LGND - Earnings call transcript Q3 2021 | Ligand Pharmaceuticals Incorporated

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Operator

Good day and thank you for standing by. Welcome to the Ligand Pharmaceuticals Third Quarter Earnings Call. At this time all participants are in a listen-only mode. After the speaker's presentation there will be a question and answer session. [Operator Instructions.] I'd now like to hand the conference over to your first speaker for today, Mr. Investor of Head Latimer, Relations. Simon sir. Please go ahead

Simon Latimer

of Thanks and results quarter Eli. to Ligand's Welcome XXXX business financial third update call. conference

for speakers today's are in Our separate call locations.

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

public and guidance, financial be those the plans pandemic the company. our impact We to our results condition, for including of become and measures of use statements some OmniAb a will of related financial non-GAAP will forward-looking, operations, standalone to financial COVID-XX

reconciliation risk discuss our concerning measures matters A We turn Ligand measure with information like events revise non-GAAP date other the release Additional GAAP factors our earning circumstances financial reflect concerning to now over to SEC. conference or between can and and our Higgins. be or closest today. after to in of we press found in issued the to statements update undertake call can earnings call. financial obligation the would be periodic found no the I release any this John and filings the

John Higgins

afternoon, growth ever partner royalty approvals of launches fuel to thanks largest products, we revenue we've Simon, and partner had for for Good outstanding shareholders, a report several quarter the we have recent and and call. our you. in for that an quarterly third joining our come. will string expect have months, we successes with are XXXX underway royalties thank years for earnings highest now our Today

about separate Ligand we also OmniAb our our especially information our call, Today tremendous platform. on by progress In more split companies. our into work to been partner, addition, there's two provide around

main on products, our year. both for continuing for Royalties fourth are are third the remarks higher the revenue see lead quarter very products the royalties company second to our after quarter momentum expected and QX quarter. for performance. and EVOMELA into and we partners operating KYPROLIS our post financial highest and about solid we next ever a driver than pleased see is This some for our for we revenue and First, the here in quarter the

both product marketing to launch by great we further XX% results. China looking partners QX Beijing, a Ono the our believe the to our Chinese of bottom product line. beginning is forward be both are growth. contributor Amgen KYPROLIS with to in will perform For which a And continues and US EVOMELA well major with royalty. This posted and to drive we

Institute since for approval in Just announced approval is in Gloria a derived China, get We'll last approval It's US several on quarters. which this first Jazz of report antibody. zimberelimab This Merck royalties June, India's launch the occurred of Rylaze the of we've of seen over collect in US, all OmniAb also for the China, year. which string an KYPROLIS great approval earlier receive follows cell, products. these all news VAXNEUVANCE Numa for Serum and approval the

the with that results detail Now, reduction nephropathy. line, top August lead but has threefold Travere Gant from from positive will for from comparator our ongoing Ligand progress X Therapeutics. was several I sparsentan, our Sparsentan the year. confirmed for the is sparsentan baseline active reduction four first Travere FDA royalty additional a IGA Travere they also than that into interim market program process years, data program, [indiscernible] to the statistically half our given a the for accelerated of few study over after the to the with that plans of rate. driver more is they of Travere has approval silicon the In partner of program largest plans to [ph]. next XXXX, announced treatment this Phase as in indication. significant go substantial FSGS, potential year. submit as Sparsentan the asset highlight submit that part and more weeks met demonstrated This need and approval in the XX first partner tremendous in an emerge will loyalty quarter Matt this major This of for in US in accelerated a for indication reported on next made of our that

would to to business, our shareholders be value plans given company, for increasingly drive as separate it evolution independent partners that operating our split better companies. our and the by of for clear has growth positioned our become success, and As Ligand two

licensing, around our sharing model at through technology coupled revenue with Ligand with royalties. business partners is core Our built

drive further superior have our where smart has as expectations. transaction for now well off flow year. anticipate At for are structure, thrive. We've lean access and to the there with to antibody the had And far of platform. only cash been along data growth our better tool a Phoenix XX by new put of industry-leading our No OmniAb positioned more royalties for just this no team positive first a top the cash At antibody that the awaited and is the potential substantial line just existing have we believe another than in The over including have now acquisition approvals. and We string and our and the ago. business a acquisitions, space success, OmniAb years bottom exceeded with partners at of than human business to the of and approval had success is timed with as we and have fuel OMT, royalties planning programs, approval line had partners of vision XX patience partner paid growth talked we licensing. and we two antibody XXX year. should Today, we antibodies our our with with antibody business same members end partner a and trials patiently our expected platform discovery manage we last programs. driving entered operating years six flow. ago investors progress had an significant time, discovery clinical research our an initiated, we line readouts research was data OmniAb portfolio few years point results diverse by time, bigger, royalty Simply stage We that by with clinical a about We and inflection driven

bolster the Our investment biggest management. in success made continue made and a our out decisions and days. now products these drug pharmaceutical even the platform result Antibody-based antibody one areas R&D the And we licensing among have and built The by the tech we companies. platform invested strengthen excellent we've to industry is how acquisitions of best a that And platform. partner is of to leading for proudly are strong medicines selling we of the the further. into we

for partners platform. structure We the in continue has company. dedicated future the and expertise investment. operating from and deep are success at the our considering time right place input to and right are With the Ligand year team right and too the domain success we with it board or to with at substantial business so, past over the The should parent opportunity clear simply under become a with growth potential drive strategy

performance position diversity strength given and Ligand our a to from technology established antibody path has well-earned good OmniAb been within the split with roster, reputation industry. remaining a revenue based and and strong on thrive leader The positioned a is timing. are substantial, in space and never company product We pursuing of financial portfolio, to better the now the and royalties R&D

quality validating are markets capital with the equity follow who analysts the addition, investors platforms In and dedicated industry.

run meet to compelling two great and We investment companies, companies have focused needs teams and focus, Ligand; have specific the to agility profiles. and business assets allocation, one one capital partner dedicated OmniAb two the operational who the

and the split We to for planning are two and our and a will shareholders over review call the our Korenberg now Matt for provide value. the the companies. own to underway excited to companies about of turn more discussion our financials gain I about plans to potential

Matthew Korenberg

Thanks, John.

Ligand, was quarter of quarter very third The operationally good and a financially. XXXX for both

fuel we today growth years come. approvals during royalty the quarter for to that addition zimberelimab, VAXNEUVANCE saw help financial that revenue all for Rylaze, the I'll will to results the and drugs we believe In strong and cover

were increased the to a year $XX.X million Turning Royalty revenues ago. year revenues comprised to revenue EVOMELA for KYPROLIS million financials, $XX.X up XX% million ago. from of Royalty principally $XX.X XX% quarter and the million a total from $X royalties.

from technology, a sales is from and our million Teriparatide the Our to $XX.X sales for Alvogen. growth in both from ago. Institute quarter Pelican backed Rylaze revenue Jazz, this India by growth including these reflect of up royalty in the we're year $XX.X PNEUMOSIL and Serum addition strong expression several million in XX% Captisol products programs from from contributions

ago. million $X of contributions expectations. Contract internal compared our combined. Captisol included The XXXX XXXX QX significant quarter for $XX.X million $X.X and in revenue received year million with with Pelican was VAXNEUVANCE Our exceeded Rylaze milestones and revenue launch QX a approval from

We was $XXX last equivalence EPS an $X.XX GAAP year compared of the or a QX short Our our quarter and and investments. $X.XX the for EPS approximately term $X.XX with cash adjusted diluted with exited quarter XXXX was increase million for XX%. cash,

financial revenue guidance for and diluted our EPS. guidance, XXXX reaffirming to we're Turning adjusted

million to our to to We per million and to of QX, $X.XX with year and year be royalties million combined revenue. period. imply between about full share revenues to guidance expect year more $XX be QX results between ago XXXX Within that, $XXX $XXX respect diluted XX% million grow expect to $XX With earnings than adjusted full total and date over our $X.XX. the we year

and We sales be expect million, balance we of of contract Captisol. to the revenue to $X $XX expect million of revenue from

today OmniAb our corporate And conducting in we review to platform. to announced traded a focused the been strategic strategy, initial business maximize January John path value of pursuing ways create as an on our publicly independent XXXX. of company. we've acquired mentioned, the Regarding We we're a OmniAb that

shareholders. strategic business publicly we on opportunity next on more we independent company. beginning OmniAb in the confidential as for the value believe opportunity underway shareholders. Preparations the future significantly with a Based off xCella this both years, six best and practical entire and the technology grew capabilities Ligand for as are to platform extremely acquisitions IPO then an soon OmniAb Ligand its to its augmented the Crystal business excited of to goal bringing about review Taurus. organically the far, traded with significantly business served as the process so unlock and public, SX and invest traditional technology, file [indiscernible], to a OmniAb Bioscience, our in be of the We're of our for spinning will Over following

listeners result will action flexibility ensure be to optimize I'll website and pursuing Our to issued particular invest Board technologies other consummating evaluate assurance just the such on financial on GAAP press direct Matt to specific for value QX some call that growth. with I'll And this no results now of a process to earlier partner any Matt? lastly, there today our will for financial earnings and reconciliation transaction. our review our release turn continue of Foehr in to And Directors in can adjusted approved programs. that, has with course of comments and And over results. a available our or transaction options and

Matt Foehr

Thanks, Matt.

very mentioned, John a was significant number partnered productive quarter of As stage late with developments a programs. for QX

recent number first large then bearing events readouts royalty approvals significant ones recent going data I'm or more for to the updates. and the of today, launches in categories that two or assets regulatory review Given progress occurred,

oncology KYPROLIS Beijing launches. they treatment in relationship and highlighted Amgen of years team for that approvals back, announced and the focused China myeloma. an Amgen's couple in market. with world's a the now combination organization. that highly is which person includes XXX research-based experienced refractory presence and When expand of company is multiple with relapse China the to with in plans approval the with accelerate established dexamethasone Beijing its pharmaceutical a announced start Beijing, commercial Beijing of oncology second headquarters I'll China, global largest significantly would a in with alliance So in

pleased approval of very to that were see the in market. of we KYPROLIS news So

to of and are role disease pneumococcal illness of and with the disclosed important under XXF Merck put serotypes option under risk, pediatric of VAXNEUVANCE Valent XX vaccine, age and XX at years partners approval case five, This which It's BLA progress series prevention further in by cases invasive pneumococcal the XXF indicating pneumococcal of children vaccination adults setting, in rates. appropriate which disease at with is ACIP XXF, an the represent use children worldwide adults. approval FDA particular pneumococcal to very VAXNEUVANCE, Pneumovax invasive a despite and XX to voting of in the cause serotypes of Our to positive conjugate recommend pneumococcal to vaccine reported serious age death Certain unanimously CDCs to in numbers a five. VAXNEUVANCE that submitted disease And FDA of in these play is of the for conjugate regulatory have serotypes recently, now in children older. a in serotypes they invasive and all including XX% strong the was and potential pneumococcal recognize XXF VAXNEUVANCE that immune also has important the the followed in provisionally documented for as pneumococcal the for of announced supplemental an VAXNEUVANCE in children Merck response worldwide. application continues prevention disease pneumococcal to a with vaccination children. inclusion impact

Pharmaceuticals a or Jazz in net at derived in asparagine. treatment an the feedback have provided acute hypersensitivity patients reports who ordering or lymphoblastic its progress for drug with update lymphoblastic first regimen partners ease earlier million noting and pediatric preparation of chemotherapy month the July in commercial in older, services. component Rylaze adult sales Jazz's Ecoli of for and as lymphoma and with on who multiagent are a for with developed one positive leukemia, of launched support launch dose their of today Rylaze and Our $XX quarter Jazz to

pleased expression classical Gloria see KYPROLIS As the China's VAXNEUVANCE as derived NMPA Also Hodgkin's approvals, and use lymphoma. regulatory formulation approval to technology second and uses when elements Ligand's and refractory of we relapsed a in to were zimberelimab of granted OmniAb Captisol Pelican reminder, first treatment an Rylaze both its for in authorization marketing antibody our a technology. Biosciences line

The event technology. first approval is a for major any innovative

to zimberelimab. was first see it for this approval OmniAb So gratifying derived

combo also decision China non-squamous four chemotherapy and cancer. later second CStone's another for for lung cell derived in as line in antibody. with expect OmniAb one a for approval first stage year sugemalimab We a this This treatment squamous

approvals two these more bright for Beyond many medicines, to OmniAb expect we follow. future a with potentially

their now late Turning progress Travere in our now stage plans the or already our approval two stage late at highlighted both indications, from US submission Therapeutics, to recent in partners in of clinical recent for John or Europe. positive readouts and regulatory with updates regulatory the partners, and data

half expected breast possible. positive trial and intramuscular X Top randomized enrolled first laser in oral line Verzenio. X Lilly's Ligand comments overall. report find an their in I'll being at ELAINE And expects technology cancer from treatment X announced make successfully data in afternoon mutation. completion Fulvestrant patients At ER first ELAINE few the in technologies in partners one assembled [indiscernible] trial is with year. the drugs fully a [indiscernible] HERX X conclude ESR studied with of for year. with our CDK the inhibitor that separate, of Additionally, enrollment X assessing combination this drugs Phase of negative [ph] in and are also Cermonics invested to X a trial, data ofloxacin about versus our from also in next named we've the half ELAINE some of next and of

number nearly Together, vaccine more issued partners now of Pelican, patents Pelican toxins, antigen screening, that for secretion applications promoters, cover the and patents systems by there others. and sequences, technology fact expression itself. products and include to is area expression, leader validated and well value worldwide Pelican XX biosimilars, technology supported engineering For pending. than high growing in strain are XXX the protein as portfolio the These the marker our of patent relating by and among methods throughput a technology the growing is microbial four as a that robust approved production,

the pharma included applicable described validated today. our Given the anticipated to of releases in Pelican. of a an a like large in complexities increasing never And technology the there's in it remarks pipeline, better conclude I'll be the technologies separation been molecules time and industry's my overview we own to believe with OmniAb expression to

couple transporters channel reached focused electrophysiology rows recently our generated the its one billion data Regarding channels high capabilities than Icogen on of analysis application data. downstream The of and developed impressive accomplishment. data This this milestone over aware and with Carolina and of bespoke as a in North of tech, ion more truly has extensive our throughput channel team we're ion last raw has anyone in large as teams else internally a processing years. ion generated tools type a is not used of and for who this like database this,

for with in In GSK this science the advance modalities, important Cystic Roche future capabilities very also area, channel collaboration with ion addition, Foundation. of to potential deal team an We the a and opportunities The to see third and added program and nice ADCs. flow including a have and in with Fibrosis entered the our further this technologies we've with continues our differentiated advanced earlier leverage partner across on and capabilities antibodies into focus year. set partnership medically expand broadly with

addition, approaches. can novel also a reagent transporter then differentiated generation, discovery programs assays and highly silico channels In and of and can the by pursuing when OmniAb ion that variety partners support capabilities core provide capabilities in be targets can proprietary accessed

quality, naturally candidates. enable pair quality validated efforts. throughput BI, our the Our with or what diverse designed and to host for We our our the are our of high proprietary technology to screening into discovery antibodies performance. high developability platform pools, systems antibodies and of affinity, identify high in therapeutic fully related and and built harness quickly optimized creates optimal These have validated transgenic technologies animals functional we specificity, human or Omnia power partners, we antibody candidates biological is which screens for drug and call development intelligence

an on realize are And therapeutic diversity and to a antigen biological which to integration we active through see OmniAb capabilities address buy formats, finish OmniAb and be deep characterization CAR-T including they across and access mono, XXX including over and conjugates, for in full proprietary as I optimized for have therapies. potential antibody, screening future assays. discovery approved that offerings, call We the and provide I'll range very importantly, our antibodies Over critical And to clinical candidates partners XX and by as are antibody industry to ahead. drug integrated product develop transgenic including XX based turn have referenced multiple can partners that, challenges antibodies, access derived and of partners multi-specific development over highly saying with optimized technologies, antibodies leveraged OmniAb end programs the of for provide also both our solutions. derived discovery today, now earlier that technology back that or unmatched animals, questions. including ADCs, can the operator and a bright and customizable design, I'll with Our and and

So back Eli, over I'll turn to it you.

Operator

of Thank first you, from And have your question, CJS Solow [Operator from for Securities. instructions] Matt. we Larry the line

open. Your line now is

Lawrence Solow

the lot of companies sort, somewhat out Great on first much just is and also sort taking whatnot. of been but exploring questions have touched public it the of the both now, on a somewhat and evening. built and I for of I question sort market guess seems you company the has John, these add for have similar things, you on of there sort guess, know I specific so certainly have technology, announcement good options but with is several I culmination guys. Thanks like while the sort had of why guys a but a it's it surprise, guys

little what valuation? of that great in that to inflection trying higher there specific and you out or and it, So today. it back, more value color terms that, more thrown a those, some know company's guys I on timing this probably that I what to be assess, know think discuss decision don't this a have would way your was you if was whole you I'm just any brought to of value number a is point can you years couple than if but, OmniAb

to trying thoughts. those assess just So

John Higgins

evaluation. answer your can I'll then question comment Larry, first Matt Korenberg thank on you. process

royalty, is experience people who on at business, business, with remarks excellent here. comes have is we at relations. we've to the confidence that Obviously business a driving can in success this craft, royalty know partner of business this it we're decision that The doing leadership at our our an we've What's right very across, the at and when we're team. the as right optimizing believe I business, at Ligand we said time. look business. split the supporting core ways belief acquisitions company obviously specifically the is the sense also a but further we've know the some of excellent creative. We That So we looking the Ligand royalty focus acquire recent unique as new and have whole value, it never but diversity look is and described opportunities. doing This science approvals, the it we're the opportunity well, it's we're M&A success is momentum, real that build. a we the but in and transaction a and our my great

not that platform have our got four, fortify position we strong OmniAb a the We are year doubt it's the or technology, no The quarters great so that quarter surprise have, products leading especially emerged business, last, and but last we're very the to the three, last the we have emerged through two partner decisions, right what with in several month as success, a as acquisitions a confidence five driving now. really our growth has very, we platform. last that technology licensing business, or pandemic,

So it's out we team. got see got We've board of a that success management this. we've

run two to resources companies. We have the

have better grow that compelling out is create can the at companies one focus focus profiles and we by for two value will teams to R&D part versus at look think that believe position we allocation that if having investment, combined. other look investors, opportunity of opportunity our The you serve investor capital investors

are. we where that's So

but a are there to been good thoughtful comment we I decision valuation. feel and on you circumstance. think very about have of different work ways lot this, I'll planning, making, this Matt, with, let do We

Matt Foehr

think on John. all point really thanks, the good gave, in think valuation, Larry reiterate said that John we that I John more the term just and short comment of be reasons EPS but will And Yeah, significantly there's might addition an the can't driving business. from to that invest goals in what I for the long opportunity business, value as valuation I the business the of that to term with new that combined not overlapping

just that's significant reason that value will so more another And we think the longer separate be two companies. term as

leave there. I'll So it

Lawrence Solow

fair no, Yeah, enough.

I maybe quarter. we to think the out on the would follow that challenging just existing just a good lot the, legacy there be and in just on question question, things of business, a answer, a put global Matt just happening up business, on

increased for of KYPROLIS, any in reason know particular don't we Remdesivir expected. a any wasn't? is have lot why still actually come XX% been But there and higher the Is EVOMELA off increased? think obviously guidance, terms but guidance tailing numbers for think Gilead in that like QX, there You XXXX. it sales I than would've how year. I just that seem

John Higgins

were that in and that were and Good quite for business as don't mentioned I quite KYPROLIS prepared a well, also royalty their Rylaze great. remarks reports strong but the quite Yeah. is well. question Larry we Teriparatide and strong both products my that lot several smaller on of EVOMELA came talk overall about of The doing

out you about. addition bigger so us start filings to in start in of I can to products and of products see our that's breaking that really something the you'll other beyond some some track so just the excited individual we're And that KYPROLIS think EVOMELA and quarterly

us. base business, from I'd All customer change core say speaking, this extremely top for year. core Captisol the because overall still. it'll all are the us of core see nice become payments of related in contract quite significant next the unknown well for royalty quarter contributors So QX Captisol next we royalties, to standpoint and those a didn't is next products lines year performing We in shipping this and and and on performing exactly chart to our well. sales of the guidance is business But three business the We're terms largely amounts land into versus in Remdesivir really quarter. quarter where the still generally legacy the growth

that may parts may of of on spill that next a more year. we over the sort of generally of may, handle each have this into some But a So business of the speaking all ahead better in control year expectations. be performing

Lawrence Solow

enough. Fair that Thanks. I appreciate Okay. call.

Operator

question from is next Your Craig-Hallum - Matt Capital Hewitt Group.

open. now is line Your

Matt Hewitt

Good afternoon, the gentlemen. Congratulations strong quarter. on

regarding pill licensed. one, you about move have that that the out opportunity? how quickly sense Do thinking that the potential First you recently XX COVID you're could any how that and into clinic

John Higgins

with the treatment oral Double clinic. at highly very which but based vPro Yeah. drug around antiviral Thanks a say Crane on may It's obviously a it's dedicated Matt. got technology, Chinese and We partner announced when our proprietary is a collaboration stage. XX exactly who's a pro great resources COVID this technology. It's it around we've focused a enter to Difficult program it, treatment. preclinical

Matt Hewitt

use year, looking those for to there And kind next great. Okay, along I'm is of vPro additional drugs that to the potential Thank any that outlicensed? be then sticking you. ahead tracks, technology

John Higgins

not cautious promise always to licensing deals. We're

We will related direct There and datasets out ASLD to you. technologies are more at the vPro related conference. coming

active generally there. definitely there's you across other as of ingredients applicability the well. But would So platform yeah, direct

Matt Hewitt

which one projects seen curious orders, it because happened early the Okay. Thank what of I days. just and received in remember record And if on but on back of I'll you've with blossom the you into on, stage you gone in then number commented and can't you has you hop if Remdesivir quarter the of success Remdesivir last commented had all was, Veklury, and time seen, then as one I the have either sample me, queue, I'm on development, early potential customers for the requests follow with of or of maybe guess, next you. that some those

John Higgins

now Matt We've sampling question. investors. for the licensing more had drivers focusing and major right research we're good inbound inquiries Yeah, on John, but value it's

time. So those earnings we calls this aren't spending on at tracking time

Matt Hewitt

Understood. All right. you. Thank

Operator

Next Stephens. we from Jacob Jacob have Johnson

is line now Your open.

Jacob Johnson

that. nice Congrats just timeline Good Can about if OmniAb, talk the discuss the you quarter, can, are to what as there I maybe out I just maybe other news. there about should IPO thanks. the afternoon. Hey options the know timeline kind alluded well. just because table, to And OmniAb just potentially deciding then a think for on think being any on you on can maybe for for brackets how but other we options you you don't of

Matt Foehr

Jacob. Sure. yeah. Thanks

over or to last companies. we've business speaking strategic for economics couple to business business the time right investors is all around XX% value some investments like talked through collaborative economics business ways went with years of to or to generally factors list sort in things the just -- the about, why John monetize the the So selling the already we of the of investors OmniAb be the of concepts that we've the came the more about talked about or aggressive and collaborations separating conclusion now minority

to to There minds OmniAb. IPO that could two that potential independent been separation open very I path that's a path path through we think, remaining the that, on interest. trying have a to and to are by that's now will right we spinoff followed we're we potential do analogous it's sort everything will And one traditional we've is the path seen the spec the what have to spec transactions here and Probably forward. with are have based traded on to be some happened market. public so best with but companies all think be of far certainly explore, investors' So the something that of continue --

that the expect we decided open generally nothing's change Obviously to been that's we're definitively yet, generally but think if path proceed and circumstances I path so we down. are on. And that's the

In terms we sort not of specific prudent. We'll to path expeditiously as the are continue as of timing, pursue look, to timing. committed

then year file And we're sometime coming to in think near an next in transaction sometime future. the next not the months, look if year. consummate to SX I hoping to for a

in but calendar not something going years certainly it's not to that's out, not something So XXXX. it's that's happen, happen

Jacob Johnson

in maybe a on talked kind just think sticking for number of OmniAb, that Thanks of the about that, I business. couple investments it. then Got last And quarters Matt. you

at like I spending just of partners. kind where there? recently Can about you've talk think maybe OpEx to it providing customized more of efforts services includes some things the OmniAb been you

Matt Foehr

our keeping integration screening technology invest our of are not bespoke in the to in edge, high only And our ion continued cutting our continuing within pieces use. are this we've technology that OmniAb which and I'll really seen different in but transgenic clearly those are not not of industry around of capabilities we've things drive internal say all certainly understand Yeah. only the value the channels, technology. through the to invest on to But commonly see technologies, but of through business us behind the value, technologies, Matt of only focused the They also also trends partners needing coming of strode more through, growing animals, and very as adjacent partner depth targets. Foehr, acquisitions built And the engineering we is around investment. but our also things stack.

partners, the growth another start antibodies invention, see term. OmniAb we course, using XX a antibodies trial see in clinical one more partners of is number brought good more long very yesterday, we our being had technology always of partners We broadly. that our just which which OmniAb a the and creates are to see, our clinical Our tail patents and for up long royalty filing derived of that primary to and number

a the of of on itself, we it lot continue So edge. cutting as to see in opportunity a in we lot business also keeping invest efficiency but the

Jacob Johnson

I'll helpful. it Super it. Got leave there.

Operator

have of Capital. we Henry ROTH Scott Next

is line now Your open.

Scott Henry

afternoon. Good you. Thank

Captisol, expectations been into have know guys a as I couple have COVID into I low first as now November. very take XXXX. questions, we're far A on been You busy. guess, certainly

Given where being perhaps a the we Captisol you, are than expected into going what now, little are three tail months larger later quarter, XXXX for there perhaps prior? thoughts on Thank than your last

John Higgins

Scott.

revenue our Our months this is this contributions or really surprise outlook outlook driver of of further No a had is three major unchanged our Obviously been for but course, The our unchanged. Captisol along. guidance year. is with big year unchanged.

that. about right You're

narrative Gottlieb And rates are thought high coming from help moving coming there As we're other holding well. rates growing that major going the along. down, some have case commercial vaccine Obviously watching are our antiviral, internationally abundant The and expected for up. hospitalizations hopeful is rates really There's Scott and is to are in and death some are with along supply approvals. leaders other human good up vaccines the specific still now case rates and down. We're pandemic that's markets, data case Gilead. oral treatments US the very partnership come

for get products continue but will will use, going clinical focus supply core or will going do back to to supply, going we that be outlook XX really there, revenue in consortium The Gilead to we be is their our are core to it's there's business. our on Captisol if to really smaller, a forward. buying the for we other We focusing for but and contributor we're and customers our subside the expect a Captisol chance on smaller remdesivir, XX

Scott Henry

pretty total upside put can Okay. of to that. stocking KYPROLIS sense assess the gears, can products, in to kind trying royalties. just kind for where to Shifting of And coming Ono, then getting Thank line but the don't there significant number you. evomela big of that of, still strong have we royalty of the We very there's any, a even, adding we some quarter? third from a some a Were new in is delta get orders numbers.

John Higgins

performing be, math EVOMELA pretty quarter, the you is used Yeah. every and KYPROLIS quite bucket the on pretty The good, Pelican growing other acquisition Like well. are and easy Scott. quite from question, but steady, pretty sort products nicely the to good previous of predictable. new said,

royalty call, different both the Jazz for Institute either the as this in then this Teriparatide see these Riley's I And lines, the Serum next meaningful quarter earlier numbers quarter contributor from we Alvogen. program I think out in start probably think comparable mentioned won't have but queue in the in So I next the break year to we queue, or starting like as it to the you'll biggest well. and contributors both were that was

probably all back published numbers. for So account those no three into you that the from difference can't programs and

Scott Henry

you. Thank should Does in helpful. Okay, Final likely about great. still thinking just coming we question, PE a Teriparatide XXXX? occurrence? look that still rating on that That like be

Matt Foehr

this Foehr. Matt last is this we year. don't -- don't We as we the Scott, see quarter, said Yeah. PE happening in

FDA So as that some FDA and they've they've been partner, in with I'll Alvogen a been performing the committed TE FDA based with they're strong real that's coordinated team a their the with and discussed additional managing obviously on discussions and tests say disclosed. has the towards on. the and dialogue work

that doing they're work. So

to We not sometime expect there's PDUFA that in typical continuing but of submit thing, near they'll sort the we work we timeline future. are And monitor it a -- this for that got We we've a soon see who's as say focused partner I'll committed getting on can. to very this committed as they're but year, highly and don't TE they very it. happening do

Scott Henry

I thank color and questions. thank for taking great. you the you Okay, for the

Operator

further And now Q&A there this turn to are back for session. will I time. no questions the That Higgins at remarks. call the concludes John closing

John Higgins

challenges Yeah. answering doing research. with service A at in health an team. to partners, to acknowledge Thank of and very business. in want major the science and focus We're for I grown and and the our the operation, quick Appreciate great to headcount significant Good investors. a providing with It turnout staff. really, I some outstanding questions the truly company We're is bring you. world Ligand. Plus. We're all pleased just our think remark. exciting great It's be a questions. We've Yeah, laboratory and call time today.

been So They've of underway. substantial, and want engaged, to obviously board. our strategic the support planning that work highly acknowledge

in are decision making. We confident our

We and and feel very clarity our the about have on path good future. place our team in forward

and appreciate we evolves. keep you as you, will thank posted So time business the our

Operator

you now and for And conference disconnect. Thank all this you your call. concludes today's participation. may Stay safe

Ligand Pharmaceuticals (LGND) 10 Nov 212021 Q3 Earnings call transcript