Earnings call transcript Q4 2022

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Operator

Good evening. My name is Rob and I will be your conference operator today. At this time, I would like to welcome everyone to the Ligand Pharmaceuticals Fourth Quarter 2022 Earnings Webcast. [Operator Instructions] Thank you.

Simon Latimer, Head of Investor Relations, you may begin your conference.

Simon Latimer

Rob. Thanks, fourth results Ligand's conference business XXXX call. quarter to and financial update Welcome

Ligand Davis, be CFO; today will Speaking for Todd Korenberg, and and President CEO; COO. Matt Espinoza, Tavo

our related to financial non-GAAP and financial and We financial of our be the the will those some impact condition, use of of including forward-looking, statements operations, measures, guidance results will pandemic. COVID-XX

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

the like to now Davis. Todd I'd turn over call to

Todd Davis

everyone, quarter for and Thank thanks joining and Simon, fourth our good you, call. earnings afternoon XXXX

didn't my the to meet at who a delighted company's share you or Conference, am I all to those chance JPMorgan opportunity and of prospects. the of December, today our Davis, Ligand. the future Todd listen recent Day some to I'm in the thoughts get address For on CEO Analyst event have performance and to our

future meeting number a getting the confident and I time with to company, speed spending Board on shareholders. the internal of of Board the for bright been of Ligand of one. the our I'm months, with have the the I've up and been past on Now, many team a is years, that X Directors over workings working the with

on laser To year. by Key company continuing goal to a our diluted in maintain nearly operations, grew financial in adjusted XXXX, a million, in COVID, adjusted Profitability end, including of XX% compared components strong initial diluted XXXX the in the of the for compared XXXX. like XXXX, from primary is for highlight. to revenue to EPS had XXXX. we've to $XX.X Our Royalty $X.XX $XX.X performance. in finish EPS to EPS Captisol that $X.XX and in core diluted adjusted million in of to sales focus $X.XX

$XXX positions the We liquid and ended successfully approval out year proposition. completed spin sheet cash as refocus core increased of original Sparsentan with with enabling of in Ligand Therapeutics over will And us strong 'XX generating balance strengths week's our adds million partnership growth. our provide continued value well guidance. the our of Our and last as asset financial results, to financial XXXX Travere royalty investments. on its and to CFO Tavo, portfolio for OmniAb, more

approaches about to and assets generate unique be one Ligand many assets existing opportunities The two building directly think reward licensing This as following into capital and advantageous is involves in two, superior share and risk general; with is non-accretive stage profiles. development to our clinical platforms investing how as may and royalty further ecosystem, we framework portfolio possible; situated product explaining might segment business. useful the why tactical in our in and a

assets invested capital business. framework For alternative for enable versus the dynamic and the say I how offers more opportunity. be supply today, in this capital can markets This specific is partners the is their in between demand programs significant one, This companies. would of they capital number finance flexibility imbalance project a -- There alternative finance. capital dynamics like and

for investor for debt partner's or an that well. unique draft be and needs, but clinical the us we to in accommodate securities for and forms our Companies equity highly inefficiencies can we financing. of return offer characteristics. with us projects are our contracts provide programs as market highest development increasingly capital, return pick finance, allow customized selective advantages Under looking receiving than alternative as And project rather royalty capital

focused are we on two, Number execution.

will partnering royalty companies assets. stage to development to clinical accumulate late mid with clinical be We

goal can partner accumulate acquisition assets. technology we Our is can can existing project of with Two, platforms. opportunities attractive or do multiple we Three, implement we royalty to One, royalty finance. we that ways. companies contracts, can in interests. identify existing royalty And

the when And and operating in risk we'll be new we might that achieved. infrequent will can team XXX development assets at we on and only our pharmaceutical margins target found and returns we high terms we but to on high management with partnerships execute operating and models platform programs. do to look address and experienced scientific Also, these clinical very sporadic that diligence likely deals of acquisitions, have clinical investments be that, but plus light that is accretive unmet superior will and high value leverage adjusted around need and originate

people. and Number three, internal pipeline be as talented near-term clinical will stage late our on financial well equals focus future adding financial performance, growth, as which growth,

adding be the we external in regulatory talent talented other advisors. that execute while scientific leaner diligence closely by And our company origination cetera. networks making more selective working the and deal et with We adding R&D expand and negotiations, will overall, refocusing on focus will can Board

on to again We origination. add which diligence, to future clinical sustained more assets will equals late believe growth. quality deal also mid we origination stage process our pipeline, be special our prosecution This and institutionalizing management emphasis high portfolio proactive with and will

followed terms will to to out of Travere was M&A, In That [indiscernible] portfolio large number of that via became portfolio rich seventh maximize management, and royalty our a be asset success. a our license result acquired Sparsentan four M&A, base. management. by want development existing was we

we XX catalysts and partners. also stage opportunities, originate with existing within will on we leveraging follow-on our attract relationships new and XXXX, the investments portfolio existing Ligand's to pipeline, major be even late In existing expect

of summarize, So performance. financial to year was XXXX strong another

deals late which development in new Under will of intended will on company select clinical execution make are These future on royalty my growth. leadership, grow and focus while create assets, to deals. adding our focus turn we talent to origination pipeline the leaner, measures sustainable continue to to the of stage

Next, of by reviewed the Tavo? review and followed Tavo our operations by our by be Korenberg. a will financial President, our Matt portfolio that performance be CFO, will

Tavo Espinoza

Thanks, on strong Ligand's Todd. literally, very financially, not was growth. complete. royalty will the impressive is a reflect results now revenue of OmniAb financial XXXX quarter continuing operations review with continued OmniAb only transformative The now spin that but fourth out My -- also basis, that

from increased Total quarterly both reported net million Rylaze, driven revenues Amgen's our Pharmaceuticals' for revenue VAXNEUVANCE year Jazz and $XX.X by from the sales, $XX.X Royalty from exceeded was continuing contributions in as and well to million were $XX quarter This record once operations ago. growth a again they strength million. which expectations. KYPROLIS, XX% Merck's as

to the But Captisol, by our with Related we with XXXX, investors onset related of this familiar sales now. Captisol to are increased dramatically the pandemic, in COVID. all topic starting

In for about Over of peak Ligand Captisol XXX excellent XXXX. the of core we past the with year are sales XXX than source X XXXX. indicative but being Captisol COVID, not These we Ligand, about cash years, performance of the down of XX of million sold the million million sold in business. an XXXX, more from are COVID, for for

million timing not have of due for year. ago. year, sales this Captisol million last received were we XX.X orders. Captisol far, million orders were Core year sales Total quarter So with a XX.X the to for customer versus X.X Captisol difference million this the COVID quarter versus X.X any

revenue the million. milestone million payments. contract of COVID-XX XX.X Contract This to Captisol in related QX ago. X.X million. difference year's XXXX due timing were partner sales a XX.X revenue and quarter related compared compares to year to to during X.X is of last quarter events in million was This fourth generally

associated the GAAP of $X.XX net continuing operations $X.X for a million or from based in GAAP loss with holdings stock. of Viking out. driven per CEO stock $X.XX increase certain loss million the million of by compensation prior resulting by $XX.X tax the accelerated production resulting compares $XX.X a And on million year increase on certain operations from the California a quarter our valuation our or share. manufacturing deferred the resulting offset was in expense in share with volumes. expense this the decrease million and assets A unrealized A depreciation tax F gain of post in spin non-cash is one-time loss quarter. Therapeutics continuing our per equipment net allowance of $X.X largely net expense from million GAAP retirement $XX.X from former from a $XX.X The value post-COVID OmniAb

fourth Adjusted and $X.XX for was diluted EPS -- the XXXX. in with of of a XX quarter fourth for quarter 'XX the the this of quarter compares $X.XX

related Captisol with $X.XX in sales, XXXX EPS of Excluding our diluted COVID for was QX QX compared XXXX. $X.XX, adjusted

by grew revenue, driven in $XX.X Total in $X.X continuing revenue KYPROLIS. million revenue Royalty were million year-over-year a grew from and growth $X.X royalty was in over year. representing year from operations XXX% royalty million. and million. Rylaze royalty for Amgen's increased increase recorded revenue year teriparatide, $XX.X million last XX% $XX.X million to Alvogen's to revenue XX% last KYPROLIS million royalty We to the $XXX.X The XXXX. $XX.X from revenues teriparatide Jazz's in Rylaze's strength

ago. the $XX.X to million for million sales of COVID-XX year, versus year as versus XXXX orders. as $XX.X million difference $XXX.X were Captisol timing Core a customer given $XXX.X ago. to year $XX.X the sales XXXX with Captisol to compared in Captisol to year shipments a were Total were $XXX.X COVID-XX last related well in million million due priority the sales million

this the XXXX related timing year. per generally revenue GAAP in was operations the And of versus to in GAAP prior contract $XX.X continuing share $X.X This due per or year. the partner is was million events, $X.XX year million the milestone with of payments. Contract for prior in in net compares million diluted loss million from net $XX.X revenue share. income difference and or $X.XX $XX.X

The GAAP with Adjusted mentioned compares I EPS in this relation net QX. diluted the XXXX items was loss $X.XX by driven in to prior the $X.XX year. and is for largely

for Excluding year. our adjusted $X.XX prior sales, Captisol was related diluted with compared $X.XX EPS XXXX the in COVID

Ligand Turning the cash approximately sheet, we and intend XX, convertible of $XXX year. which totaling Therapeutics in when of to cash and Viking including December at million, million May repay XXXX it this had in million debt outstanding matures investments balance shares to stock in $XX X.X

to now strong XXXX million driven revenue in increase $XX Turning we're XXXX royalty of our saw growth outlook. mostly $XX VAXNEUVANCE. to the and million. in is raising now and in XXXX in by guidance. range This be Rylaze We earnings revenue royalty to and Today upside forecast

will our revenue line, that we're revenue that KYPROLIS significantly continue will contribute year. half expect royalty launch royalty the the We assuming back the to to of a Sparsentan contribute to and in

$XXX or material a These Sparsentan. million. Travere's and to revenue to contract growth to XXXX recently revenue be revenue Captisol million with total in be contribution approval result to sales components expect $XX of large core XX% of $XX XX% the earned We about $XXX million, million with in

In addition have royalty, to begun reducing the have we from expenses. we also upside

reductions R&D are some Following team, increased the resources now business $XX of cash in by expenses some forecasting we on million. line operating development the offset

result a adjusted increased and $X.XX are expense the diluted of to $X.XX. As expected guidance, decreased be to EPS our revenue increasing we

tax the For in margins we're XX% assuming outstanding. XX% shares gross range, XX.X modeling purposes, million Captisol a of and rate

I'd press direct As release like our reconciliation today. today issued our earlier financial a adjusted website earnings to quarter to about fourth to results on I of reminder, the listeners GAAP talked for available results a and

on I'll turn the the to update an Matt provide business. call over to

Matthew Korenberg

for sold for underlying significant Financially, and through expectations for Thanks, we significantly than of performance more our it was Ligand year exceeded core a change our business Captisol strong we business expected. Tavo. with COVID all. XXXX

many successfully partners while including our made sales of posted excellent Operationally, growth progress, and positive continued programs. with discovery we our stage platform strategically, key the programs, strong antibody clinical for assets OmniAb commercial results completed spin-off

of biggest note news approval last recently the late the Obviously, week. with Sparsentan

nephropathy. is market Sparsentan Travere next for FILSPARI partner Our drug pipeline a in the IgA for received brand when Travere they asset Sparsentan key Sparsentan as Ligand. launched approval the name will week.

a We will expect will royalty on significant for we our of this X% a that growth royalties. driver sales, earn and be long-term

nephropathy IgA XXX,XXX for number for be IgA under Sparsentan the authorization expected of the Europe. and second similar nephropathy approval. an of patients Approximately in accelerated the the from EMA to for Europe decision approved a conditional XX,XXX a the the marketing indication addressable affects expects half U.S. in in via XX,XXX U.S. patients the to in estimated XXXX. Travere are

of the outlook this sell-side our treatment the the X. in the if billion, approved for short-term and with the estimates factor drug achieved, make most significant royalty consistent peak Sparsentan Sparsentan label show indication. or date view, not for is non-immunosuppressive the into does going is PDUFA exceeding long-term. which, expectations the a Sparsentan change the would In sales Ligand's for first Consensus by $X initial

data the from nephropathy existing ramp and XXXX, for from community, full forward For both $XX to million a change trial in that QX Sparsentan, Travere a to indications catalyst label tracking year. look currently launch that sales. be and in PROTECT progress We potential of the to ramp pointed indicated the in the which and additional in on $XX will for should FSGS a gradual the estimates for geographies. million Travere approval initial about range the the research additional be the consensus the IgA the

Turning performance. quickly has evaluate movement, to described, year. the I the our all our it themes performance to Tavo be for might reiterate XXXX difficult financial wanted just with that the to

business sales, Ligand you'll excluding grew periods OmniAb overXXXX, evaluate royalty that However, from growth excluding both on driven transitory current material particularly COVID-XX-related by the nicely the if investors the the core core line. Captisol see strong and the of performance business,

some Turning programs. rest of details on the now partner the to

now royalty-bearing XXXX Rylaze, which commercial Teriparatide, I'll few we streams X Of about points revenue. programs those, on these KYPROLIS, and before And has to royalty are remaining the majority stage, are portfolio royalty stage turning those Pneumosil key vast expect XX Our development the a cover portfolio. in XX of VAXNEUVANCE. contribute our to EVOMELA, assets. the of

contributor Ono majority world, of by marketed the in over BeiGene around by billion forecast KYPROLIS royalties and myeloma $X.X and is be China. in true global XXXX, our same the royalty multiple and an for XXXX in sales treating reported to It of important is we over largest the KYPROLIS in million for XXXX. is Ligand, drug with the to in Amgen Japan by in countries $XX

to of component for care multi-agent constrained for Rylaze chemotherapeutic marketed a historically by was by continues or treatment for of market the ALL children used issues a asparaginase product the product. in adults regimen Jazz is well a standard This LBL. with recombinant Erwinia and supply of do that the previous

Rylaze and $XX quarter. reached billion a expression In this QX QX vaccine forward XXXX, Ligand's vaccine look in Jazz's to of the using CRMXXX technology carrier produced we is Pelican later platform. protein sales, $XX.X commercial report pneumococcal million VAXNEUVANCE utilizing

portion Merck largest VAXNEUVANCE reported Merck of the in earnings, population, is pediatric recently market. million recently which QX launched announced the VAXNEUVANCE the sales. in the $XXX In

U.S., the to an encouraging noted While Merck a in that orders large we vaccine. sales sales this view due that stocking portion for these the of demand are the of expected were sign

programs. evaluating In of met top sales for quality Phase low-single-digit of on and the function, stage endpoints and Verona XXXX, positive life development lung Ligand the trial be symptoms approved results secondary earns The line COPD. primary drug to royalty Turning ensifentrine treatment announced commercialized. from its both X measures. a should successfully and trials of and ENHANCE evaluating the

to FDA in of Verona program FDA Novan well the the multibillion XXXX. dollar royalty action a to and Novan Ligand first NDA PDUFA NDA ensifentrine and treatment a first is as an milestones. of January new an represents XXXX. received the XX% for many early COPD an in years. category, time mechanism a Also, on in Berdazimer submitted of estimate plans Gel some half in for the commercial molluscum. approval for X% to as date the expects topical the

is in QTORIN. three data Other on data lymphatic March. from in well next That syndrome expected this expected concludes disease X microcystic from separate Phase midyear. Xb NASH and my Phase data is Phase their upcoming comments as expected expected in as year, portfolio. pachyonychia its inQX X program, in months indications X Viking Palvella data Gorlin is in is congenita malformations key events the on few on in data Phase which rare drug include

turn and the I Operator? back that, operator call open line to the the over with questions. will for And

Operator

[Operator And the first your Wainwright. Joe from question Instructions] comes of from HC line Pages

open. Your line is

Joseph Pantginis

thanks Hey, afternoon. for and for the guys. Thanks Good updates. question taking all the

have I things focus on. to So two want I

reductions. you R&D the and first, line talked about Tavo, Todd, So leaner making talked about you company

over, the taken feel curious, cutting Ligand's not of necessarily where stand and optimizing So you P&L personnel? I'm but you've do since costs, continuum you in

Todd Davis

Yes.

there are reviewing will be that, I think continuously. Joe, -- we

mid directly near-term our contribute looking financial that's to profile, our at to emphasis. are things We that

so carefully. expense share that management, scrutiny. specific continue to right can't plans but now, very I requires on And any we'll constantly focus

As comments, in some already can strides that you see Tavo's in made arena. we've

Joseph Pantginis

-- also late regard And the the how that's evolving No, the parts: has use? to been regard commitment it. with question and guess, Got to excluding purposes Captisol remdesivir I of the as helpful. I then mix of a second sense growing program, what requests Thanks. the guess, two say, your overall is, for to, franchise, a, inbound with getting versus research commercial mix

Todd Davis

Yes. Joe. Thanks, Yes.

committed So see component the for we been Ligand as very forward technology. on for first Captisol, long a of key and and It's now, component off, a platform a years are the key going time. we to XX it

asked platform are for and on bit our COVID-related deliver reporting use But Captisol still separate we that adjusted from numbers to sales earnings and remdesivir, the a guidance. Captisol our from and You the about earnings excluding are and its obviously, that. prepared we

As significant that manufacturing. need turnover improvements then the similarly, if for well any place. Captisol benefit order to the every were as address that be and in And able all needed real-time created lot put that generally that equipment XXXX. been Captisol them components the sort of a of speaking, the XX in of capacity demand, the more to the efficient other wave customers folks made faster that are key of to came still, that times and exists. and for rest capital still A franchise, remember, year, in place has or pandemic investment we up, -- we And XXX through

is really about and And excited are business. of the all still so place, in we that still

Joseph Pantginis

the guys. all Perfect. comments Appreciate

an to XXXX. exciting forward Looking

Todd Davis

Thanks, Joe.

Operator

from Larry CJS from comes the question next line Securities. Your Solow of

open. is line Your

Larry Solow

or XX% growth XXs. nice Great. It's impressive. royalty a on really Congrats very high year.

royalty and you comes itself estimates. you for the of right, for basically, get of Sparsentan, On of the the of couple million, $X line add outlook, analyst back kind down least 'XX $Xmillion at if kind a whatever it flat, if middle

right, in and Rylaze numbers Teriparatide Captisol had -- those a year you obviously, Pelican 'XX, XX% [indiscernible] -- years. are your are is good and of So lot And had a growth.

off one outlook of a What's bit? those backing are reasons of sort flattish for So little in 'XX? the a

Todd Davis

Yes. Thanks, Larry.

contributing couple a think commenting to on. things of are what I you're

or that you to, couple month our our compared of have if First or strong that ago now off, guidance for is in comp, more right real months year-over-year make X teriparatide. when second, year ended it so. say, product products guidance probably muted one lot what look it for you're incorporates But fits the incredibly than a might we the QX the that of a had Teriparatide original looking XXXX. a a give nice description will,

As mentioned for of midyear when last that. we year, expected was we competition sort

teriparatide teriparatide expression Eli time market of was long from folks the are for file market. change. versions to at and As know, FDA. ANDAs created have that those in that's on technology alternative under Lilly's dynamics could could that competitors a their very our for see any version only pending is or currently, filings other -- been There investors Forteo we the emerge they've both the of Alvogen's the similar Pelican two But moment, competition on the at

create rating improved as the rating sort several preferred could one generic us it, been the the of all could obviously. are three which could get only One ways that, equivalent or play any be one equal drug us therapeutically could. on of or others of or or of that or field a competitors none we've There versus other get playing being TE one we could out, calling

expect that but royalty our staying our I for emerges and if royalty range to our both it or may range, think on competition teriparatide it's expectations depending say fair get we'd upside how if emerge approved, none going or does up that some to on. expectations, within our within change

Larry Solow

think maybe in year just this color give assumption 'XX? little more what of were flavor, one And you ballpark the sort teriparatide a more they were royalties then what what can on just -- on just or the making and you're what you

Todd Davis

Yes, sure.

we see of $XX so more the week. million X little was year next file You'll then But than K bit we months there in first when another that, and -- X were or about this booked royalty that the of the quarter. teriparatide a

over next even We're little this So year. just we flat, assuming year. in royalty a up maybe a teriparatide end decline XX% bit of relatively of terms a for

Sort of X.X% annualizing the QX around or so. number

Larry Solow

Okay. All right.

will that commentary warning? that be extent, would -- out alluded label, restrictions that something [indiscernible] initially, -- -- I'm the a is guess All I And and for the you kind of that potential or was quickly to of in on sales be you some that in appreciate the expected, Or comes longer? just box the FILSPARI modification some sort Thanks. Okay. progression a any But include I with warning, but Sparsentan. data is just shown But a one view box that Travere you I great. to is also sure, would answer that the of can terms to, more and feel data Maybe hindrance I of the right. the mentioned, this of on that guess, while little color. like for this change just be you one mentioned, on hopefully question. the there QX. a is confirmatory might in that maybe in And hindrance

Matthew Korenberg

Yes. Thanks. Yes.

closer X. expectation, run and came and all folks publicly first don't of monitoring firstXX months so not approval data liver target monitoring called there requirements. included The So and off, with of others the monthly enzymes any [indiscernible]. know, we label that have versus to The are $X.X a creatinine insight you for that's say, trial certain -- The or then a monitoring as program just also as that for levels was Sparsentan with investors REMS FILSPARI million and some the quarterly label thereafter. first disclosed, of the was

we've on likelihood into of as year. when line, we Travere the even significant the time, program. the in both Tavo's permanently monitoring that reading accelerated said the could the we as that then And that seems couple us, don't there's that have to safety data monthly What post others, creatine next be some monitoring the monitoring a -- as But our was have for readout. that label largely market it with or adding on expectations we've that full But just that in week for expected just are were time the adjusted first to originally see factoring as on addressed, in long-term from though, royalty the QX. and of just out launch it and Sparsentan their all to over the the then approval. how call million data on as data It's develops before, And the reduced a we'll and levels though generally shortened. comments means a seen they're planning is the REMS launch over safety reports full-time of the basing or and

Larry Solow

it. appreciate it. I Got Thanks, Matt.

Matthew Korenberg

Thanks, Larry.

Operator

[Operator Instructions].

question the Capital line comes Your Group. Craig-Hallum from of next from Matt Hewitt

line open. Your is

Matthew Hewitt

one afternoon. you taking Maybe questions. milestone? up a on approval, potential would first With the trigger Thank Good Sparsentan. the for that another EMA

Todd Davis

yes. Matt. Thanks, is I'm [indiscernible] almost it's [Indiscernible] there milestone. $X that. missed I sorry, Yes. another Yes, million,

Todd Davis

Sorry, right million, think around it's $X.X -- I there.

Matthew Hewitt

it. Got

that to utilization capacity? some of help either at there that margin gross are steps And then look maybe capacity that great. margin. Captisol a contract Anything But of key could could gross that raise Okay, boost the driver. Obviously, that take out any or you that number? is we as other

Todd Davis

Yes. Good question, Matt.

pre-pandemic most in our couple of to back about thinking the costs that Captisol margins. we type impact are process. gross our that expansion folks new using referenced, have margins range. probably create machines ago, that we the things the through they're as relevant the that XXs since those A is probably on margins, happened Captisol I amortized when years a made inventory and is new few So the being were more then thinking one The are

cash spent and through non-cash, it the that actually sell is meaning while the spreading P&L some lower, And as appear that the of inventory so we it to flows XXXX, we through. back tied margins in -- expense it's the we're of

in standpoint, talking cash are we that higher that about. margins a XXs from were So mid

other the shift our past thing research are purposes. the both said is mix high, on are buying, of margins The low some on something product Captisol for the changes. depends various whether that that is in purposes very make they're and year-to-year Also, some of We've we purposes partner use, is or clinical commercial it whether Captisol. buying versions or that the definitely

margins all those things. around bounce So for

We Captisol. of now of are some in volume margin a higher where period some higher Captisol the is than the lower-margin right

are things, the two at of the those for and So non-cash portion mix what's kind now. mid-XXs keeping level it that

Matthew Hewitt

just head there people like as risk months partnered around people you you approvals the you've of optimize Got number progressed kind that kind that you're fly, couple game. and people of gun got a almost maybe feel of of this one you're then that maybe you're Do programs and the faster the organization? get to employees. any of think XX do far organization, the question of X, last Thanks. to a to you out right couple behind need than is the of regarding And staying it. --I'm the manage or risk look making the ahead get optimization you you having trying count anticipated, sure you of Or the on that as always or of looking the but as kind

Todd Davis

Yes, latter. the it's

make execute focused possible have technology being more. it's partners the and just sure we able what on need, to we the as that being no think, I we on very think mean about I and are, what And platforms. as with need we lean and

and the places. that about careful pretty being are we lines So in right to all the trying draw

Matthew Hewitt

you. Thank Understood.

Operator

our And I for some Todd Mr. the concludes over this turn Davis session. back closing final call remarks. to question-and-answer will

Todd Davis

Ligand's fourth earnings tuning into call. Thank quarter you, for everyone,

weeks, the these We coming will person Miami. you and events. again, investor and nice conferences meet Thanks the including at have ROTH Dana afternoon. in be Point attending a in in Conference to in hope Barclays We

Operator

Thank concludes conference for This call. participation. today's you your

disconnect. may You now

Ligand Pharmaceuticals (LGND) 22 Feb 232022 Q4 Earnings call transcript