Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Q2 2023 Earnings Conference Call August 8, 2023 4:30 PM ET

Company Participants

Simon Latimer - Head, Investor Relations

Todd Davis - Chief Executive Officer

Tavo Espinoza - Chief Financial Officer

Matt Korenberg - President and Chief Operating Officer

Conference Call Participants

Joe Pantginis - H.C. Wainwright

Matt Hewitt - Craig-Hallum Capital Group

Larry Solow - CJS Securities

Operator

Thank you for standing by. My name is Brian, and I will be your conference operator today. At this time, I would like to welcome everyone to the Ligand Second Quarter 2023 Earnings Webcast. [Operator Instructions] Thank you. Simon Latimer, Head of Investor Relations, you may begin your conference.

Simon Latimer

Thanks, Brian. Welcome to Ligand’s second quarter 2023 financial results and business update conference call. Please note that there are slides accompanying today’s call. For those dialing in on the phone lines, these can be accessed by going to the Investors section of our corporate website, where you can find the link to the webcast on our IR Calendar page.

Today, when discussing our financial results, we will use non-GAAP financial measures and some of our statements will be forward-looking, including those related to our financial condition, results of operations, financial guidance, and the impact of the COVID-19 pandemic. Please review our disclosures and forward-looking statements here on Slide 2.

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

Speaking today for Ligand will be Todd Davis, CEO; Tavo Espinoza, CFO; and Matt Korenberg, President and COO. I would now like to turn the call over to Todd Davis.

Todd Davis

Thank you, Simon, and good afternoon, everyone. Thanks for joining our second quarter 2023 earnings call. I’m pleased to have the opportunity to speak with you today and share some of my thoughts on the company’s performance and recent developments.

Let me begin with a snapshot of where Ligand stands today. Over the past several years, we have created a growing and diversified portfolio of royalties with a high-margin operating model. Those investments have created our current strong balance sheet and a large portfolio of biopharmaceutical assets, including seven major commercial stage products that are delivering on our current growing financial performance, multiple key late-stage assets that have near to intermediate-term potential to further grow our commercial royalty base and what we call our farm team with over 75 earlier-stage assets that will feed into our later-stage pipeline and drive long-term growth.