Our 2Q earnings preview for BBIO, CYTK, MDGL, KURA, SNDX, LGND, and TVTX

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Our 2Q earnings preview for BBIO, CYTK, MDGL, KURA, SNDX, LGND, and TVTX

LGND: 2Q positioned well for upside with XOMA updates similarly in focus

While royalty revenue should take center stage, we expect considerable discussion

around the XOMA acquisition (completed July 14), including the new catalyst calendar,

integration insights, and, critically, updated long-term growth targets in what should be

a busy 2Q. From a top-line perspective, we are bullish following 1Q’s miss, much of

which was driven by seasonal headwinds, particularly for Ohtuvayre (as well as Filspari’s

extended PDUFA) rather than any underlying weakness (see our 1Q LGND takes). Given

the potential for pull-through demand alongside continued favorable growth trends, we

are above for 2Q ($53M vs. VA cons. $49M). Shifting to guidance, while management

updated its FY26 outlook during 1Q, it refrained from revising its five-year growth target

(2025–2030 royalty receipts CAGR of +23%). Although an update could wait until this

year’s Investor Day (Dec 8th), XOMA’s close could provide an opportunity to raise

numbers. Beyond that, we look for insights into how management intends to deploy

capital from its recent $700M raise, whether through further royalty acquisitions,

increased platform investment, or share repurchases to manage dilution and support

longer-term EPS growth (see our deal takes). Click here to see our updates from earlier

this month. Maintain Buy, $388 PO.

TVTX: Initial FSGS commercial trends likely to dominate the discussion

Following Filspari’s April approval in FSGS (see our FSGS approval takes), focus has

shifted to commercial execution. Admittedly, visibility may be limited on the 2Q call,

especially with 1) the launch still early and management guiding toward gradual uptake