Analyst Conference Summary

biotechnology

conference date: October 29, 2026 @ 5:30 AM Pacific Time
for quarter ending: September 30, 2026 (third quarter, Q3 2026)

I took an initial position 5/7/2026 Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ million, up % sequentially from $64 million, and up % from $ million year-earlier.

Net Income was $ million, up sequentially from $48.5 million, and up from $ million year-earlier.

EPS (Earnings per Share), diluted, were $, up sequentially from $2.42, and up from $ year-earlier.

Guidance:

Conference Highlights:

CEO Todd Davis said, "" G&

Predicts a 23% CAGR (compound growth rate) for royalty receipts through 2030.

Revenue consisted of $ million for intangible royalty assets; $ million from financial royalty assets; $ million Captisol; and $ million contract and other. Ligand has a pure royalty aggregation model. In Q3 royalty revenue increase % y/y. This was primarily due to royalties on Travere Therapeutics Filspari, Pelthos Therapeutics Zelsuvmi, and Merck Ohtuvayre.

At the beggining of Q3 2026 announced Ligand completed acquisition of XOMA, also a biotech royalty aggregtor, for $39 pershare plus a CVR. The deal had been announced in April.

Cash and equivalents ended at $ billion, up sequentially from $1.36 million.

Non-GAAP diluted EPS was $, up sequentially from $2.37, and up from $ year-earlier. Adjusted net income was $ million, up sequentially from $51 million, and up % y/y from $ million.

Operating costs of $ million consisted of: $ million cost of goods sold, $ million amortization of intangibles, $ million R&D, $ million G&A, $0 million fair value adjustments. Leaving income from operations of $ million. Gain from short-term investments $ million; gain in equity investments $ million; interest $ million; other $ million. Income tax expense $ million.

Q&A selective summary:

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