side gaining conviction around Filspari FSGS likelihood of approval and commercial opportunity Initiation of analyst coverage and conviction around QTORIN rapamycin in MLM 22% CAGR Potential Incremental Growth To Be Shared At Analyst Day
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7 January 2025 • Ligand leads a syndicate and invests $50M in a project finance transaction to fund Castle Creek’ s Phase 3 clinical study of D- Fi for a mid- single digit royalty • Ligand commits $40M in strategic capital in exchange for a high- teens royalty on sales < $100M on Orchestra BioMed’ s AVIM therapy and Virtue SAB programs in all indications, in addition to a mid- single- digit royalty on net sales > $100M from AVIM therapy in uncontrolled hypertension and increased cardiovascular risk indications and Virtue SAB in coronary artery disease • Ligand invests $2M in an inventor royalty monetization transaction to bring Ligand’s total Ohtuvayre royalty to 3% Ligand 2025 YTD Investment Activity September 2025 February 2025 • Pelthos Therapeutics merges w ith Channel Therapeutics and begins trading on the NYSE as PTHS • Ligand invests $18M and brings in an additional $32M in capital from a group of strategic investors • Ligand commits $11M in a royalty monetization transaction in exchange for global royalty rights to AT220, an Arestat- enhanced commercial biosimilar product and AT292, now Sanofi’ s efdoralprin alfa July 2025 July 2025 $121M committed across 5 investments executing on core strategy to drive long-term grow th
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8 2025 Investment Activity Strong origination activity. Our experienced team is quick to focus on highest value opportunities Conducted thorough due diligence across clinical, regulatory, commercial, IP , and legal categories to qualitatively and quantitatively characterize the investment opportunity 32 active investment opportunities under review, with both accretive and pre-approval investments 135 Investments Review ed 32 Under Review 5 Closed
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Portfolio Update Lauren Hay
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10 Portfolio News, Events, & Catalysts • Merck closed acquisition of Verona for $10B on October 7, 2025 Merck’ s Ohtuvayre 3% royalty • IgAN: REMS modification changed from monthly to quarterly on August 28, 2025 • FSGS: PDUFA on January 13, 2026, Advisory Committee meeting no longer required Travere’s Filspari 9% royalty • Received nomination for FDA Commissioner’s National Priority Voucher (CNPV) program • sNDA for stage-3 type-1 diabetes accepted by FDA in October • Approval in China in stage-2 type-1 diabetes Sanofi’s Tzield Less than 1% royalty • Phase 3 BATMAN trial anticipated to initiate in Q4 2025 Agenus’ s Bot/Bal Low- single- digit royalty • Phase 3 trial enrollment completion in microcystic lymphatic malformations in June 2025, with results anticipated Q1 2026 • Phase 2 results in cutaneous venous malformations expected mid-December • New QTORIN rapamycin indication announced in clinically significant angiokeratomas Palvella’s Qtorin Rapamycin 3. 9% 8 to 9. 8% royalty Strong momentum for both Commercial and Pharm Team portfolio
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11 Near-Term Growth Drivers – Filspari Product Value Proposition Approved: IgA Nephropathy (IgAN) • First non-immunosuppressive therapy approved for IgAN, a rare kidney disease that leads to diminished kidney filtering, proteinuria, and progressive kidney function loss • Analyst Consensus Peak Sales: $1B ( $90M potential royalty to LGND) Registration: Focal Segmental Glomerulosclerosis (FSGS) • Approval of Filspari in FSGS, another rare kidney disease with extremely high unmet need, could represent the first FDA approved treatment • Analyst Consensus Peak Sales: $1B ( $90M potential royalty to LGND) Recent New s Key Upcoming Catalysts • Q3’25 Filspari sales of $91M, 26% growth vs. Q2’25 • REMS liver monitoring requirement relaxed in August • Chugai Pharmaceuticals acquires Renalys Pharma • Q4 2025: To p-line Phase 3 results for IgAN in Japan anticipated • January 13, 2026: FSGS PDUFA date
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12 Near-Term Growth Drivers – Ohtuvayre Product Value Proposition • First inhaled product with novel mechanism of action in over 20 years for COPD, addressing high unmet need for patients uncontrolled on current therapies • One of the strongest launches in COPD history. Significant sales potential with ~8.6M maintenance treated patients, 50% of whom remain persistently symptomatic • Potential for indication expansion in non-cystic fibrosis bronchiectasis and a fixed- dose combination with a LAMA in COPD • Analyst Consensus Peak Sales: $3.5B (~$100M potential royalty to LGND) Recent New s Key Upcoming Catalysts • Verona reported Q3’25 Ohtuvayre sales of $136M , an increase of 32% from the prior quarter • Merck closes acquisition of Ohtuvayre marketer, Verona Pharma, for $10B • 2025−2026: Merck plans to continue ongoing development work in bronchiectasis and evaluate utility in additional indications, combination therapies and alternative formulations
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13 Near-Term Growth Drivers - Capvaxive Product Value Proposition • Capvaxive protects against strains that cause 84% of invasive pneumococcal disease compared to just 52% from other pneumococcal conjugate vaccines • Merck expects Capvaxive will achieve majority market share in the adult setting • Analyst Consensus Peak Sales: ~$1B Recent New s Key Upcoming Catalysts • Ministry of Health, Labor and Welfare (MHLW) granted approval for Capvaxive in Japan • Positive results from the Phase 3 STRIDE-13 trial evaluating Capvaxive in children and adolescents aged 2 to 17 at an increased risk of pneumococcal disease • Q3 2025 sales of ~$244M, a 46% increase vs. analyst consensus and an 89% increase over the prior quarter • 2026: Continued launch throughout European countries • June 2026: PDUFA date of June 18, 2026 for Capvaxive in children and adolescents at increased risk of pneumococcal disease
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14 Near-Term Growth Drivers – QTORIN Rapamycin Product Value Proposition • Received FDA Breakthrough Therapy Designation • If approved, would be the first FDA-approved therapy indicated for microcystic lymphatic malformations (MLM, Phase 3), cutaneous venous malformations (CVM, Phase 2), & clinically significant angiokeratomas, all serious, rare genetic skin diseases • Analyst Consensus Peak Sales: $1.2B (~$115M potential royalty to LGND) Recent New s Key Upcoming Catalysts • PVLA stock up > 422% YTD (~$693M market cap as of 9/30/25) • Phase 3 MLM trial enrolled ahead of schedule • Phase 2 TOIVA CVM trial enrollment completed • Third indication for QTORIN rapamycin announced in clinically significant angiokeratomas • Q4 2025: Data readout from the Phase 2 TOIVA CVM trial expected mid-December • Q1 2026: Data readout from Phase 3 SELVA MLM trial • 1H 2026: FDA meeting regarding Phase 2 trial design in clinically significant angiokeratomas
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15 QTORIN Rapamycin MLM Commercial Opportunity QTORIN rapamycin in MLM presents several attractive commercial dynamics Orphan analogs and recent payer testing validate expected orphan pricing corridor Strong Pricing Pow er Claims analyses verified > 30K estimated diagnosed US patients >1,500 incident patients annually Large Orphan Addressable Market If approved, would be the first and only FDA- approved therapy Market research indicates strong intent to prescribe, including in pediatric population FDA Approval Concentrated prescriber base in vascular anomaly centers (VACs) & other clinics Half of patients treated at 400 VACs Sales force estimated to require just 20−40 reps Concentrated Prescriber Base
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16 QTORIN Rapamycin Franchise Strategy Microcystic Lymphatic Malformations Cutaneous Venous Malformations Clinically Significant Angiokeratomas Potential Future Indications 30K Patients 75K Patients 50K Patients 200K+ Patients Potential Approval 2027 2029 2031+ 2032+ Phase 3 Phase 2 Starting Phase 2 TBDPhase
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Financial Update Tavo Espinoza
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18 Pelthos Deconsolidation – July 1st, 2025 $62M Value of Pelthos shares (PTHS) received in exchange for Pelthos assets and license to Zelsuvmi $76M Unrealized gain on PTHS shares – $62M as of 7/ 1/ 25 increases to $138M as of 9/ 30/25 13% Royalty Ligand Earns on Net Sales of Zelsuvmi $53M Gain on Sale ( $28M related to assets, $25M related to Zelsuvmi License1) 1. See non-GAAP reconciliation in the third quarter 2025 earnings press release.
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19 Q3’25 Financial Highlights Q3 2025 Total Core Revenue Grow s 68% 1 $86. 9M 2025 Full Year Revised Guidance $225 −$235M2 Q3 2025 Adjusted EPS Grow s 68% 1 $3. 09 2025 Full Year Revised Guidance $7. 40−$7. 652 Cash & Investments 3 $665M ~$1B in Deployable Capital as of 9/30/25 Q3 2025 Royalties $46. 6M 47% increase vs Q3 2024 1. Adjusted EPS represents a non-GAAP measure. See our Q3 25 earnings release for a reconciliation to the corresponding GAAP measure. 2. A reconciliation of forward-looking non-GAAP core revenue and adjusted EPS to their most directly comparable GAAP measure is not available without reasonable effort, as certain items cannot be reasonably predicted because of their high variability, complexity and low visibility. Specifically, non-cash adjustments that could be made for changes in contingent liabilities, changes in the market value of investments in public companies, share-based compensation expense and the effects of any discrete income tax items, directly impact the calculation of our core revenue and adjusted EPS. 3. Cash & Investments includes $26M in VKTX stock as of 9/30/2025. See non-GAAP reconciliation in the third quarter 2025 earnings press release.
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20 Overview of Ligand’s 2030 Convertible Notes Took advantage of strong convertible debt market and executed a $460M transaction Including the exercise of the greenshoe 0.75% Coupon and 32.5% Conversion Premium were the best end of both the coupon range and the conversion premium range Net Share Settlement reduces further dilution as we will repay the principal in cash ~10% cost for up 100% call spread, results in no dilution up to stock price of $294 per share Repurchased ~102K shares for $15M to alleviate pressure on the stock caused by hedging, demonstrating our confidence in our valuation Net proceeds will bolster balance sheet, be accretive to earnings, and allow Ligand to take advantage of our robust business development pipeline Issuance Size Convertible Terms Call Spread Shares Repurchased Use of Proceeds Pre-tax annual yield 2.91%/After-tax annual yield 1.65%
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21 Cash, and Short-Term Investments Dec. 31, 2024 Top Line Receipts and Other Income Opex, Tax Payments, & Realized/ Unrealized Gains on Investments Capital Deployed to Acquire Royalty Assets Proceeds From Option Exercises Proceeds from Convertible Note Cash and Short-Term Investments Sept. 30, 2025 Pelthos Stock Credit Facility Financial Capacity • $665 million of cash, cash equivalents and short-term investments as of September 30, 2025 • Pelthos stock adds additional source of liquidity • $200 million available under credit facility • Generating $150M+ in operating cash on an annualized basis $1B In Capital DeploymentCapacity $256 $144 $(101) $39 $385 $665 $138 $200 $1,003 $(59) $ in Millions
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22 Q3’25 Financial Performance $ in millions, except for per share amounts (unaudited) Three Months Ended September 30, 2025 2024 Revenues: Royalties $46.6 $31.7 Captisol 10.7 6.3 Contract Revenue 58.2 13.8 Total revenues $115. 5 $51. 8 Less: Gain on sale of Pelthos business (28.6) - Total core revenues 1 $86. 9 $51. 8 Operating costs and expenses: Cost of Captisol 3.8 2.4 Amortization of Intangibles 8.1 8.3 R&D Expense 21.0 5.7 G&A Expense 28.4 24.5 Fair Value Adjustments & Financial Asset Impairments (0.8) 7.8 Total Operating Expenses 60. 5 48. 7 Operating Income 54.9 3.1 Other Net Income (Loss), Net 86.2 (9.5) GAAP Net Income (Loss) 117.3 (7.2) Adjusted Net Income 1 $63.8 $35.3 GAAP Diluted EPS $5.68 ($0.39) Adjusted Diluted EPS 1 $3.09 $1.84 • Q3’25 royalty revenue grew 47% driven by Ohtuvayre, Filspari, Qarziba and Capvaxive • Contract revenue includes a $24.5M Zelsuvmi out-license fee and $28.6M gain on the sale of Pelthos business • GAAP operating expenses include $17.8M one-time R&D charge for Orchestra BioMed investment • Other Net Income (Loss), Net includes $76M unrealized gain on PTHS (Pelthos stock) • Q3 2025 adjusted diluted EPS1 increased 68% to $3.09 1. Represents a non-GAAP financial measure. See our Q3 25 earnings release for a reconciliation to the corresponding GAAP measure.
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23 2022 Actuals 2023 Actuals 2024 Actuals 2025 Prior Guidance 2025 Updated Guidance Guidance Change2 (%) Royalties $73M $85M $109M $140−150M $147−157M +$7M (5%) Captisol Sales $16M $28M $31M $35−40M $40M _ Contract Revenue $19M $18M $27M $25−35M $38M +$8M (27%) YoY Gr ow t h2 (%) Total Core Revenue1 $108M $131M $167M $200−225M $225−235M4 +$18M (8%) +$63M (38%) Adjusted Core EPS3 $2.44 $4.06 $ 5 . 74 $6.70−7.00 $7.40−7.654 +$0.68 (10%) +$1.79(31%) Ligand Updated 2025 Financial Guidance Reflects the $24.5 million value of Zelsuvmi’s out-license 1 . Excludes Covid-19 related Captisol sales in 2022 and gains associated with the sale of Pelthos to Channel Therapeutics in Q3 2025, except the Zelsuvmi out-license component, as it represents a core element of the Company’s value creation strategy. See our Q3 25 earnings release for a reconciliation to the corresponding GAAP measures. 2. Calculated using midpoint of guidance range. 3. Excludes gains from short -term investments on the sale of Viking Therapeutics stock. Actual historical Adjusted Core EPS rep resents a non-GAAP measure. See our Q3 25 earnings release for a reconciliation to the corresponding GAAP measure. 4. A reconciliation of forward -looking non-GAAP core revenue and adjusted EPS to their most directly comparable GAAP measure is not available without reasonable effort, as certain items cannot be reasonably predicted because of their high variability, c omplexity and low visibility. Specifically, non -cash adjustments that could be made for changes in contingent liabilities, changes in the mark et value of investments in public companies, share -based compensation expense and the effects of any discrete income tax items, directly impact the calculation of our core revenue and adjusted EPS.
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Q&A