Agenda

6/11/2002

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Table of Contents

Ligand’s Core Strategy:Build Two Diversified Profit Centers

Our Strategy is Paying Off

Our Pipeline is Among Biotech’s Best

We Expect to Achieve Operating Profitability for the Full Year in 2002

AVINZA™ Will ContributeSignificant Value to our LSPP Portfolio

AVINZA Product Profile

AVINZA Versus OxyContin®

SR Opioid Market is Growing Rapidly

2001 SR Opioid $ Market Share ($mm)

Oncology Pain Market Assessment

Ligand Sales Force Strategy for AVINZA

LSPP Development Priorities

ONTAK Has Significant Potential in Other Cancers, Autoimmune Diseases

ONTAK Growth in Expanded Use

Targretin Gel Has Exciting Potential in Dermatologic Disorders

Targretin Capsules Have Enormous Potential in Lung Cancer

Market Opportunity Non-Small Cell Lung Cancer (NSCLC)

Benefit of Targretin® Capsules in NSCLC

NSCLC Phase III Registration Program for First-Line Therapy

LCPP Products May be Breakthroughs in Several Fields

LCPP Pipeline is Poised to DeliverMajor Royalty, Milestone Income

Royalty Pharma Transaction of up to $56 Million Underscores Value of LCPP Assets

Market OpportunityOsteoporosis / Osteopenia

Market Opportunity HRT (Female)

Ligand Partners’ Second Generation SERMs

Benefits of Lasofoxifene

Bazedoxifene vs. RaloxifeneActivity on Bone Markers

Bazedoxifene / PREMARIN® Combination:New Concept in HRT

Continuum of Excellence in Women’s Health Products

Therapeutic Advantages of Second Generation SERMs

Market OpportunityDiabetes and Dyslipidemias

Ligand’s Partnered Drugs for Diabetes / Dyslipidemias

Ligand / TAP Pharmaceutical Products Collaborative Research Program

Ligand / TAP Pharmaceutical Products Collaborative Research Program

Historical Financial Results

Ligand Pharmaceuticals IncorporatedIncome Statement and Balance Sheet

What’s Next for Ligand?

Strategic Priorities 2002-2004

Upcoming Value Driving Events

Upcoming Value Driving Events

Author: cab