Message from the CEO

We closed out 2014 with strong financial results and partners reporting numerous positive late-stage clinical and regulatory events, both in the U.S. and the EU. Looking back at the year, in the U.S. our partners announced positive Phase 3 data on three different programs and approvals of two New Drug Applications. In Europe, our partners announced the approval of two regulatory submissions.

We now enjoy a partnered pipeline of more than 120 fully-funded programs. We estimate that our partners will spend more than $1.1 billion on R&D to advance these programs during 2015, a spending level up significantly over 2014 given the increase in number of programs and the more advanced stage of the partnered assets. Ligand is primed for accelerating financial growth given the prospect of many potential new products and new indications coming online over the next couple of years and the increasing royalties from Promacta and Kyprolis.


 John L. Higgins                                                           
Chief Executive Officer