LGND - Earnings call 4 2023 | Ligand Pharmaceuticals Incorporated

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Operator

Ladies and gentlemen, thank you for standing by. Welcome, everyone, to the Ligand Fourth Quarter 2023 Earnings Webcast. [Operator Instructions] I will now hand the call over to Octavio Espinoza, Chief Financial Officer.

You may begin your conference.

Octavio Espinoza

Hello, everyone, and welcome to our earnings call for the fourth quarter and year-end 2023.

development we today's the commentary session. market partner and today, released results on call we pipeline to which prior open business the will a financial review we our will During host after question-and-answer activity, and offer

earnings in Investor of be Relations found ligand.com. website at can release section Our the our

of and will for today will This our archived our and under Korenberg; Matt our during intent commercial forward-looking Litigation all Espinoza, today's financial Investors Ligand that of Private be CFO. made Davis; the our results section portion website. It Participating Act activity protected myself, is is statements call the Reform in the regarding be Securities call recorded, will being XXXX. COO, and be our CEO, audio Tavo Todd

Ligand and uncertainties based Forward-looking materially differ forward-looking those results are to statements recent current update subject risks upon and Actual available no the to statements to events results we or understand has discussed. may differ, uncertainties. and these and the XX-Q our actual cause you statements. projected that that assumes All are including most with Commission, could obligation the To or to from refer Exchange Ligand risks information, filed Securities Forms XX-K. documents better and

With that, I will now turn the call over to Todd.

Todd Davis

of the company year CEO growth. The transformed XXXX marks in successfully take stage of as end the to that last And Tavo, you, call. to year, my everyone welcome we've Ligand and first of the Thank to of the I'm the say full on to completion next happy Ligand.

which model. and strong portfolio X strength and our Slide underscores of momentum our our achievements in the financial XXXX, business summarizes

per Captisol earnings adjusted This financial is million we million $X.XX, while per more grew from sales to last in which performance. reducing COVID-related year. year's than core the below diluted XX% resulted First, XX% of above per by cash $XX XXXX year. when year expenses $XX above you exclude operating strong revenue prior share delivered We

the through Second, of and business profile we improved the streamlined efforts. financial restructuring

to a Bio. also XX to protein out began valuable platforms, in on Accordingly, addition enabled headcount that employees. these to talent investment Primrose equity Expression operational out form Both in team. our spinning XXXX. financial execute additional In over but even OmniAb our the they core business, are with investment reduction refined XXX merger management diligence half was This create of portfolio inconsistent infrastructure to divested strategy. or platform while to technology in team adding businesses investment, that required Pelican streamlining the newly This spin premier via our completed we and functions significant from the of a second was strategy

innovative Sanofi's adding and portfolio several strengthened and soticlestat. Third, by TZIELD, new royalty including programs, we Takeda's our exciting

also development We expanding existing in malformations. approved lymphatic full investment expanded microcystic in the is for acquiring Palvella's and ZELSUVMI a program, partnerships, which rights PTX-XXX recently to royalty

business where we X, years. driven the these in CAGR outlook adjusted CAGR our asset development and pipeline provides commercial existing breadth an our royalty over time, our see provides we December, Slide The major forecast and biotech volatility turn Day on portfolio much us the of with announced, confidence new shown X a is in next a the which The than the XX% by expected us for longer-term lower as greater contribution Fourth, current projections. XX% efforts. revenue our in first over the typical share predictability at businesses, of longer-term exceeding from is and Investor to programs, EPS

generated bolstered little still shares. X.X a approximately our Viking $XX in that I'd Therapeutics as in stock to approximately increase in the our financials detail, has price from and we million shares the like cover sale Viking but of in million will XXXX hold Tavo more balance proceeds highlight sheet

proceeds into will exciting commercial growth Also, partnered reinvesting that portfolio across and are our developments We future. clinical new are drive creation investments these there additional several in and the pipeline. value

and opportunity XXXX, XXXX and early there year. late this catalyst additional for During important through value further an is expected creation

be highly pediatric patients, FDA On first outside age of adults contagious or of infection. year as the January is caregivers parents the contagiosum older. this that at treat approved for office X, molluscum XXXX, of and a prescription the first-in-class medication in or medication ZELSUVMI the ZELSUVMI treatment applied X can by home physician's to and only patients

of significant portion XXX% own through in and we their XXXX. assets Novan a funding that restructuring recall process may of ZELSUVMI rights after a You acquiring

June Additionally, have during of that XXXX. PDUFA we products have X scheduled dates partnered

approved, Verona's mechanism be expected ensifentrine XX novel Merck's to Ensifentrine, in VXXX. the if of and the maintenance for more available treatment is years. first COPD than

for prevent invasive review, FDA specifically pneumococcal accepted Merck's new an to designed help priority adults. in and disease Additionally, pneumococcal VXXX, the pneumonia conjugate vaccine, investigational BLA for XX-valent

royalty are ensifentrine on Our the range. royalty rates VXXX low in single-digit and

Travere approximately Finally, and XX% for that quarter FILSPARI the XXX quarter, which fourth of the announced $XX the XXXX, an forms million start fourth from in product increase patient net is for received it quarter. announced over of prior new sales of

$XXX around FILSPARI more billion and on Matt Shortly, detail continue We $X peak have these estimates a sales. to programs. other consensus in show X% million and FILSPARI provide will royalty to

and to key are with our our we turn team to business our was on and in development strong a let's execute progress priorities efforts. In this XXXX, pleased strategy, our experienced of assembling investment regard. Now one

of Reeves which health Management, deployed Capital significant commercial Special private equity the which Fund of in also invested and $X.X as in the SVP served science Investment Operations life Additionally, Committee. billion to care today over emerging as companies. and share health Drawbridge Group, a and Investment years. He Rich at brings $X experience. I Co-Head the the pharmaceutical group Opportunities industry Rich co-founded at approximately can for team. capital team added billion Baxter Investment member that Fortress experience Karen recently He care investment of Hayfin we've Rich us X joins Dr.

VP, she Pfizer, Clinical Clinical SVP served and Regulatory; roles as at President AZTherapies, therapeutic biopharmaceutical of Safety drug brings a of Phase Chief and VP, top and Prior focused experience and clinical Medical leadership of across development extensive is successful Head IV than Most us Worldwide held neurology. late-stage of multiple multiple recently, I Karen AZTherapies, private at Submissions Quality. and on senior Officer Karen positions She company a for R&D; Global with Worldwide including years Strategy to physician in Phase through pharmaceutical XX experience areas. companies board-certified as Investments. joins more

and XXXX. Paul is by generate at in facility. $XX team. efforts been we investment available million entered has XXXX exciting $XXX $XX in XXX our year, this year position, Therapeutics have to to Karen in growth to reviewed both a over cash Rich successful activity, to feel million investment XX in expect cash another from plus we X stock and set to positioned welcome with during we transactions. revolving providing We and leading instrumental financial approximately Ligand our the opportunities, our signed we opportunity million Last We are was Adding closed increasing Hadden Ligand. credit ownership operations origination year. investment Viking CDAs led well this this With opportunities strong

of of in As the both a robust team breadth span area, types. that significant investment transaction but pipeline has built therapeutic also opportunities December, we discussed diversified

in new in opportunities opportunities. approximately special is team monetization, are M&A across reviewing with We counterparties which for currently and finance, dialogue and investment constantly are active invest billion $X.X in multiple to looking strategies, opportunities exciting royalty multiple including capital. The project

As III offer a our investment provide value probability or criteria, approval highly differentiated, II reminder of significant market and that to on years a patients, regulatory Phase we are assets within primarily of few Phase technical favorable exclusivity or are and have either in above-average success. about focused

of excel into high-growth of size evolution, provides activity team note under In of investment we an year the financial us and that our and execute this advantageous in investments identify. strategic agreements, insight It's building our in was diligence high-margin, majority done we investment XXXX right opportunities assessment number important strategy. of the on and important Ligand the for decisions. is efforts. the team terms which the performance, quality our make confidentiality summary, to believe that depend will We we have to Ultimately,

With these accomplishments, looking we're XXXX. forward to busy and a productive

portfolio cover highlights. the Now Matt will

Matthew Korenberg

includes XXXX developments was transformative material and investors revenue. provide year And royalty Todd. a our from XX commercial drive portfolio our revenue, than programs Ligand. programs I'll Captisol partnered key our our more today, contract for development milestone license on and Ligand's our sales Thanks, an portfolio. across update and our that partners with

majority significant that revenue. Slide our royalty XX programs the key shows drive our commercial our of --

the over is on XX and streams expected Our portfolio These royalty current XXXX. different programs to those contribute additional from team field team, overall. royalty focused The includes of names list. come X additions Todd revenue to this Many will partnered Ligand at are XX investments over in drivers commercial commercial adding our some portfolio pipeline now generated will established new and of existing come as through of our out XX% mentioned. organically

multiple of is continued on over marketed with in by in driven Year-over-year XXXX. the to from its globally. royalty important as QX. QX BeiGene X% reported $XXX and exceeding ONO these around drug was strong reported and another product billion Kyprolis, by growth of of myeloma, countries Kyprolis $X.X by XXXX, A in earn revenue growth few sales the well million. an growth continued by principally expect combined the in quarterly XXXX. the quarter which volume a performance for with tiered XXXX world sales companies is solid highlights X.X% global for We China. in majority Amgen as Japan

consensus the provides recruitment. also in momentum since X,XXX. addition launch of had submitted of forms million QX, potential. new revenue XXX continued approximately partner, XXXX, turned on The bringing patients $XXX Travere, new the to U.S. marketing for million Travere to which of good for continue the nephropathy. is It in total for patient of evidence IgA revenue supports future QX, $XX.X revenue patient year. will new Our estimates the reported in disclose FILSPARI potential Travere the

X% for primary expect XXXX. On royalty expects sparsentan of U.S. adults royalties. QX the approval full a and front, our long-term has the net this company CHMP in and recommended in a The earn we the that decision announced Travere decision on that EMA for of nephropathy. XXXX EU significant We the IgA driver will the sales, our be for QX regulatory with approval approval growth treatment

Rylaze by received extremely a component a supply in product chemotherapeutic basis of earlier is Having market Jazz partner, children first well by our Europe continues the drivers. for LBL. growth launch on of key adults X or Jazz treatment with and issues. end XXXX, its European that Rylaze September is regimen multi-agent of constrained occurred confirmed one was in will approval JPMorgan European that in the do continue This this a additional ALL At year a as Pharmaceuticals. Rylaze rolling marketed of highlighted It for last to country launches previously XXXX. the Jazz year, in and before

Rylaze QX platform. royalty pneumococcal earns now sales updates vaccine any for vaccine in Ligand XXXX generated population. Merck Ligand's utilizing $XXX sales. later is the CRMXXX in In and protein Expression the a VAXNEUVANCE pediatric report in both look low adult sales sales the VAXNEUVANCE QX marketing Merck product coming VAXNEUVANCE and of XXXX, year $XXX.X in full using million to Pelican came the Technology VAXNEUVANCE $XXX carrier single-digit sales. a population We this our program former in week. Jazz QX produced forward at million. on million in announced is

partnered the list in our or of XX. to Turning products Slide clinical regulatory coming pipeline selection will We meaningful catalysts have year. that a

that parents of molluscum or X acquired the caregivers acquisition only applied prescription pediatric for year The medication ZELSUVMI's and adults through is medical other for extremely is by ZELSUVMI. and XXXX. about to Team Therapeutics of treatment Primrose to Therapeutics similar first the or process building patients highly program. creation older. at skin ] Novan office in in effort And January infection. in program or that is treat XXXX, age the related our commercialize it's very a patients, on company physician's list used topical program contagious our We're viral Pelthos a potential for efforts setting. of Bio. outside ZELSUVMI. Company of home new is first be received subsequently ZELSUVMI the Ligand on this stand-alone approval and this [ this Viking the called X, contagiosum product to approved prior excited will can

While business ZELSUVMI of significant independent in but own expect the stake at operated fully Ligand, equity inception. a we to

licensing partners, ZELSUVMI. [ strategic launch having of and with also the While ] discussions we're towards of making we creation are potential the good progress Pelthos

launch will the Pelthos line. expect [ join that We key our program ZELSUVMI to will XXXX Ligand's revenue contributors late and royalty in ]

of another be is Ensifentrine will XXXX maintenance ensifentrine candidate over that receiving COPD submitted Verona and novel half in PDUFA chronic for NDA of June speak. whom COPD. in are our million are royalty estimates regimen. dissatisfied first-in-class program their of treatment the Verona the growth X Ligand drivers. U.S. mechanism the to we Verona approval date current is benefits currently treatment tool infrastructure of with PDEX of a there been single-digit key patients drug combining commercial using XX, and treatment its on action, over from has a we its PDEX. inhibition alone, XXXX, of believe June building patients the product for FDA with and low for established a ensifentrine, the as at

ensifentrine an last BLA care. specifically is would pneumococcal and pneumococcal of to low approved, November, its add-on year alternative approved, a and approval, successful adults of of first address address as safe standard reporting both therapy received and or the to a invasive shown VXXX franchise. specifically III highly single-digit After over Phase Market could through and disease. cause at vaccine for growth, PDUFA conjugate the exacerbations. positive we With Merck XX, treatment in benefits our effective royalty. will June drive has that believe there's data tolerable offer breakthrough the is continue adult existing designed part to VXXX June serotypes and pneumococcal most VXXX developing If targeted now in vaccine symptoms XXXX. the designation benefit VXXX franchise date Merck filing VXXX if be Ligand

first-in-class data tiered high and need royalty reduce Takeda up caregivers to to to capability demonstrated unmet compound combined commercialized remains is Takeda seizure seizure of expect value is with this of to pediatric a positioned in uniquely broad in Phase is the patients as be up as its XX million III XX.X% a its of rare and to fiscal susceptibility. and novel which There milestones. with well through successfully reduction strong soticlestat profile as currently potential if drug, XXXX. developing running X antiepileptic ability and its range epilepsies deliver safety treatments. soticlestat, a Ligand well trials is on year to as earns

during quarter results XXXX, the Finally, biopsy from histologic in XX changes of half from treatment weeks the data VOYAGE announced of expects line Viking of including the company evaluation to the first the positive The exploratory study IIb by the top VOYAGE over secondary patients assessed Phase second objectives VKXXXX evaluating of with in hepatic of biopsy-confirmed XXXX. and report study, NASH.

is of X.X% and very this market, would and products a Viking III Viking expect their program. Phase potential multibillion-dollar We if NASH forward on well following that opportunities. royalty important successful in into potential milestones. results, category these clinical, estimated development, are sales earns be with to Viking a move this in regulatory significant is commercial VKXXXX X.X% as to as large

and and provide agreements, On benefit potential both XXXX That XX, their approved world, saw the XXth formulation for provide on XX, on for remains Slide Captisol see we and platform. and as the our strong saw XXXX Captisol update X since the drug a few from Traction -- of me, we've approvals I'll as pace new well the Captisol-enabled XXXX. partners of for XXXX. we demand Slide on of exemplified of another signed clinical by year. approval that business. the an business. Customer in we've announce commercial Eisai their continue find material excuse drug, Fycompa. sorry, business Core the is the volume in sold as to outperformed month, our partner marks our acquiring the approvals sales number I'll this X Last IV more technology for Captisol already expectation around

volume drivers about to a shows and that I'll their this summary cash from along line chart major that highlighting revenue, report our to to business annually back Tavo Gross XXXX Captisol we've $XX approval, drugs royalty on of demonstrates another and for separate We from portfolio business. million, the Captisol turn concludes over our flow call is largest other with profit vertical sales the right highlights, approved exceeded Captisol That of update. financial than Kyprolis. the all of royalties, a timing of the the cumulative equated momentum our profitability. sold of in which my In of of bars Tavo? our the current continued on represent XX addition the and names single

Octavio Espinoza

Matt. Thanks,

First, certain of intangible Bio compensation, equity amortization or will incubate acquired be losses discussing items I that our from investments, our absorbed share business, unrealized of including method, assets, investment gains exclude I recently others. highlight which short-term to amongst Novan non-GAAP Primrose the want incurred accounting expenses the results, from stock-based to in under

core the COVID-XX In of can I you Therapeutics subtract the business found Viking encourage these addition, today's of to available realized GAAP of we sale release results, measures, non-GAAP discern sales be from help on to our reconciliation related investors review stock. our to website. performance Captisol which gains in the and

in exceeded million million or $XXX year $X.XX. guidance our the share for with We and focus quarter financial the of earnings that full We per on XX first results balance our the year sheet. I'll cash more the investments frames in Slide full year. and results. detail discussion fourth both debt my met and and $XXX no XXXX high with end the up on the total range strong core delivered revenue in ended results of adjusted of

Royalty the royalty $XX.X ago grew a teriparatide. $XX.X XX% from Excluding total in year with sales, COVID in Rylaze million decrease Jazz's in Merck's Kyprolis, was driven by by growth to and XXXX million last revenue revenue increase offset XX% increased contribution XXXX. VAXNEUVANCE. strength revenue Captisol Amgen's versus year's a The from

anticipating enter We appears that may competition be to beginning to and generic have it materialize. been the market,

million the the XXX% Kyprolis which attributed Amgen most $XXX these XXXX. sales is along of will growth. an over $XX.X million to the Contract royalty above in orders. revenue almost million due was Captisol which $X.X revenue in for XXXX. of million $XX.X of future. Captisol reported in were core versus VAXNEUVANCE, We drive total were related increase XXXX, sales year. announced in $XXX.X the sales $XX products, and in this with We billion, timing was FILSPARI of customer XX% million Total million Captisol believe and XXXX to year, to $XX.X sales did total they Captisol of XXXX with that volume Rylaze versus to million sales year sales growth any increase COVID-XX. with prior not this COVID-XX-related have of $XX.X increase continue XXXX Merck

operating short-term and is net XXXX. on from income gains XXXX, million the up holdings due decreased G&A $XX.X to increase investment business. spin share incubating or with in G&A by the and decrease the operating well in of by $X.X respectively. expenses R&D and expenses $X.XX investments $XX.X million the XXXX of made increase to income investments XX% to in in of due Novan as was increase in in in stock. in with diluted XXXX expenses GAAP The lower and per $XX.X $X.XX in associated our increase due Total operating versus team primarily share offset in Boston per was GAAP net headcount-related versus value income or R&D $XX.X million loss and largely GAAP million as build associated expenses a our million expenses out XXXX The Viking to net were in million Pelican. $XX.X the

for COVID-XX diluted sales per per or $XX.X of Excluding million was per of Viking Captisol with in share million sales, $X.XX share share versus $XXX.X $XX.X or in million or $XX.X and XXXX. in $X.XX gains core the XXXX income diluted XXXX impact was $X.XX stock Adjusted XXXX. compared adjusted net or per diluted net from million income share diluted $X.XX

made sales revenue overall slightly the offset X%, increased Rylaze, Total Now increased for the Total focusing prior about investment as in lower business. a are VAXNEUVANCE large revenue team of part the with Kyprolis, Pelican, compared associated quarter QX costs investments teriparatide. by COVID-XX in Royalty Captisol operating quarter. to XXXX. to year in quarter, FILSPARI, spin-out decrease expenses our by driven on Novan building and excluding by well and offset the the Boston up due as

incur third with incremental As mentioned associated on incubating operating Novan the quarter our earnings expect to costs business. call,

Our intent share of million XXXX of the are reporting to of due out fourth GAAP increase GAAP value loss $XX.X for adjusted per Novan fourth Viking in the per we purposes as of income to lower out-license operating expenses from The million result quarter stock well therefore, is a out these $XX and, XXXX. or $X.XX GAAP adjusting net diluted non-GAAP as is and/or the short-term the net quarter gains was increase or $X.XX for in in earnings. on expense. largely business spin net a of income share versus investments as holdings of our

or of the adjusted sales, share quarter. with 'XX in versus fourth $XX.X share stock Viking of $XX.X and core million $XX.X the income million XXXX Captisol or net impact in compared gains income or year quarter $X.XX $X.XX million Adjusted was for was net per prior share $XX QX QX or COVID-XX and $X.XX per per share 'XX. million Excluding per from the $X.XX

the balance to Turning sheet.

which includes $XX million common of As short-term of and in holdings of December XX, investments million, $XXX our net Viking XXXX, cash stock.

annual flow fund sufficient that be current over future. foreseeable cash expect to the the cash anticipate We activity investment to plus will generation

on to Slide now guidance XX. Turning

are We the guidance we Investor at in reaffirming Day financial XXXX introduced December.

December These earnings guidance contract $XX million range $XXX per million XXXX, $XX we first and the in from to time, rate core million where $XXX $X.XX. compound above a mentioned, and the $XX compound rate Captisol growth faster and range $XX at $XX to longer-term revenue and XXXX And to of of annual of adjusted million, a sales will million royalty introduced $XX range million total outlook million. we expect sales in of revenue as revenue -- in in XXXX adjusted the $X.XX today We we XX%. of reiterate growing Todd in growing the also above growth of million EPS even see to revenue annual to royalty for be components revenue to a at share diluted XX% result

a and As sales for as are from reminder, investors we received Captisol guidance shipped quarter. exclude will update COVID-XX-related and orders each

Finally, fourth closing direct I'd results quarter press earnings Todd GAAP release for adjusted website like listeners our today. to on comments. earlier I'll issued financial results our about to over the for to today, of turn I which available now our is reconciliation a to call talked the

Todd Davis

very Thank our the over Tavo. summary, our we made results improving as as asset portfolio. financial last XXXX with the capabilities investment year, are progress you, In well growing pleased and our we've

in substantial diversified royalty cash Our high to us compounding major for flow with generating including value growth. opportunities. late-stage reinvest our portfolio commercial enhancing portfolio, This programs pipeline the foundation provides royalty in new form

to are We everyone, for growth operator questions. back to for it goals now us positioned and and against our well attractive will for you, earnings shareholder . Thank and and over long returns pass today's joining deliver it execute we open term. the the call, in up XXXX

Operator

Group. of from Instructions] comes [Operator from Our Craig-Hallum Hewitt question line Matt Capital the first

Matthew Hewitt

operating should How that of your with strong or guess, the to the we timing potential intentions first be Maybe year. I structure the several thinking different asset? partnership about [ the ] on and topics. opportunity. one Congratulations finish Pelthos regarding

Matthew Korenberg

Thanks, Matt. Yes.

in as in to Primrose Viking So stand-alone a then the and company very way with XXXX, back spinning in Viking done similar Bio the as past, and recently creating the XXXX eventually 'XX, IPO. creating we've out

assets [ capital Pelthos will fund ] started, that portion seek company called is a that things and company will the the this we're independent at of to pursuing as getting we least Novan One Therapeutics that external with a just is creating create stand-alone of.

be to ready these would a assets way assets company Ligand and prepared later product the X, set then as that same commercialize be company stand-alone it and product launched. we will when launch is up license this and X Viking year licensed And the to the

So exploring it's pretty we're now, all strategic. asset we're to think alternatives, avenue we that a one that it's And the including probability, exploring. is right to one a license but the high

Matthew Hewitt

this be contract little guidance million, will, should factoring -- that bit That's quarter? if to be it. of in then in in your cadence how a it thinking heavy PDUFA the X And X dates of helpful. make outcome? Maybe and one $XX revenues? has should the for about a you with kind year, would to Got regarding milestone assuming the positive we contract $XX million sense weighting, more Or QX, for

Matthew Korenberg

as about is to we if we've taking is Yes. for Todd there's ensifentrine a in expected. milestone USD X about, an just as numbers asset look correct. talked million that June that But make sure have the the approval will hit it's approved

anything any big else. other... that So one I milestone, there's think Tavo, don't other than

Octavio Espinoza

approval other that we risk Travere Yes. adjust. There's a European of probability and milestones the number

that's we so there. do consideration -- dates at And PDUFA range into take arriving at a the

Matthew Hewitt

far little a as really last built then this a potential team on maybe evaluate one touched Got Obviously, out to -- opportunities. investment as And one and Okay. you it. you've bit. for strong me

there backlog you nice a funnel, got if You've will.

just the versus about quarter?" As far really be is we concerned, deals it about on How thinking we'd quarter, like should when are have timing X this timing as those? the come X is to you "Hey, together targeting, next

Todd Davis

deal until you flexible and Yes. these a final clear all don't the have and way terms. get be through because have sure The done timing to you you diligence you want diligence make to on

And is amount activity as in of seemingly lack be of perfect is deal where significant of So business, investment a terms closes screen terms of where those screening, periods that any without there's on then activity there and a -- pass where going get always taking there's deals, there then closes. But predictability, of into there'll those activity be certain deeper periods number there's there'll this close. a diligence. originating a certain to you're evaluating, underlying the in

deals really of that to we certain a maintain a this. year So to you or closing because just process to discipline to natural don't And the flexibility want process. number certain investment commit around want within there's timing a

Operator

line question next Securities. of the CJS from Our comes Solow from Lawrence

Lawrence Solow

Larry works.

you of just it versus on -- guess, and bit the couple the questions. the called tiering royalties a QX guys usually first Just down and I up. question, a out little on

-- behind as that. teriparatide the So out you and driver called

was Just in lower to to guidance, curious, it Is royalty is only guess you -- of on moving expected few outlook, the here. FILSPARI $XXX of Does now? you look as is kind an you guess, the then 'XX, that, I I parts couple that ago? number mentioned I kind a there just like that million. Have a teriparatide offset And that? does the guess of out consensus months that

of Maybe you guess little those give a color are I number parts? moving kind assuming your in can couple So on of us just you guys that guidance.

Matthew Korenberg

Yes. Thanks, Larry.

said been including upside we since And be of we're prudent we that Rylaze. in year. We've consensus number a bit be Kyprolis, prudent December. drivers to VAXNEUVANCE, the into continue So more the reiterating have on what bit and to there. a little for new teriparatide, think continue will FILSPARI, learned there's little the we We going

in. we've are competition come -- So we seeing

be report full learned, our the have more conservative received so assumptions. but been still yet there's to in haven't we from We Alvogen,

Lawrence Solow

year, correct? And you're not ZELSUVMI for assuming this it. Got anything

Matthew Korenberg

No.

Lawrence Solow

looking pharma are themselves, that dominated lot of up expense to by The marketing there, some launch big go today in Okay. Is -- a they a And Verona. big something a [indiscernible] pharma. is then huge mentioned, they you just going they're try hands. actively market, to in is Obviously, that I and think, that of and they're expect or financing. belief for that to product thoughts partner? But they've current against going obviously, COPD, the gotten their

Todd Davis

Yes.

the it's interested certainly and no, have their last COPD but a specific potential a acquisition, asset innovation have we our of this We But long have is within around themselves. have obviously, they team a on obviously, some significant think, we should strong the of folks the plans, there's, product. maintenance this of And and larger built up a first years around significant forecast category product time. knowledge that assumption launch guidance a is the where that the be couple in in our upside think and that to terms in over of so because ability in the larger they this

Lawrence Solow

Absolutely. VKTX guys many of That remind then have makes how just And could currently? lastly, us shares just you sense. you

Todd Davis

about hold Therapeutics. shares of Viking X.X still We million

Operator

next Instructions] Our question Barclays. Balaji comes of the line from of Prasad [Operator

Unknown Analyst

This is [ Shaun ] for Balaji.

Ligand's quick Rylaze. short-term ramp-up one regard these on constraints? a revenue you comments on And your implications for a view also more the supply Just your you with color could of Could little and the and on bit add portfolio? assets share long-term the to

Matthew Korenberg

Thanks.

manufacturing to is platform, Phoenix, Rylaze those solve partner. by Jazz, and to constraints supply to predecessor Rylaze my know, Pelican technology prepared folks related our our were we were marketing or in prior the Jazz product. As problems referring really historically. develop to The marketed comments collaborated

are And resolved available standpoint. all a so those from much manufacturing new now, product needed . fully the is and as as

I report can and did its for less, what see report of terms projections for the potential, that our on highlighted to we not folks million, that a the drivers. of partners bit guidance or growth provide about we year, the only I'd In the little one last consensus for Rylaze. hope $XXX product. for did as think, point Jazz Jazz publicly to X product But reported estimates the product's given key and the year, growth comments product

Operator

further you, and Thank time. at this no are questions gentlemen. ladies There

conclude today's participating. call. will We We thank you conference for

disconnect. now may You

Ligand Pharmaceuticals (LGND) 27 Feb 242023 Q4 Earnings call transcript