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    Trevor Allred • Oppenheimer & Co. Inc.

    Trevor Allred's questions to Ligand Pharmaceuticals Inc (LGND) leadership

    Trevor Allred's questions to Ligand Pharmaceuticals Inc (LGND) leadership • Q2 2025

    Question

    Trevor Allred of Oppenheimer & Co. Inc. inquired about Ligand's expectations for the Pylphos (ZELSUSMI) launch, including market research insights and initial demand, and the potential revenue impact from the FILSPARI REMS modification.

    Answer

    CEO Todd Davis expressed strong optimism for the ZELSUSMI launch, highlighting the experienced commercial team, high demand from a motivated patient group, and a conservative peak sales forecast. Vice President of Strategic Planning, Lauren Hay, added that the FILSPARI REMS modification should remove a key barrier to utilization in earlier-stage patients, aligning with routine monitoring and supporting broader uptake.

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    Trevor Allred's questions to Ligand Pharmaceuticals Inc (LGND) leadership • Q1 2025

    Question

    Trevor Allred requested an update on Qarziba's performance and Recordati's expansion plans, and also asked about the patient referral patterns for Molluscum Contagiosum, the condition treated by ZELSUVMI.

    Answer

    Lauren Hay, VP of Strategic Planning and Investment Analytics, addressed the Qarziba question, highlighting Recordati's increased peak sales guidance, ongoing geographic expansion, and plans for label expansion into new indications. Richard Baxter, SVP of Investment Operations, explained that Molluscum Contagiosum patients are typically seen first by pediatricians and then referred to dermatologists, making both physician groups critical targets for ZELSUVMI.

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    Trevor Allred's questions to Ligand Pharmaceuticals Inc (LGND) leadership • Q4 2024

    Question

    Trevor Allred requested more details on the D-Fi program, including patient population size, condition identifiability, and potential manufacturing scale limitations. He also asked about revenue from the competing product, VYJUVEK.

    Answer

    SVP Paul Hadden estimated the D-Fi patient population at a few thousand in the U.S., noting the condition is devastating and readily identifiable. He expressed confidence in the manufacturing scale based on deep due diligence. He also confirmed VYJUVEK's revenue was nearly $300 million in the prior year, reinforcing the market opportunity.

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    Trevor Allred's questions to Ligand Pharmaceuticals Inc (LGND) leadership • Q3 2024

    Question

    Trevor Allred asked about recent changes concerning the Agenus royalty assets and inquired about the company's confidence in the planned commercial launch of Pelthos' Zelsuvmi in the first half of 2025.

    Answer

    CEO Todd Davis explained that while some Agenus programs were returned, the investment thesis is primarily driven by the botensilimab asset, and they are awaiting promising 12-month data. Regarding Zelsuvmi, he expressed high confidence due to the significant unmet need for an at-home treatment for molluscum contagiosum, estimating a $150-$200 million U.S. sales potential. He confirmed Ligand is actively engaged with potential marketing partners for the launch.

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    Trevor Allred's questions to Viridian Therapeutics Inc (VRDN) leadership

    Trevor Allred's questions to Viridian Therapeutics Inc (VRDN) leadership • Q1 2024

    Question

    Trevor Allred of Oppenheimer & Co. Inc. asked for perspective on the seemingly stagnant new-start market for TEPEZZA and how Veridian views this as a potential opportunity. He also inquired about the expected timeline for initial data from the VRDN-006 FcRn program.

    Answer

    President and CEO Stephen Mahoney noted Amgen's reported year-over-year growth and their confidence in the underpenetrated market, which Veridian shares. He highlighted ex-U.S. expansion and the introduction of a superior subcutaneous option as major growth drivers. For VRDN-006, he pointed to guidance for healthy volunteer data in the second half of 2025 and emphasized the importance of the upcoming VRDN-008 NHP data in H2 2024.

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