Company: LGNZZ
Filing Date: 2025-04-22
Form Type: DEF 14A
Source: 0000886163-25-000025
Chunk: 30

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-04-22
Form: DEF 14A
Chunk 30
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ba that was filed late.

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### EXECUTIVE COMPENSATION AND OTHER INFORMATION

### COMPENSATION DISCUSSION AND ANALYSIS
This Compensation Discussion and Analysis (“CD&A”) describes our compensation philosophy and programs, the compensation decisions the Human Capital Management and Compensation Committee made under those programs, and the factors considered in making those decisions. This CD&A focuses on the compensation of our named executive officers (“NEOs”) for 2024:

| Name                 |     | Title                                        |
| Todd C. Davis        |     | Chief Executive Officer                      |
| Tavo Espinoza        |     | Chief Financial Officer                      |
| Andrew Reardon       |     | Chief Legal Officer and Secretary            |
| Matthew Korenberg(1) |     | Former President and Chief Operating Officer |

(1) Mr. Korenberg resigned from his role as President and Chief Operating Officer effective October 15, 2024.

### 2024 BUSINESS HIGHLIGHTS
Our fiscal year 2024 accomplishments, guided by our named executive officers, illustrate the success of our executive compensation program, and included, among other things, the following:

• Royalty Revenue Increased by approximately 28% Over 2023: Royalty revenue for 2024 increased by approximately 28% as compared to 2023. Royalty revenue is comprised of many products and we currently have nine major royalty revenue contributors: Kyprolis ® , Rylaze ® , Filspari ® , Qarziba ® , Evomela ® , Teriparatide, Vaxneuvance TM , Pneumosil ® and Nexterone ®. Our growth in royalty revenue reflects another strong year in sales for these products with increasing contributions from Kyprolis, Rylaze, Vaxneuvance and Filspari. Our core business model at Ligand is built around technology licensing and sharing in the success of our partners through royalties. We are now at the point where we anticipate significant top line growth by existing and new royalty streams that should fuel superior bottom line results and cash flow, as we manage a lean operating structure.

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• Adjusted Earnings: Excluding the impact of gains from sales of Viking Therapeutics common stock, core adjusted net income 2 from continuing operations for full year 2024 was $108.5 million, or $5.74 per diluted share, compared with net income of $71.7 million, or $4.06 per diluted share, for full year