Ligand Provides Highlights from Today’s Analyst Day Event

March 12, 2019 10:00 AM

Webcast available at www.ligand.com

SAN DIEGO--(BUSINESS WIRE)-- At an Analyst Day event held today in New York City, Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) reviewed the recent progress of its business and financial growth outlook. Management provided additional details on its 2019 financial guidance and a preliminary financial outlook for 2020, discussed its technology platforms, including the opportunity and importance of its OmniAb technology platform.

Highlights of the event’s presentations include the following:

Business model and growth drivers:

OmniAb technology:

Captisol-enabled Iohexol:

Financial overview and outlook, and investment philosophy:

Partner presentations:

A webcast of the Analyst Day presentations can be accessed at www.ligand.com for the next 90 days. A copy of the company’s presentation will be filed with the Securities and Exchange Commission today.

Adjusted Financial Measures

The company reports adjusted net income per diluted share in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The company’s financial measures under GAAP include share-based compensation expense, amortization of debt-related costs, amortization related to acquisitions and intangible assets, changes in contingent liabilities, mark-to-market adjustments for amounts relating to our equity investments in Viking Therapeutics and Retrophin, acquisition and integration costs, unissued shares relating to the Senior Convertible Notes and others that are listed in the itemized reconciliations between GAAP and adjusted financial measures included in our earnings release for the 2018 fiscal year. However, other than with respect to total revenues, the company only provides guidance on an adjusted basis and does not provide reconciliations of such forward-looking adjusted measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including adjustments that could be made for changes in contingent liabilities, changes in the market value of our investments in Viking Therapeutics and Retrophin, share-based compensation expense and effects of any discrete income tax items. Management has excluded the effects of these items in its adjusted measures to assist investors in analyzing and assessing the company’s past and future core operating performance. Additionally, adjusted earnings per diluted share is a key component of the financial metrics utilized by the company’s board of directors to measure, in part, management’s performance and determine significant elements of management’s compensation.

About Ligand Pharmaceuticals

Ligand is a biopharmaceutical company focused on developing or acquiring technologies that help pharmaceutical companies discover and develop medicines. Our business model creates value for stockholders by providing a diversified portfolio of biotech and pharmaceutical product revenue streams that are supported by an efficient and low corporate cost structure. Our goal is to offer investors an opportunity to participate in the promise of the biotech industry in a profitable, diversified and lower-risk business than a typical biotech company. Our business model is based on doing what we do best: drug discovery, early-stage drug development, product reformulation and partnering. We partner with other pharmaceutical companies to leverage what they do best (late-stage development, regulatory management and commercialization) to ultimately generate our revenue. Ligand’s Captisol® platform technology is a patent-protected, chemically modified cyclodextrin with a structure designed to optimize the solubility and stability of drugs. OmniAb® is a patent-protected transgenic animal platform used in the discovery of fully human mono-and bispecific therapeutic antibodies. Ligand has established multiple alliances, licenses and other business relationships with the world's leading pharmaceutical companies including Novartis, Amgen, Merck, Pfizer, Celgene, Gilead, Janssen, Baxter International and Eli Lilly.

Follow Ligand on Twitter @Ligand_LGND.

Forward-Looking Statements

This news release contains forward-looking statements by Ligand that involve risks and uncertainties and reflect Ligand's judgment as of the date of this release. Words such as “plans,” “believes,” “expects,” “anticipates,” and “will,” and similar expressions, are intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements regarding: financial projections, expectations regarding research and development programs, potential uses of capital, including any potential dividend or share repurchase program, and the timing of the initiation or compilation of preclinical studies, clinical trials by Ligand and its partners, Ligand’s belief regarding the diversified nature of its business, Ligand’s future revenue and guidance regarding the financial results for 2019 and beyond. Actual events or results may differ from Ligand's expectations due to risks and uncertainties inherent in Ligand’s business, including, without limitation: Ligand has wide discretion on its use of capital and may choose not to engage in any share repurchases, declare any dividends or pursue acquisitions or internal develop programs; Ligand and its partners may not be able to timely or successfully advance any product(s) in its internal or partnered pipeline; drug development program benefits may not be realized; Ligand may not achieve its guidance in 2019 or thereafter; third party research summarized herein or in the Analyst Day presentation may not be correct or complete; Kyprolis®, EVOMELA® and Zulresso™ may not perform as expected; Ligand relies on collaborative partners for milestone and royalty payments, royalties, materials revenue, contract payments and other revenue projections; regulatory hurdles facing Ligand's and its partners’ product candidates; uncertainty regarding Ligand's and its partners’ product development costs; the possibility that Ligand's and its partners’ drug candidates might not be proved to be safe and efficacious and uncertainty regarding the commercial performance of Ligand's and/or its partners’ products; the possibility that Ligand may not be able to successfully implement its strategic growth plan and continue the development of its proprietary programs; the possibility that Ligand’s future investments might not yield value and might not materialize as describe; and other risks and uncertainties described in Ligand’s public filings with the Securities and Exchange Commission The failure to meet expectations with respect to any of the foregoing matters may reduce Ligand's stock price. Additional information concerning these and other risk factors affecting Ligand can be found in prior press releases available at www.ligand.com as well as in Ligand's public periodic filings with the Securities and Exchange Commission available at www.sec.gov. Ligand disclaims any intent or obligation to update these forward-looking statements beyond the date of this release, including the possibility of additional license fees and milestone revenues we may receive. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Information regarding partnered products and programs comes from information publicly released by our partners. Information presented by GenMab, Viking Therapeutics, Verona Pharma and Palvella Therapeutics are the responsibility of each company, respectively. Ligand may be deemed an affiliate of Viking Therapeutics because Ligand holds a substantial amount of Viking securities and one of Ligand's officers serves as a director of Viking.

Trademarks

Ligand owns or has rights to trademarks and copyrights that it uses in connection with the operation of its business including its corporate name, logos and websites. Other trademarks and copyrights appearing in this press release are the property of their respective owners. The trademarks Ligand owns include Ligand®, Captisol® and OmniAb®. Solely for convenience, some of the trademarks and copyrights referred to in this press release are listed without the ®, © and ™ symbols, but Ligand will assert, to the fullest extent under applicable law, its rights to its trademarks and copyrights.

Ligand Pharmaceuticals Incorporated

Todd Pettingill

investors@ligand.com

(858) 550-7500

@Ligand_LGND

LHA

Bruce Voss

bvoss@lhai.com

(310) 691-7100

Source: Ligand Pharmaceuticals Incorporated

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