Ligand Pharmaceuticals IncorporatedIncome Statement and Balance Sheet

Income Statement

1999

Revenues

$40.9

Net Loss

Before One-time Charges

67.5

Balance Sheet

1999

Cash & Investments

(1)

Accumulated Deficit

74.7

$49.2

(470.4)

(1) Including restricted cash

(2) Glycomed debentures ($50 million principal, $48 million as of 3/31/02) to be redeemed in 2Q02.

2000

$48.1

59.3

72.4

$35.1

(542.7)

After One-time Charges

2001

$76.3

35.5

43.0

$40.1

(585.7)

2002 (1Q)

$24.9

4.6

6.6

2002 (1Q)

$39.7

(592.2)

Convertible Debt

129.7

126.9

135.9

50.5 (2)

Ligand Pharmaceuticals Incorporated Income Statement and Balance Sheet