Q3 RESULTS AND FULL-YEAR

2020 OUTLOOK

October 30, 2020

Nasdaq: LGND

SAFE HARBOR STATEMENT

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The following presentation contains forward-looking statements by Ligand that involve risks and uncertainties and reflect Ligand's judgment as of the date of this presentation. Words such as "plans," "believes," "expects," "could," and "will," and similar expressions, are intended to identify forward-looking statements. These forward-looking statements include, without limitation, financial projections, expectations regarding research and development programs and manufacturing capacity, potential uses of capital, the impacts that the COVID-19 pandemic will have on Ligand and its partners and timing expectations for preclinical studies and clinical trials by Ligand and its partners. Actual events or results may differ from Ligand's expectations due to risks and uncertainties inherit in Ligand's business, including Ligand has wide discretion on it s use of capital; the risk that Ligand or its partners may not perform as expected, including: any failure to develop or commercialize products as expected; additional disruptions to Ligand's or its partners' business as a result of the COVID-19 pandemic; the possibility that Ligand may not successfully implement its strategic growth plan or achieve its guidance for 2020 or thereafter and other risks and uncertainties described in its public filings with the Securities and Exchange Commission, available at www.sec.gov.

Information regarding partnered products and programs comes from information publicly released by our partners. Our trademarks, trade names and service marks referenced herein include Ligand, Captisol, OmniAb, OmniRat, OmniMouse, OmniFlic, OmniClic, OmniChicken and OmniTaur. Each other trademark, trade name or service mark appearing in this presentation belongs to its owner. The process for reconciliation between the non-GAAP adjusted financial numbers presented on slides 11 and 15 a nd the corresponding GAAP figures is shown in the Q4'19 and Q3'20 press releases available at https://investor.ligand.com/press-releases.

Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect our good faith beliefs and judgements (or those of the indicated third parties) as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Ligand undertakes no obligation to revise or update this presentation to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934.

BUSINESS HIGHLIGHTS

John Higgins

CEO

LIGAND DELIVERING MAJOR VALUE . . .

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. . . SUPPORTING OVER 130 PARTNERS

Our research and technology help partners…

Discover medicines

Improve safety

Reduce costs

Ligand's technology

and R&D support entitles us to share

in revenue of

partners through

royalties

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Ligand Pharmaceuticals Inc. published this content on 30 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2020 12:09:05 UTC