Significant Revenue Growth
Ligand reported a 46% increase in total revenue for Q1 2025 compared to the same period last year, totaling just over $45 million. Royalty revenue grew by 44%, reaching $27.5 million.
Strong Financial Position
Ligand has over $200 million in cash and investments, no debt, and access to a $125 million revolving credit facility, which can be upsized to $200 million.
Successful Launches and Approvals
Verona Pharma's Ohtuvayre reported net sales of $71 million, and Merck's Capvaxive reported $107 million in sales, both exceeding expectations. Travere's Filspari is also seeing strong growth with a 180% year-over-year increase in sales.
Portfolio Diversification and Expansion
Ligand's portfolio consists of more than 90 assets diversified across various stages of clinical development and therapeutic areas. The company executed a strategic transaction with Channel Therapeutics to accelerate the commercialization of Zelsuvmi.
Positive Long-term Growth Outlook
Ligand expects a compound annual growth rate of 22% for royalty revenue by 2029, with current portfolio supporting an 18% CAGR.