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MANE vs LGND // EV/EBITDA & P/E VALUATION

Veradermics Incorporated (NYSE) VS. Ligand Pharmaceuticals Incorporated (NASDAQ) • 15-METRIC TALLY: MANE 2 — LGND 8
■ METRIC PARITY
15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (MANE VS. LGND) EMERALD CELL = QUANTITATIVE EDGE
INSTITUTIONAL METRIC MANE LGND SPREAD (A - B) ADVANTAGE DEDICATED URL
Gross Profit Margin — — — TIE /gross-margins <GO>
Return on Invested Capital (ROIC) -11.90% 3.00% -14.90 LGND /roic <GO>
EV/EBITDA & P/E Valuation ACTIVE — 95.0x — TIE /valuation <GO>
Free Cash Flow Yield -1.19% 0.77% -1.96 LGND /fcf-yield <GO>
Operating Margin -4.30% 15.30% -19.60 LGND /operating-margins <GO>
Net Profit Margin -4.20% 46.40% -50.60 LGND /net-margins <GO>
Revenue Growth (YoY) 4.40% 60.40% -56.00 LGND /revenue-growth <GO>
Dividend Yield & FCF Payout Safety 0.00% 0.00% 0.00 TIE /dividend-safety <GO>
Altman Z-Score & Debt/Equity 26.00 8.40 +17.60 MANE /balance-sheet <GO>
Piotroski F-Score Quality 4/9 8/9 -4.00 LGND /piotroski-score <GO>
Options Implied Move & Put/Call Skew — — — TIE /options-implied-move <GO>
RSI-14 & 200D SMA Momentum 60.4 61.9 -1.50 LGND /rsi-technicals <GO>
10Y Yield & FRED Macro Beta 1.07 1.07 0.00 TIE /macro-sensitivity <GO>
Forward P/E Multiple 24.0x 42.7x -18.70 MANE /forward-pe <GO>
Enterprise Scale & Market Cap $5.84B $6.43B -$598.0M LGND /market-cap <GO>
5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY
FISCAL YEAR MANE REV LGND REV MANE GROSS % LGND GROSS % MANE FCF LGND FCF
FY 2025 $202.6M $268.1M — — -$71.6M $48.9M
FY 2024 $75.0M $167.1M — — -$23.7M $95.2M
FY 2023 — $131.3M — — — $43.7M
FRED MACRO REGIME CORRELATION COMPARISON PEARSON r
MANE // BETA 1.07
LGND // BETA 1.07