Navigate the Ligand Pharmaceuticals, Inc. ($LGND) Stock Research Pages
- Introduction (valuation, financials, ownership, guidance, helpful links)
- Promacta (eltrombopag) (key asset licensed to GSK - platelet booster for many thrombocytopenia conditions)
- Kyprolis (carfilzomib) (key asset licensed to Amgen - developed by ONXX for multiple myeloma)
- Other Marketed Products (description of assets currently generating royalty revenue)
- Late-stage Pipeline Assets (generally partnered and developed at little to no cost to LGND and represent future royalty sources)
- Early-stage Development Programs (internal and partnered, future "shots on goal" or out-licensing opportunities)
- Acquisitions (Cydex, Metabasis ($MBRX), Pharmacopeia ($PCOP), Neurogen ($NRGN) - complete terms and details)
- Captisol-Cydex (additional info on the formulation technology acquired in 2011 and details on partnerships)
- Discontinued Programs (with >90 biotech and pharma assets in development, not everything works out!)
Ligand Pharma (LGND)
Website link: www.ligand.com
[Section Administrator: J. Schaible (starting in Jan. 2014)]
Archive of updates related to LGND:
Blue font denotes premium content for Chimera Research Group subscribers.
1/26/11 Cydex merger CC - click here for notes
4q2010 earnings release and conference call 2/15/11
Citi Healthcare Conference 3/3/11
1q11 earnings 5/10/11 - Click for PR - Click for CC notes
6/7/11 MDCO webcats at Jefferies - click for notes
6/23/11 Analyst Day - click for notes.
8/8/11 2q2011 webcast - click for notes.
9/9/11 Stifel Nicolaus webcast - click for notes.
10/21/11 Biocentury webcast - click for notes.
2/2012 BIO CEO conference - click for notes.
3/2012 Citi Healthcare conference - click for notes.
5/2012 ASCO preview and partner updates - click for blog.
5/2012 ASCO abstracts - click for blog.
6/2012 Jefferies Healthcare conference - click for notes.
7/2012 JMP webcast - click for notes.
9/2012 Notes from partner 2q-2012 earnings calls - blog.
- Link to partnered and unpartnered pipeline charts.
- Focus on drug discovery and early clinical development [invest up to 1 yr each discovery, animal, human development],
- goal: build profitable company thru licensing and managing broad asset portfolio - many "shots on goal". Want to fail fast and have early go/no go decision points
- >50 fully-funded partnerships (>25 partners in >10 therapeutic areas) with royalty rates ranging from 1-16% and over $150m invested annually, >60 programs total, 10 potential approvals in next 4 years (6/2011 Analyst Day)
- Combichem technology has hit targets that collaborators failed to w/ their own medicinal chem efforts.
- 2/1/2011 31 employees (12 r&d, 8 doctoral)- 26 fired Dec 2010/ Jan 2011
- 9/2006 sold oncology line to Eisai for $185m
- 6/2010 new buyback of $10m authorized over 2 years [$0.1m bought as of 3/31/11], closing NJ facility ($10m lease and severance costs)
- 11/8/2010 implemented 1:6 reverse stock split
- 11/2010: recd $2m IRS grants for 8 programs.
- 1q2011 and 1q2010 each $2.0m royalties - increase from Promacta offset by decline in Avinza sales
- 1q2011 R&D spend fell to $0.9m [company spent $40m on R&D in 2009]
- 2010 10k: expect to receive royalty revenue on 8 marketed products in 2011 and 50 fully-funded partnerships
- Historical royalty revenue: 2010 ($7.3m), 2009 ($8.3m), 2008 ($20.3m), 2007 ($11.4m)...Avinza sales are declining and royalty rate has dropped to 5% from 15%
- 2/15/11 webcast: in past 4 yrs have reduced operating expenses from $85m to <$18m
- 3/2/11 webcast: LGND acquired three companies during recession for total of $40m, their peak valuations were $1.7B combined (Pharmacopeia, Metabasis, Neurogen)
- 2011 Guidance: operating profit on $22-24m rev and $16-18m expenses, 35% COGS on material sales.
- 6/2011 Analyst day - will turn profitable by ye2011
- YE2011 cash $10m w/o addl borrowing or partnerships.
- $9-10m LGND and $13-14m Cydex revenue (11 months): 50% material sales (about $12m w/ 35% COGS)
- 50% capitsol material sales, 35% royalties (about $8m, $1m projected from Cydex), 15% licensing, etc (about $3.5m, $1.5m from Cydex).
- Have almost $500m in NOL's to use as company turns profitable
- In 2012 the following core assets will be early in their revenue life cycle and are predicted to make up >$30m rev total - promacta, avinza, conbriza, nexterone, carfilzomib.
- By 2015 grow to >$200m revenue from these products plus addition of aprela, CXCR2, clopidogrel, melphalan, carbamazepine, merck captisol program
- The above revenue illustration exclude milestones and license fees - just royalties
- Royalties ("high quality, less lumpy" revenue will grow from 35% to ~60% of revenues in undefined "future", along with 30% material sales and 10% license fees/etc
Links and Resources
- Click here to download slide deck from November 2008 merger with Pharmacopeia $PCOP
- Click here to download 2/2011 BIO CEO conference summary document for LGND.
- Slide decks and posters from 6/2011 Analyst Day:
- "Shots on Goal" portfolio strategy slides.
- Revenue Drivers poster.
- Internal Programs poster. Mentioned possibility of broad metabolic disease collaboration.
- Captisol hands-on demonstration slides.
- Click here to download August 2011 Corporate Presentation slide deck.
- Click here to download September 2011 Stifel Nicolaus conference slide deck.
- Click here to download September 2011 MLV conference call slide deck with Dr Afdhal re PROMACTA for HCV treatment
- Click here to download October 2011 BioCentury slide deck.
- Click here to download transcript of November 2011 panel discussion re PROMACTA ENABLE1 data in Hepatitis C Virus (HCV) patients
- Click here for November 2011 Griffin Securities initiation report on LGND.
- Click here to download February 2012 Citi webcast slide deck.
Articles in the Lay Press regarding Ligand
- Click here to read March 2011 article written by Xconomy.com "For about $60 million in cash and about 15 percent of Ligand’s stock, the San Diego biotech has amassed over 60 new drug candidates, pharmaceutical partnerships, and other assets with a cumulative value that Higgins says is close to $2 billion"
- Click here to read April 2011 article in San Diego Business Journal "Last year, royalties from the drug [Promacta] brought in between $2 million and $3 million, and this year that amount is expected double"...could boost to $12-13m royalties in 2013 w/ launch in HCV..."The other program with great potential for Ligand’s balance sheet is known as SARM, a drug that increases muscle mass and can be used to treat patients with muscle-wasting conditions. SARM is on the verge of being licensed to a company that can bring it through the FDA approval process and market it to doctors, McKay [LGND business development] said. “There’s a potential huge market for SARM,” Cohen [analyst] said. “With good phase one data, they could potentially do an all-out $100 million to $200 million deal with a large pharmaceutical company.”
- Click here to read June 2011 article about Baxter acquisition of Prism to gain the Nexterone product licensed from LGND
- Click here to read July 2011 RealMoney article about Ligand.
- Click here to read October 2011 Drug Development and Delivery feature about Captisol
- Click here for March 2012 BioWorld feature on Retrophin, run by Martin Shkreli and which licensed drug from Ligand.
Ligand LGND Royalty Revenue information
Proprietary royalty calculations and forecasts for Avinza, Promacta, and other products are available to Chimera Research Group subscribers upon request.
Ligand $LGND - Insider and Institutional Ownership
- This page will help track significant ownership of the company by insiders and institutions, as well as changes in this positions
- Note: as of 9/30/2011 there were 20,679,544 shares of common stock outstanding
- Click here to access institutional holdings database from NASDAQ
- Click here to access insider transactions (SEC form 4) from NASDAQ
- Click here for LGND 2011 Proxy statement reflecting insider stock and option positions as of 3/1/2011