LCPP Pipeline is Poised to DeliverMajor Royalty, Milestone Income

Bazedoxifene Osteoporosis Ph III $1-2 < 3 Mid single digits

Bazedoxifene+PREMARIN® HRT Ph III $1-2 Mid single digits /Combo

ERA 923 Breast Cancer Ph II $0.5-1 < 3 Mid single digits

NSP 989 HRT, Contracep.IND Track $1.5-3 ᝺ Low double digits

Wyeth

LY 929, LY ZZZ (2) Type II Diabetes Ph I $1-2 ᝺ Low double digits

LY 818 Type II Diabetes Ph I $1-2 ᝺ Low double digits

LY XXX (3) CV Disease Dev. Track $1-2 ᝺ Low double digits

Lilly

GW 516 Dyslipidemia Ph I $1-2 12 12-8

GSK

Lasofoxifene Osteoporosis Ph III $1-2 $6 6%

Pfizer

LGD 2226 Hypogonadism IND Track $1-2 18 Low double digits

TAP

(1) Estimates from Ligand, partners, or analysts (2,3) Compound numbers not publicly disclosed

Product Partner Indication Stage Sales Milestones Royalty Potential(1) ($b) ($mm) Rate %

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