The following is a summary of the Ligand Pharmaceuticals Incorporated (LGND) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Ligand Pharmaceuticals reported a Q1 2024 revenue of $31 million compared to $44 million in Q1 2023, largely attributed to a $15 million milestone earned in Q1 2023.

• Q1 2024 royalty revenue increased 8% to $19.1 million from $17.6 million in Q1 2023, driven by strength in FILSPARI, Rylaze, Kyprolis, and Vaxneuvance.

• Captisol sales were $9.2 million, a drop from $10.6 million in Q1 2023.

• Ligand reported a GAAP net income from continuing operations in Q1 2024 of $86.1 million compared to $43.6 million in the prior year's quarter.

• The company reaffirmed its 2024 financial guidance with royalty revenue in the range of $90-95 million and Captisol sales in the range of $25-27 million.

• They predict a compound annual growth rate of over 20% in royalty revenue and over 25% in adjusted EPS over the next five years.

Business Progress:

• Ligand announced Pelthos Therapeutics' establishment to commercially offer ZELSUVMI by year-end.

• The FDA approved ZELSUVMI, a first-in-class medication for molluscum contagiosum treatment.

• Key 2024 catalysts include potential FDA approval of Merck's V116 and Verona's Ensifentrine.

• Agenus partnership involving a $75 million upfront investment was announced, significantly boosting Ligand's portfolio exposure to immuno-oncology.

• The FDA granted Travere priority review for FILSPARI, with expected PDUFA date in September 2024.

• Verona Pharma prepares for ensifentrine's launch following potential approval in June.

• Ligand is exploring strategic partnerships and considering spinning out its Pathios business.

More details: Ligand Pharmaceuticals IR

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