Company: LGNZZ
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000886163-25-000036
Chunk: 91

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 8
Chunk 91
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 mesylate tablets) in Q1 2025.

Revenue from intangible royalty assets is a function of our partners’ product sales and the applicable royalty rate. Kyprolis royalty rates are under a tiered royalty rate structure with the highest tier being 3%. Evomela has a fixed royalty rate of 20%. Teriparatide injection has a tiered royalty between 25% and 40% on sales that have been adjusted for certain deductible items as defined in the respective license agreement. The Rylaze and Vaxneuvance royalty rates are in the low single digits. Filspari has a fixed royalty rate of 9%. 

The following table represents revenue from intangible royalty assets by program (in millions):

(in millions)Q1 2025 Estimated Partner Product SalesEffective Royalty RateQ1 2025 Royalty RevenueQ1 2024 Estimated Partner Product SalesEffective Royalty RateQ1 2024 Royalty RevenueKyprolis$349.0 1.3 %$4.7 $401.0 1.6 %$6.6 Evomela10.0 20.0 %2.0 7.0 20.0 %1.4 Teriparatide injection(1)4.8 25.0 %1.2 7.8 25.6 %2.0 Rylaze 102.0 3.0 %3.1 102.8 2.9 %3.0 Filspari58.9 9.0 %5.3 20.0 9.0 %1.8 Vaxneuvance230.0 0.6 %1.3 219.0 0.6 %1.4 Other284.8 1.4 %4.0 86.4 2.5 %2.2 Total$1,039.5 $21.6 $844.0 $18.4 

 (1) We receive tiered profit sharing of 25% on quarterly profits less than $3.75 million, 35% on quarterly profits greater than $3.75 million but less than $7.5 million and 40% on quarterly profits greater than $7.5 million. 

Contract revenue includes service revenue, license fees and development, regulatory and sales based milestone payments