Ligand (LGND) Q1 FY26 earnings call

Ligand Pharmaceuticals reported a strong start to 2026, driven by significant royalty revenue and adjusted EPS growth, further bolstered by the anticipated acquisition of XOMA Royalty Corporation. The company's strategic shift to a pure royalty aggregation model continues to yield results, with key product milestones like Filspari's full FDA approval for FSGS and positive Phase III data for QTORIN rapamycin contributing to an expanding portfolio and future growth prospects. Management remains focused on disciplined business development and leveraging its efficient cost structure to deliver com