Q2 2010 Earnings Call Transcript

Transcript Call Date 07/15/2010

Operator: Greetings and welcome to the Cubist Pharmaceuticals' Second Quarter 2010 Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Eileen McIntyre, for Cubist Pharmaceuticals. Thank you, you may begin.

Eileen C. McIntyre - Senior Director, Corporate Communications: Good afternoon, and thank you for joining us for the second quarter 2010 earnings call for Cubist Pharmaceuticals. Before introducing our speakers, I will read the Safe Harbor statement and describe the context for use of non-GAAP financial measures.

This presentation includes forward-looking statements relating to, among other things, projected revenues, company financial performance and tax rates, the impact of healthcare reform, the ANDA litigation with Teva, our intellectual property protecting CUBICIN, our products and pipeline, our business development goals and efforts, and our commercialization and manufacturing of CUBICIN. These statements are neither promises nor guarantees and are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those projected or suggested in any of these forward-looking statements. These and other factors are contained in the Company's filings with the SEC, including our most recently quarterly report on Form 10-Q.

Cubist is providing this information as of the date of this presentation and does not undertake any obligation to update any forward-looking statements as a result of new information, future events, or otherwise.

Within this presentation, in order to provide greater transparency regarding Cubist's operating performance, we refer to certain non-GAAP financial measures that involve adjustments to GAAP figures. In particular, this presentation contains information on non-GAAP net income and net income per share. Any non-GAAP financial measures presented should not be considered an alternative to measures required by GAAP and are unlikely to be comparable to non-GAAP information provided by other companies.

Any non-GAAP financial measures presented are reconciled to the most directly comparable GAAP financial measures in a table included in our news release issued today and available in the News section of our website. A further discussion of why we feel these measures are important to investors and the reasons for which our management uses these measures is also included in the news release.

Speakers on today's call will include Cubist's President and CEO, Mike Bonney; Chief Operating Officer, Rob Perez; Chief Scientific Officer, Steve Gilman; and Chief Financial Officer, David McGirr.

You will first hear from David McGirr, who will review financial results for the quarter. David?

David W. J. McGirr, M.B.A. - SVP and CFO: Thanks, Eileen. Today we've reported another very strong quarter on both the top line and bottom line. Our total net revenues for the second quarter of 2010 at $168.5 million are up $37.8 million, or 29% from Q2 2009. Q2 over Q1 growth is $24.5 million and 17%.

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