Analyst Conference Summary

biotechnology

conference date: February 26, 2026 @ 5:30 AM Pacific Time
for quarter ending: December 31, 2025 (fourth quarter, Q4 2025)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ million, up % sequentially from $115 million, and up % from $ million year-earlier.

Net Income was $ million, up sequentially from $117 million, and up from negative $ million year-earlier.

EPS (Earnings per Share), diluted, were $, up sequentially from $5.68, and up from negative $ year-earlier.

Guidance:

Conference Highlights:

CEO Todd Davis said, ""

In Q4 2025, re Filspari (sparsentan) for proteinuria from primary immunoglobin A nephropathy, which Ligand has licenced to Travere, with Renalys. Chugai is purchasing Renalys, and so rights to commercialize in Japan, S. Korea, and Taiwan.

Ligand's near 50% equity interest in Pelthos valued at $138M as of 9/30. Ligand is entitled to a 13% royalty on Zelsuvmi sales.

Cash and equivalents ended at $ million, up sequentially from $664 million (including $26.5 million in Viking Therapeutics stock).

Revenue consisted of $ million for royalty assets; $ million from financial royalty assets; $ million Captisol; and $ million contract and other.

Non-GAAP diluted EPS was $, up sequentially from $3.09, and up from $ year-earlier.

In Q3 2025 Ligand acquired global royalty rights to AT200, an Arestat-enhanced biosimilar product. Also all potential milestone and technology access fees related to AT292, (Sanofi's SAR447537) from Arecor Therapeutics for $7 million in cash. Committed an additional $4 million, payable upon the achievement of certain commercial milestones for AT220 and AT292.

In Q3 2025 Ligand invested $25 million in Orchestra BioMed’s late-stage partnered cardiology programs, with an additional $15 million to be funded, subject to conditions, at the nine-month anniversary of the transaction closing date.

Operating costs of $ million consisted of: $ million cost of goods sold, $ million amortization of intangibles, $ million R&D, $ million G&A, $ million fair value adjustments. Leaving income from operations of $ million. Gain from short-term investments $ million; change in equity investments $ million; interest $ million. Income tax $ million.

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