LGND - Earnings call transcript Q2 2018 | Ligand Pharmaceuticals Incorporated

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Operator

Hello. And welcome to today’s webcast. My name is Crystal, and I will be your event specialist today. All lines have been place on mute to prevent any background noise. And please note that today’s webcast is being recorded. now Pettingill, to and Director is over today’s Investor It Todd to of Instructions] my turn pleasure program Relations. [Operator Corporate Development floor the is Todd, yours.

Todd Pettingill

Update XXXX Welcome Results Quarter Ligand's of to and Second Business Conference Call. Financial

today Foehr, and Matt Matt Higgins, COO; Ligand John CFO. Speaking for CEO; are Korenberg,

company its may within expectations regarding regarding may programs. described a are include, statements from and As management statements not today's of intent, federal of in partner limited its will internal actual These release projections involve and and call meaning this uncertainties events reminder, the statements conference in press risks belief but differ and current or securities today's the or forward-looking to, contain call. results the laws. These materially

Higgins. obligation any and I'll other other which necessarily or do the Ligand with on Ligand factors revise www.sec.gov. of available be represent based and represent Additional information views time, turn date can in press call. other today, forward-looking judgment Commission, the risk filings any The available the public on as to John Ligand's circumstances conference statements update call periodic of to statements to company's information Exchange no are the concerning matters best and X, reflect not this XXXX, concerning after call the undertakes or company earnings related reviewed August over conference release At this by and party. of projections at or information Securities events and the found to this

John Higgins

our earnings joining thanks and our Welcome call.

results. published release, you an our quarterly excellent seen have you earnings we read just financial If

company very well. report is We are to the pleased performing

are this drive coming things business. time the to at of Some the together

now a made significant value. are returning few First, over that in past few acquisitions years the we investments

have making. R&D productive through new which investing had internal deal substantial a recent a projects, our we generating very of in record is return Second,

for technologies on partners fully our to in in call continue prolific be use Thirdly, funded by deal licensing various we shots we other goal.

both XXX doing and large deals and And in with high We Our XXX from a benefit now a track partners. in over The of continues regulatory over business on partners thriving finally, quality and the of participate market goal and deals a industry environment. have our quantity terms. success. we record are of and overall biopharmaceutical scientific shots to is shows favorable we commercial terms partner

revenues significant match So taken the together company. delivering the expectations cash and that record our business Ligand and results Ligand for is model flow. all-time enjoying positive is

higher are squarely ago over just drugs a highest is royalty terms royalty both in to of also the the terms treatment, largest in been. ever expansive medical more event drug’s the partner and We business the clinical, about financial under as but regulatory Ligand late-stage under we A the pipeline other is of significant success revenue as comments of drugs blockbuster in portfolio with have all-time potential Ligand payments results of marking tiers. and revenues first received quarter. leading contract as continue in on it company. high big view as hitting potential our track revenue exceed gains to in calendar revenues investment both with opportunities partnerships and the In to The and history R&D of the billion few over And and XXXX. both our highly projects. posted assets, year Kyprolis, also acquisition see same for attractive Promacta $X gains the QX This impressive has quarter both be

second-largest building in QX XXXX. product growth reported first The quarter of Promacta, XX% innovative acquired is assets of The from highlight have continued been competitive multi-billion and their given for is label Its Novartis for basket announced purchased number have they Promacta. to $XX in from well increased Now ever product, GSK or Novartis indications. continues $XXX dollar launched up world. a in drugs oncology is both at and revenue they of medicine’s that commercial around Novartis' product face the with a in other largest the do brand data the division that impressive for very it and well have million, assets now giving is of over largest expansion of with safety competition, they the Novartis or that's particularly million updates results trial XXXX. Even and doing utilization the is Ligand, is countries performance in the

ONO reported Kyprolis, the and million partner $XXX QX $XX.X reported as million sales Japan of Now in Amgen sales in for QX. for

a trial once results overall ASPIRE Amgen the X announced include in data in or trial. significant the in P the the were from XX.X% sales NDA up the overall as June, ASPIRE myeloma. of positive prescribing was less compared in Phase Kyprolis million. the the especially sales similar value treated refractory growth quarter that information those regimen a approved it the Kyprolis survival XX.X% twice-weekly X Amgen sales comes U.S. a X.X-month from for to treated with And the the quarter positive the Kyprolis versus with in to last recent CHMP Also The In patients supplemental was Phase FDA product. year. Kyprolis Europe the free or add trial second combined treated April, million second of a regimen from European A.R.R.O.W. trial X with events encouraging X.XXXX. QX Kyprolis adopted with in in than weekly dosing of in period XX% announced relapsed were regimen. So recommending drug. multiple once to with for earlier rate opinion weekly The the variation data improvement taken for achieved is $XXX.X in once-weekly the label weekly patients Patients statistically the for to $XX.X survival progression overall the compared the Union survival June, for Phase response final a to action a twice as

now to platform. our antibody discovery OmniAb technology Turning

the we We existing year. market OmniAb that to only creating discovery and into OmniAb threefold Since discover the continue our Phase by the technology a we over shots making sponsors progressing The they that increased medicine us have the eight to offers excited the OmniAb business OmniAb substantial beginning in animal acquiring value of in of continues on is that illustrate the species couple goal assets. X of access to the of platform potential large technology. are clinic to to OmniAb and partners centerpiece OmniAb. to significant be OmniAb under expect antibody-based to best-in-class technology. three on to allowing the is we end related emerging at derived platform work doing is growth this the the The for a antibody by is coming clinical That partnering including it more related development, are trajectory and both partners, be now our XX over be in antibodies with There continued XXXX, expanding new number instance. one count penetration indeed our shots now by and come companies have goal. portfolio become and through transgenic entering

WuXi foundation companies. payments. WuXi of nine HCO We with out we drive their the out to antibodies amend months version to Ligand. disclosed were program to available partner in Our has paid was will also deals in the who ago. both a in OmniChicken. the Ligand a for they the license upfront in and in Johnson Ligand other a eligible pre-existing added an most promote million heavy flexibility We Pharmaceuticals the which from partners have partners defined OmniAb Immunovant. platform continue is OmniChicken about with be of discover Ligand antibodies. for antibodies I or and led also expected of to of interest now of successful will to addition them and RVT-XXXX project, than by be China to R&D new new amended make will OmniChicken the of recently notable also OmniChicken license the example the any of had acquired OmniAb include of to of that overall. our which doubling OmniAb out OmniAb noted with OmniChicken the future targets The a benefit enter this increased believe to we announced called addition antibodies WuXi know see certain out the more new for a HCO Roivant We've only access of amendment turn those of entered for derived technology The expansions partners. platform & with form more deal past will to that Biosciences in Crystal use with we WuXi continues with of Janssen event to applications. signed will of traditional heavy OmniAb derived completion financial milestones platform that into develop chain Upon portfolio. our quarter coming in WuXi them. division we interest by Six earn antibodies from and to interested them. struck OmniAb agreement WuXi to milestone our the success company in we're The pursuing royalty for chain or development partners in is that $XX whereby potential time OmniAb provides Ligand, Johnson this from agreement able with value utilizing prepay the other licensing conviction their WuXi success OmniAb license platform they our now

on proven timely quarter, of very of ago. acquisition term a debt the majority funds a million the cash and past and we have convert of from the of in were which in XXXX, comment deal our a The deal now QX, $XXX billion As in substantial years repurchases final of deployed a to in balance next the has financing. million comes be $X $XXX as a through convertible that end few successful sheet. deal business nearly on the That middle OmniAb this stock year. closed did to the We we and

With financing value flows, pursue position growing continue building capital and to the our robust to from M&A. annual now cash the new recent ever are the in into strongest we

we we number every Over are and the done acquisitions. decade acquisition a to of highly large in XX opportunities year selected choose pursue. we've past what very We about evaluate

attractively acquisition. shots efficiently Our and on assets, technology goal, focus unpartnered is on adding in valued

to a the we continuing look grow to track M&A business. the record to I portfolio other to and forward strong over Korenberg now call have We to Matt to deploy our provide will capital updates. of diversify and

Matt Korenberg

Captisol Mineral and comment also Brexanolone with by partners, improvements regulatory review also of that that in is in hypercholesterolemia partnered liver then year. of and activities. portfolio our with of first an Phase treatment nonalcoholic June may completed been announced for platforms and Viking in to agonist FDA grants PDUFA patients available of partners trial formulation. or set our therapies as for some the events PPD. the Ligand’s enrollment growing filing IV Therapeutics R&D that programs significant the our results as VKXXXX approved area In condition. in I data X Brexanolone of by technology the will announced highlight depression been are of PPD. start look offer announced some fatty and upcoming study FDA would of presentation tissue, partners and Thanks, December the programs, medication receptor John. this receptor thyroid for indicated of prevention medical expected clinical possesses beta looking in fracture of recent a of technology with date plenary Phase primary the that data NDA American treatment, beta uses granting disease receptor liver community late set. September. X partnerships Viking space. this if patients at and Annual to in for I investigational from priority priority discuss Brexanolone or seeing forward We review for in I the diagnosis by presentation has who that Brexalalone Research at and a treatment and also Starting select for if is the developments its presentation for will Meeting I'll serious recently now of are selected note focus oral a our approved on of well had subtype. subtype for in VKXXXX significant XXth the IV tissue for to orally postpartum review from selective Bone that the hip be an their the at is the and results our for acceptance Therapeutics internal forward the Society trial Sage The This recovering selectivity and from an new investors VKXXXX

estimated continue looking they a study Retrophin as achievement XXX of of parallel glomerulosclerosis in the the an DUPLEX to proportion and at the global efficacy at achieving conditional XX or interim week weeks specifically an pivotal They’re build sparsentan. approximately which is in is plan proteinuria primary modified H of momentum of is accelerated Phase Our the of safety confirmatory as sparsentan the when of study basis segmental endpoint, development efficacy XXX protocol active treatment analysis unblinded a called Subpart trial to filtration partners in focal patients The or the trial change the provides enrolling disclosed at for eGFR of X partial patients patients But randomized of XXX evaluate XX. interim slope study, XX-week least arm at to patients expand in the double-blind with Europe. control multicenter and remission reached their the for for approval a treatment. FSGS. serve A marketing at have endpoint glomerular successful in of DUPLEX weeks expected authorization endpoint U.S.

FDA QX X indicating reported both trial and IgA in in received Europe. new of retain Retrophin U.S. underway a IP expands IgA from the the nephropathy also single patent expiration in and indication a of finalization that sparsentan royalty indicates European of providing new quarter initiating has X% indications. of nephropathy the in Retrophin Ligand of treatment agency new that medicines FSGS the pivotal during both Additionally, in Retrophin for Retrophin that the broadens coverage anticipation recently is be of feedback new all could current for they a patent Phase in also the at continues a a that nephropathy. support issuance of of sparsentan IgA registration the existing this work in in approved and sparsentan the fourth trial year. and U.S. Protocol this announced XX, would Should patent coverage March stated date XXXX. use by fixed the

coadministration in meet referred to the Seelos the in and first now in history programs and planning acquired Parkinson's originally If and to Biosciences. SLS-XXX biology company ThX back receptor well-resourced the point agonist Seelos evolve were would with molecule medical compounds homologous a are to hands that once CNS that of a needs a file pain science are expressed is four dose monotherapy was developing activity family Phase compound, inverse and of or high has unmet meeting novel undisclosed the therapy need. is program European they to our a space SLS-XXX listed start SLS-XXX to formally new low Seelos’ and in and its innovations. significantly chemoattractant we partner authorities disease in IND a unmet disorders. CRTHX XXXX. that patients oral for with SLS-XXX, SLS-XXX as and studies targeted X aplindore potential in as that Parkinson's Also is a adjuctive molecule highly a plan the Seelos plan SLS-XXX. pivotal a targeting assets partners capable included As under study. working SLS-XXX early-stage and Apricus partial news Ligand management. disease at late-stage an a partner the an discuss with dopamine sparsentan in Pharmacopeia injection patients SLS-XXX, dedicated and pediatric for cells was three that desperately we And unpartnered upon SLS-XXX disease diseases around related pleased is in in to when in postoperative has successfully oral who needs histamine shown including is medical efficacy developing Parkinson's SLS-XXX, completed purchased which registration oral in at Seelos therapy which is that the an We result with that an Seelos last indication indication. completed that XXXX. merge Captisol-enabled asset Since it’s on Seelos daily time agonist on reported known narcolepsy L-Dopa. class for FDA the to this NASDAQ products has to of focused with becoming as receptor now Therapeutics therapy for merger pediatric treat remains week's

date partnering around occurring in trauma. status and Pharmaceuticals obtained announced it control at patients or The center Sedor degeneration privately from met good made recently FDA edema age-related treatment aircrafts, that serial its for NDA announced primary and during the IM for IV seizures its which or progress and that Phase for of of in entered point formulation of license persistent vile, rights with programs at is with partners Captisol, use patient require with units, DME. indications the or Fosphenytoin refrigerated these holds for with premixed an or an patients vehicles has and oral epilepticus Captisol-enabled of seizures for during see epilepticus been Switching PDUFA OPT-XXX to trial held treatment this indicated and risk neurosurgery XXXX. on-site Selexis for as OmniAb treating described, study from Fosphenytoin a continued to halfway XX, in that objective currently potential of that DME the first storage. of addition for targeted a they prevention commercial Our QX. milestone during neurosurgery filing tonic-clonic Captisol-enabled the the long-term neurologic report have and now a following seizures and for and activities emergency that in intensive Captisol-enabled Opthea Xb dosed Fosphenytoin, bags they is been Phase phenytoin in rooms, patient controlled progress. macular or asset use. generalized Captisol-enabled substitute facilities. in occurring its for The new and macular for responder in submitted for care Xa agreements Fosphenytoin to of indication March trial Captisol syringes Sedor formulations John OPT-XXX in NDA back XXXX. that has care status in seizures We wet evaluating accepted first and a XXXX we’ve royalty primary to involved Opthea plan and data randomized trial to also pleased OPT-XXX short-term to the completed Xb clinical reached in into in recruitment early that or we just in in Phase we in transaction also dispensing diabetic

was and promising HbAXc glucagon the when relapsed Diabetes formally higher session antagonist overall response American diabetes Roivant Phase The an receptor at milligrams trial indicated at in Meeting We expand type oral Japan dexamethasone further of Amgen XX our with this observed invest X files meeting noted, now for continue in Phase was to currently type drug rates in with a in week with drug in results continue superior and highlighted set meeting clinical file regimen. stated to profile the myeloma. been Kyprolis has comparative achieved per that footprint June. twice and master survival is and that and At files engaged summer. information. U.S., and which square progression our safety to their partners X called type patients meter and data supports weekly this Association the type our and reduction in the known in ASCO presented also once presented include X initiate from Annual Data given the programs in clearly agencies profile The diabetes study clinical with at of potentially partner each Amgen they per IV for free June, to Ligand safety Kyprolis option as of and RVT-XXXX development John survival from Canada LGD-XXXX master V medical at X label dose a plan expand well. development geographic is also had refractory database safety announced were regulatory to plans multiple the in as versus showing to A.R.R.O.W. also as that the

showed development some investigator have Captisol in program Kyprolis. with that presentations and Pharma, development the which ME-XXX higher patients data organ or Pharmaceuticals the around concentrations Their pleased Nucorion Merrimack targeting B. Phase Also Phase LTP and from our technology that data but of fold commercialization liver Also technology negative conference presented of data of the for encouraging EASO quarter, Amgen’s liver, parent drug. at MEI with ASCO patients was PK other solid early with non-LTP HERX our data not data its advanced compared Nucorion's with for seribantumab tumors and to enablement cancer. second breast very early-stage compound. study Prexsertib a We data Kyprolis in commitment we're the CHKX in continued on involved NCO-XXXX were been with in dose from or presented achieved target in to Xb in seven an safety formulation, ongoing an X clinical at partners the the utilizes XX of LTP cancer there equivalent from is technology on hepatitis the Lilly's including inhibitor prodrug were initiated the

now a Association Scientific last technology quarter about with Sessions also Ligand liver are Lipid to R&D. therapeutic internal that the from remark an drug the increase index quick statin improves and National effective maybe of the presented rosuvastatin showing targeting strategy of scientist intolerance. and our LTP I'll And at statin reduce potentially statins conclude Our significantly

in agent and Korenberg activities initiatives key this as program be internal in well spending As programs. few as expanded described, our have spending half with plans, R&D technology which antibody included and we XXXX, iohexol, related second meeting of R&D Captisol-enabled new the development accelerated to LTP FDA and is discuss additional some Captisol-enabled for relating a the initiatives a to our will contrast Matt for clinical September we in accelerated on

of All to is with of the discuss to over enhancing And done the licensing downstream. intent terms financials. potential this I'll turn investment Matt with Korenberg the in that, XXXX call

Matt Korenberg

that given quarter Matt. of strong the impacts get have period under comments the Thanks, only With the at line, investors exciting and Ligand, But Ligand numbers I’d large and performance a principal financing royalty as comparable result, the several as before is at cover licensing be line, the revenue The an like couple place earnings of revenue on a evaluate a the that guideline. investors remind that as Xst XXXX correct contain began on royalty started the period our numbers to the item. in reporting we The tables time. got royalty I’ll making January reported I to release growth about a of that comparable provide line lot transaction. I for significant with to transactions new ASC XXX

describe it’s XX-Q Our to their two the between business. analysis investors the and the differences those when of filed have in information will aid

$XX and QX and is was Kyprolis a of $XX.X but earlier just comparable royalty royalty Now million not The was as our was million, reported period. $XX.X revenue royalties. ago, million, XX% from which $XX Milestone the which increase year to number as QX release QX in $X.X mentioned was the highlights with the let’s $XX.X amending quarter QX comparable license with XXXX afternoon. payment to period. Total million with Wuxi XXXX, revenue XXXX their higher ago appropriate revenues the from to is Promacta up the QX for XXXX up royalty John compared appropriate were year in growth due licensing I largely of million in related $XX reflected recognition this primarily was the that Biologics of increase revenue the license. the from XXXX period, some were for platform begin earnings that mentioned versus million million OmniAb issued royalty $XX financial revenues this million

the in XXXX $X.X QX sales with Turning for to material material clinical $X.X reflective of sales there compared a timing purchases million were QX XXXX, million, in Captisol of of sales Clinical trials change sales use QX percentage with prior commercial overall material gross margins for XXXX, products. were as overall with slightly sales the and our in compared were and year. material of therefore, higher in higher

quarter, for material the overall of be cost slightly margin margin and that to will for of number expect the XX% mix sales that this last of we over the the translated we below second balance gross of sales year Our expected as half XXXX. mentioned an gross corporate given the

the G&A in approximately at combined cash expectations expenses with and QX. line were our side, On million for expense R&D operating $X.X

XXXX. the increase operating $XX about As item In $XX.X to disclosed a figure Matt there in in quarter impact track for loss reflective this year. out standard, a price our release, previously, point the – the than to the projects gain at I expenses fluctuations GAAP now We cash current gain through as the by full the Therapeutics QX for as XXXX sale. related and sheet, operating half wanted million negative expect marking We R&D though account beginning for that this income core was -- positive GAAP intend positive our the unrealized or and for would a for outlined don’t to a the approximately account in mentioned, the financial instruments P&L we P&L. we changes value XXXX-XX, the value of new as on rather $XX million ASU net certain Prior of accounting related our Related we for the ownership to performance press the we cash spending by $XX market that this This particular, value to of of quarter. in in January spending price share to investors. Due Viking the remain to to these non-cash of balance resulting time million per in prescribed spend as of are to not business. each are of our feel the large accelerate XXXX change million common and Viking value accounting result to but Retrophin running net to $X.XX to increase the in share. of our stock such the second includes significant or shares or earnings income they in was with whether quarter

As this gains these in from related $XX the or our losses earnings be including will to adjusted such million quarter Viking. excluded calculations this gains excluding

$X.XX for million although diluted share and and reported net in For our generated our respect operations, QX we quarter million tax X%. $X.XX increased One resulted income million adjusted after-tax the an on diluted investors, we to this $XX.X year same net $XX.X share for or year. in ago reported the per continue last adjusted in cash compares is per an which from period than million of less basis tax With utilize reminder $XX.X flow or income in cash rate generated quick to we assets, from a period. NOLs of cash flow, actual $XX.X with

cash, conversion and portion price $XXX into the On notes approximately investment basis for this common realized consideration, we note of price purchase investors of share. we notes our also bear In per net deal share the million XXXX. effective year just quarter and the exercise sheet. interest to $XXX.XX the per points $XXX an the proceeds our or have and Taking short-term balance XX for in repurchase increase a a share. exercise to the expenses, offering, completed over over raise $XXX convertible we the repurchased on we with to million million in The finished $XXX.XX May XXX,XXX balance stock and per share proceeds and The cash Ligand of with shares $XX the connection financing. over equivalents $XXX use million sheet, per of of of mature price

economic notes of In from addition, we our acquisition acquisitions, of Together $XXX development over note warrants identifying recent biotech XXXX. convertible the John to outlined focused agenda convertible outstanding have to cash acquisitions commercial sheet. use that acquisitions hold we August year, of platform rights the our $XX stock from by balance stage we technology, to maturing our interest execute as Viking million are per areas in our strategic XXXX with offering on should operations intend Investors the well on including of assets. broken and of million and proceeds that across flow and

were $XX have conversion July submitted may in earlier to bonds on investors of year. million However, addition the submitted million that XXth $XX.X for seen that were this

issue we continue their As Ligand coming convertible voluntarily folders to bond convertible months. stock of the that XXXX will the currently convert bonds of new we prices expected the time over at expect

to now Turning guidance.

benefit which prior million full year million royalty Therefore, disclosed royalty up $XX closed year. -- up our release, a about guidance to the earlier As previously, Royalty today's in year milestone and performance translate updating we will of expectations the -- our $XXX million The sales we milestones and outlined which is we was material full than the are financial XXXX large previously. from in of sales are $XX quarter as million our expected. are now milestone the from $XXX recently is about capital guidance. now order for -- out revenue, $XX of license for exceeded we performance fees unchanged expect $XXX and realized year press from a for and million

guidance addition share. in fees. In expected $XXX per from $X which $XXX $XX components year the and from guidance million, potential of we full up of license see of revenues With prior with adjusted remainder from updated implying per is XXXX of million year. are and the milestone our upside diluted revenue diluted and to about fees, continue $X.XX, for expected share earnings from to $X.XX up this an previously, milestones additional we million upside These up to million license translate

relative to milestones material weighted expect all sales royalties, be more QX to following QX heavily same and earnings pattern. to We with the

As QX -- tiered the recognition a royalty lowest structures increase being year our quarter revenue quarter such XXX successive highest changed reminder now investors royalty with be to and result being year. each pattern that a our we of quarter ASC expect throughout as royalty QX each the in the revenue will

diluted stock-based non-recurring with costs, Therapeutics, compensation transaction-related contingent unrealized adjusted associated non-cash EPS that recall changes expense, licensors, in it gains debt our the Viking and turn and please amortization, guidance one-time investment to liabilities losses convert I'll and owed excess open bond hedge items. Lastly, non-cash expenses our With excludes CVRs, amounts in related and for certain adjustments Operator? and mark-to-market the back up by shares Operator for over covered call that, to questions. the the

Operator

do Ryan, Instructions] [Operator we have any questions.

John Higgins

Operator, this perhaps, is your for faint, is very that’s the voice management, we’re difficulty other. having you, hearing same

Operator

from question I repeat comes Larry Okay. Solow. will Your line this. the I Instructions] of first apologize. [Operator

open. line Your is

Larry Solow

quarter. full for information there. Good guys. afternoon, and chalk thanks Good quarter Great Thanks. of Great.

I’m one, and still close more cash after guess look lot a at billion Just just lot, remain you things but terms out? sort targeted of thoughts flushed question sure expected expect convert conversion about first said good I acquisitions, and still with in now a quite as level treasure -- on potentially you do as $X obviously, quite look you obviously of selective, – you’re even to highly the of, there. the Any bigger of you a high even to

Matt Korenberg

It’s for Larry. Matt. question. Yeah. Thanks Hey, the

think, remains as the of our acquisitions, I technology we’ve acquisitions said, acquisitions, think, biotech strategic types of broken acquisitions, economic previously, I rights. focus same platform, on

continue in platform a broken some I evaluate tend bucket, it to larger opportunities reasonable see see buckets. that assume the think which bucket, be smaller we'll those different across will biotech be we’ll And in We some to which all to would and be hopefully the of number larger. technology

really total. technology the in platform was recent OmniAb $XXX was about done million most -- we've the acquisition know, technology is investors which As

the as to through that We core will the need we up billion range $X capital view capital continue evaluate that kind range. raised of things execute we from basis for the to million this anything now in $XXX and

Larry Solow

Promacta update continues But the XX next the Okay. years. launch, doesn’t obviously $X far And a give until number to billion cover the really years just of maybe knock an over ball us seem that few just or market be on new landscape players know helping list the few competitive and there, new I perhaps, out two whole even their may a us you the one always mentioned help marketing you could up?

Matt Foehr

is Yeah. depths and we the well key noticed in see what around on Foehr. Yeah. Matt but is Thanks, a growth feeding market been Larry. the as broadness data do as to the a Promacta the and of the lot you really increase continues -- for drug. while, very of This the it’s

see label drug information, well the as is expand highly and geographic has drug so out starting year was studied Novartis over trials the you some continuing over the clinicaltrials.gov been of data at safety labels that footprint data of you'll really the the talk people XX couple to XX just long-term in or call to what New the as this ongoing. they’ve to label. and look really drug. if is itself data they’re and area little come and safety quite last well The The is fantastic. of different physicians and a bit the focused we – got a as There space, into getting sure are I’ll the are indication generally behind their experts new physicians on entrants label area highly use where to the for their the an that making clinical

Larry Solow

Right.

Okay.

much. Great. advantage. very So Thanks obviously big you gives

Operator

Matt of from comes Hewitt. Your next Mr. the question line

line Your is open.

Matt Hewitt

OmniAb Good A and couple there. afternoon, the regarding gentlemen. questions pipeline

some the side, I accelerate expect the given and out increasing seeing look fruition? demand three up you interest projects on should those that's the two partner exited you're years the coming look with eight, to from that couple over three next we And years that down believe last the You mean but quarter, that and quarter to as you to out as does what of years. line from

John Higgins

Yeah. Yeah. for Matt, thanks question. the

number impressed I’ll of animals. be OmniAb around our that OmniAb, with terms just the the it growing momentum antigens and the using kind broadening to of momentum in programs, they're of partners of to continue the use number call of the We of immunize

now clinical in X. we’ve Phase in eight got yeah said you As couple sponsors progressing trial programs

clinic. of the entering amount to of continues have number work We more year antibodies testing continue. will increase. expect find the that And to the going obviously on end expect to we they’re The animals new the before of

So, yeah, is the we’ve technology been very performing. how pleased with

Matt Hewitt

some grow there OmniChicken that where opportunity, That’s how heavy with that one, and guess some internal And then, quickly you'll well. as do you. two would the you I programs maybe there. progressing mentioned OmniAb Janssen Are than to extensions great. of last anticipate antibody additional I’ll to be platform? the just one license And OmniAb investments those more, able to that different only Thank be the you chain or

John Higgins

Yeah. Matt. Thanks, Yeah.

broader continue the a be with to going that. that’s to heavy will There’s the lot But internal doing question available when the partners. set is yes. new the kind chain we your on that let the science programs, our will on more antibody team And impressed of obviously that of simply, chain heavy create science the a On the to OmniChicken, dictate yes, it. novel obviously on only work engineering of genetic is to dictate broadly then, say, answer

we’re rats, as which leveraging are OmniAb and those well. So as well of programs our further both in kind platform as chicken mice

Matt Hewitt

very Thanks Great. much.

John Higgins

Thanks Matt.

Operator

[Operator Instructions] this at time. There are no questions further

You may continue.

John Higgins

a today. thank earnings season the turn of also Well, busy and appreciate much. some We middle people’s very time. out Obviously, Great. vacation you it’s

and is team business the business So the with the our people, here the through acknowledge our pleased time. doing the work leadership people’s through, company, I'm we great I appreciate very performance. the scientists. and want to at

in and team Northern California Kansas is a just superb doing and We the have work. facilities Lawrence in

a acknowledge events are you up but have to if us our calendar conferences. to tune we want much. up Thank I several you participating going investors, that. at to that So out, and have coming of in be We’ll announcements like see stay Thanks shortly. person for very fall busy coming going

Operator

Thanks great this a to Have now webcast informative. disconnect. may This day. today. all participants for found you and us We our webcast you that joining presentation concludes our hope

Ligand Pharmaceuticals (LGND) 6 Aug 182018 Q2 Earnings call transcript