Ligand Pharmaceuticals Inc (LGND) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome everyone to the Ligand Fourth Quarter 2023 earnings webcast.

女士們、先生們，感謝大家的支持，並歡迎大家觀看 Ligand 2023 年第四季收益網廣播。

At this time, all lines have been placed on mute to prevent any background noise.

此時，所有線路均已置於靜音狀態，以防止任何背景噪音。

After the speakers' remarks, there will be a question and answer session.

演講者發言後，將進行問答環節。

If you'd like to ask a question during this time, simply press the star followed by the number one on your telephone keypad.

如果您想在此期間提問，只需按電話鍵盤上的星號，然後再按數字 1 即可。

If you'd like to withdraw your question, please press the star followed by the one.

如果您想撤回問題，請按星號，然後按星號。

Once again.

再次。

Thank you.

謝謝。

I will now hand the call over to Teva Aspen dozer, Chief Financial Officer.

現在我將把電話轉交給財務長 Teva Aspen dozer。

You may begin your conference.

您可以開始您的會議了。

Hello, everyone, and welcome to our earnings call for the fourth quarter and year-end 2023.

大家好，歡迎參加我們的 2023 年第四季和年底財報電話會議。

During the call today, we will review the financial results we released prior to today's market opens and offer commentary on our partnered pipeline and business development activity, after which we will host a question and answer session.

在今天的電話會議中，我們將回顧今天開盤前發布的財務業績，並對我們的合作管道和業務開發活動發表評論，之後我們將舉辦問答環節。

Our earnings release can be found in the Investor Relations section of our website at Ligand.com. Participating for Ligand today will be our CEO, Todd Davis, our CFO, Matt Korenberg and myself, Tabula Rasa, CFO.

我們的收益發布可以在我們網站 Ligand.com 的投資者關係部分找到。今天參加 Ligand 的將有我們的執行長 Todd Davis、財務長 Matt Korenberg 和我自己 (財務長 Tabula Rasa)。

This call is being recorded and the audio portion will be archived in the investor section of our website.

本次通話正在錄音，音訊部分將存檔在我們網站的投資者部分。

It is our intent that all forward-looking statements regarding our financial results and commercial activity made during today's call will be protected under the Private Securities Litigation Reform Act of 1995.

我們的目的是，在今天的電話會議中做出的有關我們財務表現和商業活動的所有前瞻性陳述都將受到 1995 年私人證券訴訟改革法案的保護。

Forward-looking statements are subject to risks and uncertainties.

前瞻性陳述存在風險和不確定性。

Actual events or results may differ materially from those projected or discussed.

實際事件或結果可能與預測或討論的事件或結果有重大差異。

Our forward looking statements are based upon current available information and Ligand assumes no obligation to update these statements to better understand the risks and uncertainties that could cause actual results to differ.

我們的前瞻性陳述是基於目前可用的信息，Ligand 不承擔更新這些陳述以更好地了解可能導致實際結果不同的風險和不確定性的義務。

We refer you to the documents that Ligand has filed with the Securities and Exchange Commission, including our most recent Forms 10 Q and 10 K.

我們請您參閱 Ligand 向美國證券交易委員會提交的文件，包括我們最新的表格 10 Q 和 10 K。

With that, I will now turn the call over to Todd.

現在，我將把電話轉給托德。

Thank you, cabo, and welcome to everyone on the call.

謝謝你，卡波，歡迎大家參加電話會議。

The end of 2023 marks the completion of my first full year as CEO of Ligand.

2023 年底標誌著我作為 Ligand 執行長的第一個完整年度的結束。

And I'm happy to say that in the last year, we've successfully transformed the company to take ligand to the next stage of growth.

我很高興地說，去年我們成功地對公司進行了轉型，使配體進入了下一個成長階段。

Slide 3 summarizes our financial and portfolio achievements in 2023, which underscores our strong momentum and the strength of our business model First, we delivered strong financial performance.

投影片 3 總結了我們 2023 年的財務和投資組合成就，突顯了我們的強勁勢頭和業務模式的優勢。首先，我們實現了強勁的財務表現。

We grew revenue by more than 20% when you exclude last year's COVID-related Captisol sales, while reducing 2023 cash operating expenses from above $90 million per year to below $40 million per year.

如果排除去年與新冠肺炎相關的 Captisol 銷售額，我們的收入成長了 20% 以上，同時將 2023 年的現金營運支出從每年 9,000 萬美元以上減少到每年 4,000 萬美元以下。

This resulted in core adjusted diluted earnings per share of $4.6, which is 66% above the prior year.

這導致核心調整後攤薄每股收益為 4.6 美元，比上年增長 66%。

Second, we streamlined and improved the financial profile of the business through restructuring efforts.

其次，我們透過重組努力精簡並改善了業務的財務狀況。

In addition to spinning out the OmniAb business, we also divested our Pelican protein expression platform via equity merger or spin out to form Primrose Bio.

除了分拆 OmniAb 業務外，我們也透過股權合併或分拆成立 Primrose Bio 的方式剝離了 Pelican 蛋白表現平台。

Both of these businesses are our valuable technology platforms, but they require additional investment in infrastructure that was inconsistent with our core financial strategy.

這兩項業務都是我們有價值的技術平台，但它們需要額外的基礎設施投資，這與我們的核心財務策略不一致。

This enabled a headcount reduction from over 170 to 35 employees.

這使得員工人數從 170 多人減少到 35 人。

This operational streamlining was completed even while adding significant talent in the investment portfolio management and diligence functions to create a premier investment team.

即使在投資組合管理和盡職調查職能方面增加了大量人才以創建一流的投資團隊的同時，也完成了營運精簡。

Accordingly, that team began to execute on our newly defined refined strategy in the second half of 2023.

因此，團隊於 2023 年下半年開始執行我們新定義的細化策略。

Third, we strengthened our royalty portfolio by adding several innovative and exciting new programs, including Sanofi's T's yield and Takeda's soticlestat.

第三，我們透過增加幾個創新且令人興奮的新計劃來加強我們的特許權使用費組合，其中包括賽諾菲的 T 收益和武田的 soticlestat。

We also expanded existing partnerships acquiring full rights to the recently approved sale sued me and expanding a royalty investment in palbo PTX. zero to two program, which is in development for Micrus cystic lymphatic malformations.

我們還擴大了現有的合作夥伴關係，獲得了最近批准的起訴我的銷售的全部權利，並擴大了對 palbo PTX 的特許權投資。零到二計劃，該計劃正在針對 Micrus 囊性淋巴畸形開發。

Fourth, as shown on slide 4, at our Investor Day in December, we announced for the first time a longer-term outlook where we see royalty revenue kegger of over 20% and an adjusted EPS kegger exceeding 25% over the next five years.

第四，如投影片 4 所示，在 12 月的投資人日上，我們首次宣布了長期前景，預計未來五年特許權使用費收入將超過 20%，調整後每股盈餘將超過 25%。

The breadth of our asset portfolio provides us with a lower volatility and much greater predictability than is typical in biotech businesses, which in turn provides us the confidence to share these longer-term projections.

與生技企業相比，我們資產組合的廣泛性為我們提供了更低的波動性和更高的可預測性，這反過來又使我們有信心分享這些長期預測。

The forecast is driven by our current major commercial programs, our existing pipeline and the expected contribution from the new business development efforts, KaVo will cover our financials in a little more detail, but I'd like to highlight that the increase in Viking Therapeutics stock price in 2023 has bolstered our balance sheet as we generated approximately $80 million in proceeds from the sale of Viking shares and still hold approximately 1.7 million shares.

這項預測是由我們目前的主要商業項目、現有的管道以及新業務開發工作的預期貢獻所推動的，卡瓦將更詳細地介紹我們的財務數據，但我想強調的是，Viking Therapeutics 股票的增加2023 年的價格改善了我們的資產負債表，因為我們透過出售 Viking 股票獲得了約 8,000 萬美元的收益，並且仍然持有約 170 萬股。

We are reinvesting these proceeds into new investments that will drive additional growth and value creation in the future.

我們正在將這些收益再投資於新的投資，這將推動未來的額外成長和價值創造。

Also, there are several exciting developments across our partnered commercial portfolio and clinical pipeline during late 2023 and early 2024, and there's an opportunity for further value creation through additional important catalysts expected this year on January 5, 2024r the FDA approved Zelle suit me as a first-in-class medication for the treatment of molluscum molluscum, contagious and in adults and pediatric patients, one year of age or older.

此外，在2023 年底和2024 年初，我們的合作商業產品組合和臨床管道中出現了一些令人興奮的發展，預計今年2024 年1 月5 日，FDA 批准Zelle 適合我，透過其他重要的催化劑，有機會進一步創造價值。用於治療傳染性軟疣、成人和一歲或以上兒童患者的一流藥物。

Your food made is the first and only prescription medication that can be applied by patients, parents or caregivers at home outside of the physician's office to treat this highly contagious infection.

您製作的食物是第一種也是唯一一種處方藥，患者、父母或照護者可以在醫生辦公室外的家中使用來治療這種高度傳染性的感染。

You may recall that we own 100% of Zelle, certainly rights after funding November through a restructuring process and acquiring a significant portion of their assets in 2023.

您可能還記得，我們​​擁有 Zelle 100% 的股份，這當然是在 11 月透過重組流程提供資金並在 2023 年收購其大部分資產後的權利。

Additionally, we have two partnered products that have produced to date scheduled during June of 2024 for Otis ensifentrine and Merck's D. one one six and suspension rate, if approved, is expected to be the first novel mechanism available for the maintenance treatment of COPD in more than 10 years.

此外，我們還有兩種合作產品，已計劃於2024 年6 月生產，包括奧的斯芬汀(Otis ensifentrine) 和默克(Merck) 的D. 一一六(D. one one Six)，如果獲得批准，預計將成為第一個可用於慢性阻塞性肺病(COPD) 維持治療的新型機制。超過10年。

Additionally, the FDA accepted for priority review Merck's new BLA for V. one one six, an in-depth investigational 21 valent pneumococcal conjugate vaccine, specifically designed to help prevent invasive pneumococcal disease and pneumonia in adults.

此外，FDA 還接受了默克對 V.一一六的新 BLA 的優先審查，這是一種深入研究的 21 價肺炎球菌結合疫苗，專門用於幫助預防成人侵襲性肺炎球菌疾病和肺炎。

Our royalty rates on ensifentrine and D. one one six are in the low single digit royalty range.

我們對 ensifentrine 和 D.一一六的特許權使用費率處於較低的個位數特許權使用費範圍內。

Finally, trivia announced that it received 459 new patient start forms for Phil sorry, in the fourth quarter of 2023 and announced net product sales of approximately $15 million for the fourth quarter, which is an increase of over 80% from the prior quarter.

最後，Trivia 宣布，其在 2023 年第四季度收到了 459 份 Phil Sorry 的新患者啟動表格，並宣布第四季度產品淨銷售額約為 1500 萬美元，較上一季度增長超過 80%。

We have a 9% royalty until story and consensus estimates continue to show $500 million to $1 billion in peak sales party sales shortly.

我們收取 9% 的特許權使用費，直到故事和共識估計很快就會出現 5 億至 10 億美元的高峰銷售聚會銷售額。

Matt will provide more detail around these and other programs.

馬特將提供有關這些計劃和其他計劃的更多詳細資訊。

Now let's turn to our business development efforts in 2023.

現在讓我們來談談2023年我們的業務發展工作。

One of our key priorities was assembling a strong and experienced investment team to execute on our strategy, and we are pleased with our progress in this regard.

我們的首要任務之一是組建一支強大且經驗豐富的投資團隊來執行我們的策略，我們對我們在這方面取得的進展感到高興。

Additionally, I can share today that we recently added rich Baxter and Dr. Karen Reeves to the team.

此外，我今天可以分享的是，我們最近將富有的 Baxter 和 Karen Reeves 博士添加到了團隊中。

Rich joins us as SVP of investment operations and a member of the Investment Committee.

Rich 加入我們，擔任投資營運資深副總裁和投資委員會成員。

Rich brings significant commercial pharmaceutical industry experience and private equity investment experience co-founded the healthcare group for Drawbridge Special Opportunities Fund at Fortress Investment Group, which invested approximately $1 billion in emerging life science companies.

Rich 帶來了豐富的商業製藥行業經驗和私募股權投資經驗，與 Fortress Investment Group 的 Drawbridge Special Opportunities Fund 共同創立了醫療保健集團，該集團向新興生命科學公司投資了約 10 億美元。

He also served as co-head of the healthcare team at Hastings Capital Management, which deployed $1.4 billion in capital over four years.

他還擔任黑斯廷斯資本管理公司醫療保健團隊的聯席主管，該公司在四年內部署了 14 億美元的資本。

Cameron is a board-certified physician and joins us as SVP of Clinical Strategy and Investments.

卡梅倫是一位委員會認證的醫生，加入我們擔任臨床策略和投資高級副總裁。

She brings more than 20 years of experience in senior roles at top pharmaceutical companies with extensive experience in successful Phase one through Phase four drug development across multiple therapeutic areas.

她擁有 20 多年在頂級製藥公司擔任高級職務的經驗，在多個治療領域成功進行一期至四期藥物開發方面擁有豐富的經驗。

Most recently, he served as President and Chief Medical Officer of AZ therapies, a private late-stage clinical biopharmaceutical company focused on neurology prior to AZ therapies.

最近，他擔任 AZ Therapeutics 的總裁兼首席醫療官，這是一家私人後期臨床生物製藥公司，在 AZ Therapeutics 之前專注於神經病學。

Karen held multiple leadership positions at Pfizer, including DP., worldwide R & DZP., worldwide safety and regulatory and Head of Global Clinical submissions for quality.

Karen 在輝瑞公司擔任過多個領導職務，包括 DP、全球研發和 DZP、全球安全和監管以及全球臨床提交品質負責人。

Welcome both current and rich to the Ligand team Paul had and has been leading our investment origination efforts and was instrumental in increasing our available opportunity set during 2023.

歡迎現任和富有的人加入配體團隊，Paul 一直領導著我們的投資發起工作，並為增加我們在 2023 年的可用機會集發揮了重要作用。

Last year.

去年。

We reviewed over 300 investment opportunities, signed 45 CDAs and closed five transactions.

我們審查了 300 多個投資機會，簽署了 45 張 CDA 並完成了五筆交易。

We entered 2024 with $130 million in cash plus.

進入 2024 年，我們擁有 1.3 億美元的現金。

We expect to generate approximately$ 80 million in cash from operations this year.

我們預計今年的營運將產生約 8000 萬美元的現金。

Adding to this is our ownership in Viking Therapeutics stock at a $75 million revolving credit facility.

除此之外，我們也以 7,500 萬美元的循環信貸額度持有 Viking Therapeutics 股票。

With this strong financial position, we feel we are well positioned to have another successful year led by investment activity, providing exciting growth opportunities ligand.

憑藉著強勁的財務狀況，我們認為我們有能力在投資活動的引領下迎來另一個成功的一年，提供令人興奮的成長機會配體。

As we discussed in December, the team has built a robust pipeline of investment opportunities that span both significant breadth of therapeutic area, but also diversified transaction types.

正如我們在 12 月討論的那樣，該團隊已經建立了強大的投資機會管道，不僅涵蓋廣泛的治療領域，而且還涵蓋多元化的交易類型。

We are in active dialogue with multiple counterparties and are constantly looking for new exciting opportunities for which to invest capital.

我們與多個交易對手積極對話，並不斷尋找新的令人興奮的資本投資機會。

The team is currently reviewing approximately $1.4 billion in investment opportunities across multiple strategies, including royalty monetization, project finance, M&A, and special opportunities as a reminder about our investment criteria, we are primarily focused on assets that are within a few years of approval in either Phase two or Phase three.

該團隊目前正在審查多種策略中約14 億美元的投資機會，包括特許權使用費貨幣化、專案融資、併購和特殊機會，以提醒我們的投資標準，我們主要關注在批准後幾年內的資產.第二階段或第三階段。

Our highly differentiated offer significant value to patients provide favorable market exclusivity.

我們高度差異化的產品為患者提供了巨大的價值，並提供了有利的市場獨佔性。

It has above average probability of technical and regulatory success.

它在技術和監管方面取得成功的可能性高於平均水平。

Ultimately, the number and size of investments we make will depend on the quality of the opportunities we identify, and we believe that we have the right team to execute and excel in this high-margin, high-growth strategy.

最終，我們的投資數量和規模將取決於我們發現的機會的質量，我們相信我們擁有合適的團隊來執行並在這高利潤、高成長的策略中脫穎而出。

It's important to note that the majority of our diligence assessment is done under confidentiality agreements, which provides us advantageous insight into our investment decisions.

值得注意的是，我們的大部分盡職評估都是根據保密協議進行的，這為我們提供了對投資決策的有利見解。

So in summary, 2023 was an important year for Ligand in terms of our financial performance, strategic evolution, investment activity and team building efforts.

總而言之，2023 年對於 Ligand 的財務表現、策略演進、投資活動和團隊建立工作來說都是重要的一年。

With these accomplishments, we're looking forward to a busy and productive 2020.

憑藉這些成就，我們期待著忙碌而富有成效的 2020 年。

For now, Matt will cover the portfolio highlights.

目前，馬特將介紹投資組合的亮點。

Thanks, Todd, 2023 was a transformative year for Ligand.

謝謝 Todd，2023 年對 Ligand 來說是改變的一年。

And today, I'll provide investors with an update on key developments from our partners across our commercial programs in our development portfolio, Ligand's portfolio includes more than 85 partnered programs that drive our royalty revenue, our Captisol material sales and our license milestone and contract revenue.

今天，我將向投資者介紹我們的合作夥伴在我們的開發組合中的商業項目的關鍵進展的最新情況，Ligand 的投資組合包括超過85 個合作項目，這些項目推動了我們的特許權使用費收入、我們的Captisol 材料銷售以及我們的許可里程碑和合約收入。

Slide 10 shows our key commercial programs that drive are the significant majority of our royalty revenue.

投影片 10 顯示了我們的主要商業計劃，這些計劃推動了我們大部分的特許權使用費收入。

Our current commercial portfolio includes over 25 different royalty streams and 30 commercial drivers.

我們目前的商業產品組合包括超過 25 個不同的版稅流和 30 個商業驅動程式。

Overall, the eight programs are expected to contribute over 95% of the royalty revenue in 2024.

總體而言，這八個項目預計將在 2024 年貢獻超過 95% 的版稅收入。

The team at Ligand is focused on adding additional names to this list.

Ligand 團隊致力於在此列表中添加更多名稱。

Many of those additions will come organically from our existing partnered pipeline portfolio and some will come through new investments generated out of our now established field team.

其中許多新增項目將有機地來自我們現有的合作管道投資組合，有些將來自我們現有的現場團隊產生的新投資。

As Todd mentioned, a few highlights from 2023 Prolaris, which is an important drug for multiple myeloma, continued its strong performance with another solid quarter in Q4.

正如托德所提到的，2023 年 Prolaris 的一些亮點是多發性骨髓瘤的重要藥物，在第四季度又一個穩定的季度繼續保持強勁表現。

It product marketed by Amgen in a majority of the countries around the world as well as by Ono in Japan and by Beijing in China.

該產品由安進（Amgen）在全球大多數國家銷售，並由日本小野（Ono）和中國北京銷售。

For Q4 2023, these companies reported combined quarterly revenue of over $370 million year over year.

2023 年第四季度，這些公司報告的季度總收入較去年同期超過 3.7 億美元。

Growth for the product was driven principally by volume growth for 2023, reported sales exceeding $1.4 billion globally, we earn a tiered royalty of 1.5% to 3% on global sales and expect continued growth in 2024.

該產品的成長主要受到 2023 年銷售成長的推動，據報告，全球銷售額超過 14 億美元，我們根據全球銷售額收取 1.5% 至 3% 的分級特許權使用費，並預計 2024 年將繼續成長。

Our partner, Servier as marketing field bar in the US in IGA nephropathy, Trevi reported revenue of $14.7 million for Q4, which we are also continuing to disclose the momentum on new patient recruitment.

我們的合作夥伴施維雅（Servier）作為 IGA 腎病在美國的營銷領域律師，Trevi 報告第四季度收入為 1,470 萬美元，我們也將繼續披露新患者招募的勢頭。

Severe had 459 new patient flow submitted in Q4 bringing the total since launch to 1,452.

Severe 在第四季度提交了 459 名新患者流，使自推出以來的總數達到 1,452 名。

The continued addition of potential new patients provides good evidence of future revenue potential that supports the consensus estimates for 2024?

潛在新病患的持續增加為未來收入潛力提供了良好的證據，支持 2024 年的共識估計？

Sure.

當然。

At approximately $110 million of revenue for the year.

年收入約 1.1 億美元。

On the regulatory front, Premier announced that the EMACHMP. has recommended approval for surface, our Santen for the treatment of adults with primary IGA nephropathy.

在監管方面，Premier 宣布 EMACHMP。已建議批准 Surface，我們的 Santen 用於治療成人原發性 IGA 腎病變。

The Company expects the EU approval decision in Q2 2024 and the full U.S. approval decision in Q three 2024, we earned a 9% royalty on net sales, and we expect that this will be a significant driver of our long-term growth for royalties.

公司預計歐盟將在2024 年第二季做出批准決定，美國將在2024 年第三季做出全面批准決定，我們將獲得淨銷售額9% 的特許權使用費，我們預計這將成為我們特許權使用費長期成長的重要推手。

Rylaze is marketed by our partner, Jazz Pharmaceuticals as a component of a multi-agent chemotherapeutic regimen for the treatment of children and adults with ALL or LBL.

Rylaze 由我們的合作夥伴 Jazz Pharmaceuticals 銷售，作為多藥化療方案的組成部分，用於治療患有 ALL 或 LBL 的兒童和成人。

This product continues to do extremely well in a market that was previously constrained by supply issues at JPMorgan.

該產品在先前因摩根大通供應問題而受到限制的市場中繼續表現出色。

Earlier this year, Jazz highlighted rights as one of its three key growth drivers having received approval for Rylaze in Europe in September 2023, just to confirm, the first European country launch occurred before the end of last year, and that additional European launches will continue on a rolling basis in 2024.

今年早些時候，Jazz 強調了權利作為其三大關鍵增長動力之一，Rylaze 於2023 年9 月在歐洲獲得批准，只是為了確認去年年底前首次在歐洲國家上市，並將繼續在歐洲推出更多產品2024 年滾動實施。

In Q3 of 2023, Rylaze generated $104.9 million in sales.

2023 年第三季度，Rylaze 的銷售額為 1.049 億美元。

We look forward to any program updates in the Jazz Q4 sales report coming later this week, back in advance of the pneumococcal vaccine utilizing Ligand's Kremlin 97 vaccine carrier protein produced using our former Pelican Expression Technology platform work is now marketing back to events in both the adult population and the pediatric population, where we announced a $176 million in back-to-base sales in Q4 2023.

我們期待本週稍後發布的Jazz 第四季度銷售報告中的任何計劃更新，早於使用Ligand 的Kremlin 97 疫苗載體蛋白生產的肺炎球菌疫苗，該疫苗使用我們以前的Pelican 表達技術平台工作生產，現在正在行銷回兩個地區的活動成人和兒科人群，我們宣布 2023 年第四季的回基銷售額為 1.76 億美元。

For the full year, sales for the product came in at $665 million.

該產品全年銷售額為 6.65 億美元。

Ligand earns a low single-digit royalty on vaccine sales.

配體在疫苗銷售中賺取低個位數的特許權使用費。

Turning to slide 11, we list a selection of our partnered pipeline products that will have meaningful clinical or regulatory catalysts in the coming year.

轉向幻燈片 11，我們列出了一系列合作夥伴的管道產品，這些產品將在來年產生有意義的臨床或監管催化劑。

The first program on the list of Zeltiq flying and acquire this product through our Novion acquisition in 2023, subsequently receive approval for the program on January fifth, 2024.

Zeltiq 清單上的第一個項目正在飛行，並於 2023 年透過我們收購 Novion 獲得了該產品，隨後於 2024 年 1 月 5 日獲得該專案的批准。

So soon is approved for the treatment of Alaskan contagious in adults and pediatric patients, one year of age or older, consuming the first and only topical prescription medication can be applied by patients, parents or caregivers at home outside of a physician's office or other medical settings, and it's used to treat this highly contagious viral skin infection team is extremely excited about the potential for this program for a process of building a new stand-alone company called Pelto therapeutics that will commercialize Delta company creation effort is very similar to our prior efforts related to Viking Therapeutics and Primrose bio Pelto.

因此很快就被批准用於治療成人和一歲或以上兒童患者的阿拉斯加傳染病，患者、父母或照護者可以在醫生辦公室或其他醫療機構之外的家中使用第一種也是唯一一種外用處方藥。設置，它用於治療這種高度傳染性的病毒性皮膚感染團隊對該計劃的潛力感到非常興奮，該計劃可以建立一家名為Peltotherapys 的新獨立公司，該公司將商業化Delta 公司的創建工作與我們之前的非常相似Viking Therapeutics 和 Primrose bio Pelto 相關的努力。

So the operative fully independent of Ligand.

因此操作完全獨立於配體。

So we expect to own a significant equity stake in the business and inception file.

因此，我們希望在業務和初始文件中擁有大量股權。

While we are having discussions with potential strategic licensing partners, we're also making good progress towards the creation of health, those in the launch of bill, certainly we expected those ones.

在我們與潛在的策略許可合作夥伴進行討論的同時，我們在創造健康方面也取得了良好進展，在推出法案時，我們當然期望這些進展。

You'll see me in late 2024, and the program will join our key contributors to Ligand's royalty revenue line.

您將在 2024 年底見到我，該計劃將加入我們對 Ligand 特許權使用費收入線的主要貢獻者行列。

Corona submitted its NDA to the FDA in June 2023 for approval of ensifentrine for the maintenance treatment of patients with COPD certificate for the product's been established as June 26th, 2024.

Corona 於 2023 年 6 月向 FDA 提交了新藥申請 (NDA)，批准恩西芬汀用於 COPD 患者的維持治療，該產品的證書已於 2024 年 6 月 26 日建立。

And Verona is building its commercial infrastructure as we speak by again benefits from a low single-digit royalty on ensifentrine and we believe the program will be another of our key growth drivers as factories are first in class drug candidate using a novel mechanism of action, combining dual inhibition of PDE. three and PDE4 our own estimates that there are over 8 million COPD patients currently receiving chronic treatment in the US alone, over half of whom are dissatisfied with their current treatment regimen.

維羅納正在建造其商業基礎設施，正如我們所說，再次受益於ensifentrine 的低個位數特許權使用費，我們相信該計劃將成為我們的另一個關鍵增長動力，因為工廠是使用新穎作用機制的一流候選藥物，結合 PDE 的雙重抑制。 3 和 PDE4 我們自己估計，目前光在美國就有超過 800 萬名慢性阻塞性肺病患者正在接受長期治療，其中超過一半對其目前的治療方案不滿意。

If approved, intervention could offer an effective and highly safe and tolerable add-on or alternative treatment to address both symptoms and exacerbations markets.

如果獲得批准，幹預措施可以提供有效、高度安全和可耐受的附加或替代治療，以解決症狀和病情加重市場。

Developing B. one one six, as part of its pneumococcal vaccine franchise fuel and six is targeted specifically at adults has shown benefits over the existing standard of care after reporting positive Phase three data last year in June in filing the BLA in November.

開發B.一一六作為其肺炎球菌疫苗特許經營燃料的一部分，六是專門針對成人的，在去年6月在11月提交的BLA中報告了積極的第三階段數據後，已經顯示出優於現有護理標準的優點。

There's now the due for date of June 17th, 2024.

現在的截止日期是 2024 年 6 月 17 日。

For successful approval, we believe be one one six will continue to drive the Merck franchise growth benefit ligand through our low single digit royalty work received breakthrough therapy designation for V1 six, and if approved, fuel and six will be the first pneumococcal conjugate vaccine, specifically designed to address the serotypes that cause post adult invasive pneumococcal disease.

為了成功獲得批准，我們相信一一六將透過我們低個位數的特許權使用費工作繼續推動默克特許經營增長利益配體，該工作獲得了V1 六的突破性療法指定，如果獲得批准，燃料六將成為第一種肺炎鏈球菌結合疫苗，專門設計用於解決導致成人後侵襲性肺炎球菌疾病的血清型。

Kate is developing soticlestat, which is a first-in-class novel compound with the potential to reduce seizure susceptibility to Kate is currently running two Phase three trials and expect data in its fiscal year 2020.

Kate 正在開發 soticlestat，這是一種一流的新型化合物，有可能降低癲癇易感性。Kate 目前正在進行兩項第三階段試驗，預計在 2020 財政年度獲得數據。

For 5G.

對於5G。

Nr is a tiered royalty of up to 22.6% on this drug if successfully commercialized as well as up to $86 million of milestones.

如果成功商業化，Nr 是該藥物高達 22.6% 的分級特許權使用費，以及高達 8,600 萬美元的里程碑。

There remains high unmet need in rare pediatric epilepsies and soticlestat is uniquely positioned to deliver value to patients and caregivers through its demonstrated seizure reduction capability as well as its strong safety profile and ability to be combined with a broad range of antiepileptic treatments.

罕見兒童癲癇的需求仍然很高，而soticlestat 具有獨特的優勢，可以透過其已證實的減少癲癇發作的能力、強大的安全性以及與廣泛的抗癲癇治療相結合的能力，為患者和護理人員提供價值。

Finally, during the second quarter of 2023, Viking announced positive top line results from the Phase IIb VOYAGE study evaluating DK. to eight oh nine in patients with biopsy-confirmed NASH and we expect to report data from the secondary and exploratory objectives of the VOYAGE study, including the evaluation of histologic changes assessed by Empatic biopsy over 52 weeks of treatment, a first half of 2024.

最後，在 2023 年第二季度，Viking 宣布了評估 DK 的 IIb 期 VOYAGE 研究的正面頂線結果。在活檢確診的 NASH 患者中，從 8 點 9 分開始，我們期望報告 VOYAGE 研究的次要和探索性目標的數據，包括在 2024 年上半年的 52 週治療期間透過 Empatic 活檢評估的組織學變化。

We expected following these results, Viking, we move forward into Phase three with this important program by going into 3.5% to 7.5% royalty on potential sales of DK. to eight oh nine as well as significant clinical regulatory and commercial milestone.

我們預計，在這些結果之後，Viking，我們將透過對 DK 的潛在銷售收取 3.5% 至 7.5% 的特許權使用費，進入這項重要計劃的第三階段。八點零九以及重要的臨床監管和商業里程碑。

Nash is a very large potential market.

納許是一個非常大的潛在市場。

And if Mike is successful in their development products in this category are estimated to be multibillion-dollar dollar opportunities.

如果麥克在這一類別的產品開發上取得成功，估計將帶來數十億美元的機會。

On Slide 10, I'll provide sorry, excuse me on Slide 12.

在投影片 10 上，我將在投影片 12 上表示抱歉，請原諒。

I'll provide an update on our Captisol business forecasts of sales for 2023 outperformed our expectation for the year.

我將提供有關 Captisol 業務預測的最新信息，即 2023 年的銷售業績超出了我們的預期。

Customer demand remains strong for both clinical and commercial Caphosol as partners continue to find benefit from our technology platform, 2023.

隨著合作夥伴繼續從我們的技術平台中獲益，客戶對臨床和商業 Caphosol 的需求仍然強勁，到 2023 年。

So six new partner agreements.

因此有六項新的合作夥伴協議。

We've already signed a few more in 2020.

2020 年我們已經簽署了更多協議。

For last month, we saw Eisai announced the approval of the IV formulation of their drug by complex that marks the 16th approved Captisol-enabled drug around the world.

上個月，我們看到衛材 (Eisai) 宣布批准其藥物複合物的靜脈注射製劑，這標誌著全球第 16 個獲批的 Captisol 藥物。

And we see the potential for another four approvals in 2020 for traction on this business as exemplified by the number and pace of approvals as well as the volume of material that we've sold since acquiring the business.

我們認為 2020 年有可能獲得另外四項批准來推動該業務，批准的數量和速度以及自收購該業務以來我們銷售的材料數量就是例證。

In addition to highlighting the names of all 16 approved drugs along with our timing of approval.

除了突出顯示所有 16 種已批准藥物的名稱以及我們的批准時間。

A chart on the right shows vertical bars annually that represent the cumulative volume of Captisol that we sold.

右側的圖表顯示每年的垂直條，代表我們銷售的 Captisol 的累積數量。

It demonstrates the continued momentum of the business.

它表明了該業務的持續發展勢頭。

We report our Captisol sales on a separate line from our royalties businesses, another of our major drivers of revenue, cash flow and profitability.

我們將 Captisol 銷售額與特許權使用費業務分開報告，特許權使用費業務是我們收入、現金流量和獲利能力的另一個主要驅動因素。

Gross profit from capsule in 2023 equated to about $17 million, which exceeded our largest single current single royalty other than Kyprolis.

2023 年膠囊的毛利約為 1700 萬美元，超過了除 Kyprolis 之外我們目前最大的單一特許權使用費。

That concludes my summary of before portfolio highlights, and I'll turn the call back over to David for a financial update.

我對先前投資組合亮點的總結到此結束，我將把電話轉回給大衛，以了解最新的財務情況。

Thanks, Matt.

謝謝，馬特。

First, I want to highlight that I will be discussing non-GAAP results, which exclude certain items, including stock-based compensation, amortization of intangible assets, unrealized gains from short-term investments, our share of losses absorbed from accounting or invest our investment in Primrose bio under the equity method expenses incurred to incubate the recently acquired Nova business amongst others.

首先，我想強調的是，我將討論非公認會計原則的結果，其中不包括某些項目，包括基於股票的薪酬、無形資產攤銷、短期投資的未實現收益、我們從會計或投資中吸收的損失份額。根據權益法對 Primrose Bio 的投資 孵化最近收購的 Nova 業務等所產生的費用。

In addition to help investors discern the performance of our core business results, we subtract Caphosol sales related to COVID-19 and realized gains from the sale of Viking Therapeutics stock.

除了幫助投資者辨別我們核心業務表現的表現外，我們還減去了與 COVID-19 相關的 Caphosol 銷售額，並從出售 Viking Therapeutics 股票中實現了收益。

I encourage you to review the GAAP reconciliation of these non-GAAP measures, which can be found in today's release available on our website.

我鼓勵您查看這些非 GAAP 指標的 GAAP 調整表，您可以在我們網站上今天發布的新聞稿中找到這些調整表。

We delivered strong results in 2023 that met or exceeded the high end of our guidance range with total revenue of $131 million and core adjusted earnings per share of $4.6. We ended the year with $170 million in cash and investments and no debt on the balance sheet.

我們在 2023 年取得了強勁的業績，達到或超過了我們指導範圍的上限，總收入為 1.31 億美元，核心調整後每股收益為 4.6 美元。年底，我們擁有 1.7 億美元的現金和投資，資產負債表上沒有任何債務。

Slide 14 frames of our financial results in more detail for both the fourth quarter and the full year.

幻燈片 14 幀顯示了我們第四季度和全年的更詳細的財務業績。

I'll focus my discussion first on the full year results.

我將首先集中討論全年業績。

Excluding last year's contribution from COVID, Captisol sales total 2023 revenue grew 21% versus 2022.

排除去年新冠疫情的貢獻，Captisol 2023 年銷售總收入比 2022 年成長 21%。

Royalty revenue increased 16% to $83.9 million from $72.5 million a year ago was the growth driven by strength in Amgen's Kyprolis?

特許權使用費收入從一年前的 7,250 萬美元增長 16% 至 8,390 萬美元，增長是由安進 Kyprolis 的實力推動的嗎？

Yes, it's Rylaze and Merck's of X new events, the increase in royalty revenue was offset by a decrease in teriparatide.

是的，這是 Rylaze 和默克公司的 X 個新活動，特許權使用費收入的增加被特立帕肽的減少所抵消。

We have been anticipating generic competition to enter the market, and it appears that may beginning to materialize.

我們一直預計仿製藥競爭會進入市場，而且這種情況似乎可能開始成為​​現實。

Amgen reported totaled 2023 type product sales of $1.4 billion which was 13% above the prior year and the attributed most of the increased volume growth.

安進 (Amgen) 報告稱，2023 年產品的總銷售額為 14 億美元，比上一年增長 13%，這主要歸功於銷售成長。

Merck announced total sales of $665 million It prevents new events, which is an almost 300% increase over 2022.

默克宣布總銷售額為 6.65 億美元，比 2022 年成長近 300%。

We believe these products, along with Rylaze until Spark, will continue to drive royalty revenue growth in the future.

我們相信，這些產品以及 Rylaze 直至 Spark，未來將繼續推動版稅收入成長。

Captisol sales were $28.4 million in 2023 versus core Captisol sales of $16.4 million in 2022, but the increase due to timing of customer orders.

2023 年 Captisol 銷售額為 2,840 萬美元，而 2022 年 Captisol 核心銷售額為 1,640 萬美元，但成長是由於客戶訂單時間安排所致。

Total Captisol sales in 2022 or $104.5 million was $88.1 million of that related to COVID-19.

2022 年 Captisol 總銷售額為 1.045 億美元，其中 8,810 萬美元與 COVID-19 相關。

We did not have any COVID-19 related Captisol sales this year.

今年我們沒有任何與 COVID-19 相關的 Captisol 銷售。

Contract revenue this year was $19 million versus $19.2 million in 2022.

今年的合約收入為 1,900 萬美元，而 2022 年為 1,920 萬美元。

Total R&D and G&A operating expenses decreased by 27% in 2023 to primarily to lower headcount related expenses associated with the spin out of Pelican.

2023 年，研發和一般行政費用總額減少了 27%，主要是為了減少與 Pelican 分拆相關的員工人數相關費用。

A decrease in operating expenses was offset by investments made to build up our investment team in Boston as well as the increase in expenses associated with the incubating the narrowband business.

營運費用的減少被在波士頓建立投資團隊的投資以及與孵化窄頻業務相關的費用增加所抵消。

G&a and R&D expenses were $52.8 million and $24.5 million in 2023 versus $70.1 million and $36.1 million in 2022, respectively.

2023 年的一般管理費用和研發費用分別為 5,280 萬美元和 2,450 萬美元，而 2022 年分別為 7,010 萬美元和 3,610 萬美元。

Gaap net income in 2023 was $53.6 million or $3.2 per diluted share versus GAAP net loss of $5.2 million or $0.31 per share in 2022.

2023 年 GAAP 淨收入為 5,360 萬美元，即稀釋後每股 3.2 美元，而 2022 年 GAAP 淨虧損為 520 萬美元，即每股 0.31 美元。

The increase in GAAP net income is due largely to the increase in operating income and gains from short-term investments due to the increase in value on our holdings of Viking stock.

公認會計準則淨利潤的增加主要是由於我們持有的維京股票價值增加而導致營業收入和短期投資收益的增加。

Excluding the impact of gains from sales of Viking stock and COVID-19 Captisol sales, core adjusted net income was $71.6 million or $4.6 per diluted share in 2023 versus $41.9 million or $2.44 per diluted share in 2022.

不包括Viking 股票銷售和COVID-19 Captisol 銷售收益的影響，2023 年核心調整後淨利潤為7,160 萬美元，即稀釋後每股收益4.6 美元，而2022 年為4,190 萬美元，即稀釋後每股收益2.44 美元。

Adjusted net income for 2023 was $107.3 million or $6.8 per diluted share, compared with $82.2 million or $4.79 per diluted share in 2022

2023 年調整後淨利為 1.073 億美元，即稀釋後每股收益 6.8 美元，而 2022 年調整後淨利為 8,220 萬美元，即稀釋後每股收益 4.79 美元

To now focusing on the quarter, our revenue for the quarter increased about 5%, excluding COVID-19.

現在重點關注本季度，我們本季的收入成長了約 5%，不包括 COVID-19。

Captisol sales in Q4 2020 to royalty revenue overall increased slightly, driven by progress Rylaze back new bands and sales, partially offset by a decrease in teriparatide.

受 Rylaze 支持新樂隊和銷售進展的推動，2020 年第四季度 Captisol 銷售額佔特許權使用費收入的比例總體略有增長，但部分被特立帕肽的下降所抵消。

Total operating expenses are lower compared to the prior year quarter, a large part due to the spin out of Pelican, offset by investments made and building up our investment team in Boston as well as costs associated with the narrowband business.

與去年同期相比，總營運費用有所下降，很大程度上是由於 Pelican 的分拆，但被在波士頓進行的投資和建立投資團隊以及與窄頻業務相關的成本所抵消。

As mentioned on our third quarter earnings call, we expect to incur incremental operating costs associated with incubating the Noven business.

正如我們在第三季財報電話會議上所提到的，我們預計將產生與孵化 Noven 業務相關的增量營運成本。

Our intent is to spin out and or out-license I know van business and therefore, we are adjusting out these expenses for purposes of reporting adjusted non-GAAP earnings.

我們的目的是分拆和/或轉讓我知道貨車業務的許可，因此，我們正在調整這些費用，以便報告調整後的非公認會計原則收益。

Gaap net income for the fourth quarter of 2023 was $18 million or $1.2 per diluted share versus GAAP net loss of $14.5 million or $0.86 per share in the fourth quarter of 2022 the increase in GAAP net income is due largely to gains from short from short-term investments as a result of the increase in value on our holdings of Viking stock as well as lower operating expense, excluding the impact of gains from Viking stock and COVID-19 capital sales or adjusted net income was $18.5 million or $1.5 per share in Q4 '23 versus $13 million or $0.75 per share in Q4 '22.

2023 年第四季的GAAP 淨利潤為1,800 萬美元，即每股攤薄收益1.2 美元，而2022 年第四季的GAAP 淨虧損為1,450 萬美元，即每股0.86 美元。GAAP 淨利潤的增加主要是由於做空收益由於我們持有的 Viking 股票價值增加以及營運費用降低，定期投資不包括 Viking 股票收益和 COVID-19 資本銷售或調整後淨利潤的影響，第四季度為 1850 萬美元或每股 1.5 美元'23 年第四季為1300 萬美元，即每股0.75 美元。

Adjusted net income for the fourth quarter of 2023 was $24.3 million or $1.38 per share, compared with $43.5 million or $1.36 per share in the prior year quarter.

2023 年第四季調整後淨利為 2,430 萬美元，即每股 1.38 美元，去年同期為 4,350 萬美元，即每股 1.36 美元。

Turning to the balance sheet.

轉向資產負債表。

As of December 31, 2023, cash and short-term investments, $170 million, which includes $32 million of our holdings in Viking common stock expect that current cash plus annual cash flow generation will be sufficient to fund the investment and activity we anticipate over the foreseeable future.

截至2023 年12 月31 日，現金和短期投資為1.7 億美元，其中包括我們持有的3,200 萬美元的Viking 普通股，預計當前現金加上年度現金流量產生將足以為我們預計的投資和活動提供資金可以預見的將來。

Turning now to guidance.

現在轉向指導。

On Slide 15, we are reaffirming the 2024 financial guidance we introduced at Investor Day in December.

在投影片 15 中，我們重申了 12 月投資者日推出的 2024 年財務指引。

We expect 2024 royalty revenue will be in the range of $90 million to $95 million, sales of Captisol sales in the range of $25 million to $27 million and contract revenue in the range of $15 million to $20 million.

我們預計 2024 年特許權使用費收入將在 9,000 萬美元至 9,500 萬美元之間，Captisol 銷售額將在 2,500 萬美元至 2,700 萬美元之間，合約收入將在 1,500 萬美元至 2,000 萬美元之間。

These revenue components result in total revenue guidance of $130 million to $142 million and adjusted earnings per diluted share of $4.25 to $4.75. And as Todd mentioned, we also introduced in December for the first time, and we reiterate today a longer-term outlook where we see royalty revenue growing at a compound annual growth rate above 20% from 2022 to 2028 and adjusted core EPS growing even faster at a compound annual growth rate above 25%.

這些收入組成部分的總收入指引為 1.3 億至 1.42 億美元，調整後每股攤薄收益為 4.25 至 4.75 美元。正如托德所提到的，我們也在12 月首次介紹了這一點，今天我們重申了長期前景，我們認為從2022 年到2028 年，特許權使用費收入的複合年增長率將超過20%，調整後的核心每股盈餘成長甚至更快年複合成長率超過25%。

As a reminder, if you exclude Captisol for COVID-19 related sales from guidance, and we'll update investors as orders are received and shipped each quarter.

提醒一下，如果您將 Captisol 的 COVID-19 相關銷售排除在指導之外，我們將在每個季度收到和發貨訂單時更新投資者資訊。

Finally, I'd like to direct listeners to our fourth quarter earnings press release issued earlier today, which is available on our website for a reconciliation of our adjusted financial results to the GAAP results I talked about today.

最後，我想引導聽眾閱讀今天早些時候發布的第四季度收益新聞稿，該新聞稿可以在我們的網站上找到，以便將我們調整後的財務業績與我今天談到的公認會計準則業績進行核對。

I'll now turn the call over to Todd for closing comments.

我現在將把電話轉給托德以徵求結束意見。

Thank you, Thiago.

謝謝你，蒂亞戈。

In summary, we are very pleased with our 2023 financial results as well as the progress we've made over the last year, improving our investment capabilities and growing our asset portfolio.

總之，我們對 2023 年的財務表現以及去年在提高投資能力和擴大資產組合方面取得的進展感到非常滿意。

Our diversified portfolio, including our major commercial royalty generating program, our late-stage pipeline form the foundation for compounding growth.

我們的多元化投資組合，包括我們主要的商業特許權使用費產生計劃，我們的後期管道構成了複合成長的基礎。

This portfolio provides us with substantial cash flow to reinvest in new high value enhancing royalty opportunities.

該投資組合為我們提供了大量現金流，可用於再投資於新的高價值提高特許權使用費的機會。

We are well positioned to execute against our goals in 2024 and deliver attractive growth and shareholder returns over the long term.

我們有能力實現 2024 年的目標，並實現有吸引力的長期成長和股東回報。

Thank you to everyone for joining us for today's earnings call, and we will now pass it back to the operator and open it up for questions.

感謝大家參加今天的財報電話會議，我們現在將其傳回給運營商並開放以供提問。

Thank you, sir.

謝謝你，先生。

If any participant would like to ask a question, please press star followed by the number one on your telephone keypad.

如果有任何參與者想提問，請按星號，然後按電話鍵盤上的數字 1。

We'll pause for just a moment to compile the Q&A roster.

我們將暫停片刻來整理問答名單。

Our first question comes from the line of Matt Hewitt from Craig-Hallum Capital Group.

我們的第一個問題來自 Craig-Hallum Capital Group 的 Matt Hewitt。

Please go ahead.

請繼續。

Good morning and congratulations on the strong finish to the year.

早安，恭喜今年圓滿成功。

I guess several different from maybe the first one regarding the pencils on opportunity.

我猜想有幾個與第一個關於機會鉛筆不同的地方。

How should we be thinking about timing and potential structure of our partnership?

我們應該如何考慮合作關係的時機和潛在結構？

Or what are your intentions with that operating asset?

或者您對該營運資產的意圖是什麼？

It's Batam, yes.

是的，這是巴淡島。

So it has some very similar to what we've done in the past, creating permit was filed recently and back in 2014, 15, creating Viking and then eventually spinning out Viking as a standalone company.

因此，它與我們過去所做的事情非常相似，最近和 2014 年 15 月提交了創建許可證，創建了 Viking，然後最終將 Viking 分拆為一家獨立公司。

And in 2015 with the IPO, one of the things that we're pursuing with the Nova and assets is creating this company called Health, those therapeutics that is just getting started.

2015 年，隨著 IPO，我們對 Nova 和資產的追求之一就是創建這家名為 Health 的公司，這些療法才剛起步。

That will create as a stand-alone independent company.

這將創建一個獨立的獨立公司。

And we will seek external capital to fund at least a portion of and then ligand would license it assets the same way.

我們將尋求外部資本來資助至少一部分，然後配體將以同樣的方式授權其資產。

We license Viking four or five assets, and I set it up as a standalone company and some that companies will be I'm prepared to commercialize and launch the product later this year when the product's ready to be launched.

我們授權 Viking 的四到五項資產，我將其設定為一家獨立公司，其中一些公司將在今年稍後產品準備好推出時將其商業化並推出。

So it's one avenue that we're exploring.

所以這是我們正在探索的一種途徑。

And right now, it's the one that we think is pretty high probability, but we're exploring all alternatives, including a license of the asset to a strategic.

目前，我們認為這種可能性相當高，但我們正在探索所有替代方案，包括將該資產授權為一項策略。

Got it.

知道了。

That's helpful.

這很有幫助。

And then regarding your contract milestone guidance for this year, $15 million to $20 million with to put due for dates in Q2, you should would it make sense to be factoring in a little bit more heavy weighting, if you will, in that quarter, maybe you kind of assuming one of the two has a positive outcome or how should we be thinking about the cadence for the contract revenues?

然後，關於今年的合約里程碑指導，1500 萬至 2000 萬美元的到期日期將在第二季度，如果您願意的話，在該季度考慮更多的權重是有意義的，也許您認為兩者之一會產生正面的結果，或者我們應該如何考慮合約收入的節奏？

Yes.

是的。

On top of taking a look, just to make sure we have the numbers correct.

除了看一下之外，只是為了確保我們的數字正確。

But as we've talked about, there's an approval milestone for on the defense marine asset, it is about USD5 million that will hit if it's approved in of June as expected.

但正如我們所討論的，國防海洋資產有一個批准里程碑，如果按預期在 6 月獲得批准，將達到約 500 萬美元。

So other than that one one big milestone.

除此之外，還有一個重要的里程碑。

I don't think there's anything else cavalierly others.

我不認為還有什麼其他傲慢的人。

There's the there's the severe European approval and a number of other milestones that we probability risk adjust.

還有歐洲的嚴格批准和我們可能會風險調整的許多其他里程碑。

And and so so that we do take we do take the PDUFA dates into consideration in arriving at our range there, so.

因此，我們在得出我們的範圍時確實考慮了 PDUFA 日期，所以。

Okay, got it.

好，知道了。

And then maybe one last one for me.

然後也許是我的最後一件事。

As far as you touched on this a little bit.

就你稍微觸及這一點而言。

Obviously, you've built out a really strong team to evaluate potential investment opportunities.

顯然，您已經建立了一支非常強大的團隊來評估潛在的投資機會。

You've got a nice backlog there funnel, if you will.

如果你願意的話，你的漏斗裡有很多積壓的訂單。

As far as timing is concerned, is it really just about when the deals come together versus are you targeting, hey, we'd like to have two this quarter to next quarter.

就時間表而言，這真的只是交易何時達成​​還是您的目標，嘿，我們希望本季到下季有兩筆交易。

How should we thinking about the timing on those?

我們該如何考慮這些的時機？

Thank you.

謝謝。

Yes, the timing on these has to be flexible because you want to make sure you get all the way through diligence and you don't have a deal done until you clear diligence and final term so that there is no there isn't any investment business.

是的，這些的時間安排必須靈活，因為你想確保你通過盡職調查，並且在你明確盡職調查和最終條款之前，你沒有完成交易，這樣就不會有任何投資商業。

There will be periods where there's a lack of activity seemingly in terms of closes.

有時候，在關閉方面似乎缺乏活動。

And then there'll be periods where there's significant activity in terms of closes.

然後在某些時期，關閉方面會出現重大活動。

But there's always this underlying deal activity going on where you're originating deals evaluating screening, taking a certain number of those that pass the screen into deeper diligence and then and without perfect predictability, a certain amount of those get to a close.

但總有這種潛在的交易活動在進行，您發起的交易評估篩選，對通過篩選的一定數量的交易進行更深入的調查，然後在沒有完美可預測性的情況下，其中一定數量的交易結束。

So there's just a natural process to this, and we don't want to commit to closing a certain number of deals or certain timing within a year because you really want the flexibility to maintain investment discipline around that process.

因此，這只是一個自然的過程，我們不想承諾在一年內完成一定數量的交易或特定的時間，因為您確實希望圍繞該過程保持投資紀律的靈活性。

Got it.

知道了。

Right.

正確的。

Thank you.

謝謝。

Thanks, Matt.

謝謝，馬特。

Thank you.

謝謝。

Our next question comes from the line of Lawrence Solow from CJS Securities.

我們的下一個問題來自 CJS 證券公司的 Lawrence Solow。

Please go ahead.

請繼續。

Hi, good morning.

早安.

Larry works.

拉里工作。

Just a couple of questions.

只是幾個問題。

I guess I guess first question just on the you guys called it out on the royalties a little bit down versus Q. three and usually the tiering up.

我想我想第一個問題只是關於你們所說的特許權使用費比第三個問題稍微低一點，而且通常是分層的。

So you called out teriparatide as the driver behind that.

所以你稱特立帕肽是幕後推手。

Just curious, as you look out to 24 on a few moving parts here, does the teriparatide number in that guidance, does that is that much lower now or is there an offset to that?

只是好奇，當您在此處的一些活動部件上關注 24 時，該指南中的特立帕肽數字是否現在低得多，或者是否有抵消？

Had you kind of expected that I guess it was only a couple of months ago.

如果你有預料的話，我想這只是幾個月前的事。

And then I guess just on the royalty outlook, I guess you kind of mentioned the first bar is concerned, this is like one 10.

然後我想就版稅前景而言，我想你提到了第一個欄，這就像一個 10。

So I guess that you guys kind of assuming that number in your guidance, you can just give a little color on those couple of moving parts?

所以我猜你們在你們的指導中假設了這個數字，你們可以給這幾個移動部件加點顏色嗎？

Yes.

是的。

Thanks, Larry.

謝謝，拉里。

I was the we're reiterating what we said in December, we learned a little bit more sense, including the the new the new consensus number for Phil, sorry, there's a little bit of upside there.

我是我們重申我們在 12 月所說的話，我們學到了更多的意義，包括菲爾的新共識數字，抱歉，有一點好處。

We think that the drivers will continue to be Kyprolis that new advanced Rylaze and and we have been prudent on teriparatide and we continue to be a prudent going into into the year.

我們認為，驅動力將繼續是 Kyprolis 和新的先進 Rylaze，我們對特立帕肽持謹慎態度，進入今年我們將繼續持謹慎態度。

So we've we are seeing competition come in.

所以我們看到競爭的到來。

We haven't received the full report yet from Allergan.

我們尚未收到艾爾建的完整報告。

So there's still more to be learned, but we have been conservative in our assumptions going in it.

因此，還有更多東西需要了解，但我們的假設一直很保守。

And you're not assuming anything for Brazil soon this year, correct.

你並沒有對今年巴西的情況做任何假設，對的。

No.

不。

Okay.

好的。

And then just thoughts of Verona.

然後就想到了維羅納。

Obviously, the product and severance is in their hands, but on and then you mentioned I think that they have gotten some financing to the current belief today is that they're going to they expect to launch that themselves.

顯然，產品和遣散費都在他們手中，但是你提到我認為他們已經獲得了一些融資，目前的信念是他們將期望自己推出該產品。

Obviously, COPD are a huge market and a lot of marketing expense and big pharma and they're dominated by big pharma.

顯然，慢性阻塞性肺病是一個巨大的市場，需要大量的行銷費用和大型製藥公司，並由大型製藥公司主導。

Is that something they're going to go up against?

這是他們要反對的事嗎？

Are they actively looking for a partner?

他們是否正在積極尋找合作夥伴？

Yes, sorry, we have no, obviously specific knowledge on on their planned, but they have a strong team and have now over the last couple of years built built that up so that they have the ability to launch this themselves.

是的，抱歉，我們顯然對他們的計劃沒有具體的了解，但他們擁有一支強大的團隊，並且在過去幾年中已經建立起來，以便他們有能力自己推出這個項目。

And that is that is our assumption in terms of our forecast and guidance around the model.

這就是我們對模型的預測和指導的假設。

But obviously, there's we think significant upside around a potential larger acquisition.

但顯然，我們認為潛在的更大規模收購有顯著的好處。

And this is a product within a category where we certainly make some larger folks.

這是一個類別中的產品，我們肯定會製造一些更大的產品。

And so I'd be interested in this asset because it's the first significant innovation in the maintenance of COPD in a long time, not so and that makes sense.

所以我對這個資產很感興趣，因為這是很長一段時間以來在慢性阻塞性肺病維持方面的第一個重大創新，不是這樣，這是有道理的。

And then just lastly, can you just remind us how many shares of VKTX. you guys have currently?

最後，您能提醒我們 VKTX 有多少股嗎？你們現在有嗎？

We still hold about 1.7 million shares of Viking Therapeutics.

我們仍持有約 170 萬股 Viking Therapeutics 股票。

Got it.

知道了。

Okay.

好的。

I appreciate that.

我很感激。

Thanks, Todd.

謝謝，托德。

Thank you.

謝謝。

As a reminder, if any teleconference participant would like to ask a question, please press star followed by the one on your telephone keypad.

提醒一下，如果任何電話會議參與者想提問，請按星號，然後按電話鍵盤上的數字。

Our next question comes from the line of Balaji Prasad of Barclays.

我們的下一個問題來自巴克萊銀行的巴拉吉·普拉薩德。

Please go ahead.

請繼續。

Hi, good morning.

早安.

This is Charles for biologics.

我是生物製劑領域的查爾斯。

Thanks for taking our question.

感謝您提出我們的問題。

Just a quick one on Riley.

簡單介紹一下萊利。

Could you add a little bit more color more color on your comments with regard to the supply constraints?

您能否在有關供應限制的評論中添加更多色彩？

And could you also share your view on the short-term and the long-term revenue ramp-up for these assets and the implications for Ligand's portfolio.

您能否分享一下您對這些資產的短期和長期收入成長以及對 Ligand 投資組合的影響的看法。

Thank you so much.

太感謝了。

Thanks.

謝謝。

And as folks know, Rylaze is marketed by Jazz, our marketing partner, the supply constraints we were referring to in my prepared comments were really related to the predecessor product on Jazz and Pelican or Phoenix, our prior technology platform collaborated to develop Rylaze to solve those manufacturing problems historically.

正如人們所知，Rylaze 由我們的行銷合作夥伴Jazz 進行行銷，我們在準備好的評論中提到的供應限制確實與Jazz 和Pelican 或Phoenix 上的前身產品相關，我們之前的技術平台合作開發Rylaze 來解決這些歷史上的製造問題。

And so that those are all resolved now and the new product is fully available as much as needed from a manufacturing standpoint in terms of projections for the product or comments on the product's potential, and we only can report what our partners report and Jazz did not provide guidance for Rylaze.

因此，這些問題現在都已解決，並且從製造角度來看，新產品在產品預測或產品潛力評論方面完全可用，我們只能報告我們的合作夥伴報告的內容，而 Jazz 沒有報告的內容為Rylaze 提供指導。

I'd point folks to the publicly reported consensus estimates for the product, but last year, the product did about $400 million, a little bit less, I think, for the year, and we hope to see growth given that Jazz highlighted that as one of its three key growth drivers.

我想向人們指出該產品公開報道的共識估計，但去年，該產品的銷售額約為 4 億美元，我認為這一年的收入略少一些，鑑於 Jazz 強調這一點，我們希望看到增長其三大關鍵成長動力之一。

Got it.

知道了。

Thanks.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

Thank you.

謝謝。

Ladies and gentlemen, we will conclude today's conference call.

女士們、先生們，我們將結束今天的電話會議。

We thank you for participating.

我們感謝您的參與。

You may now disconnect.

您現在可以斷開連線。