Q3 2010 Earnings Call Transcript

Transcript Call Date 10/14/2010

Operator: Greetings and welcome to the Cubist Pharmaceuticals' Third 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, Ms. Eileen McIntyre with Cubist Pharmaceuticals. Thank you, Ms. McIntyre, you may begin.

Eileen C. McIntyre - Senior Director, Corporate Communications: Good afternoon, and thank you for joining us for the third 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 reforms, 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 Financial Officer, David McGirr; and in addition Chief Scientific Officer, Steve Gilman is with and will be available for the Q&A portion of the call.

You will first hear from Mike Bonney, who will provide a top line view of financial performance and key business developments during the quarter. Mike?

Michael W. Bonney - President and CEO: Thanks, Eileen. I welcome this opportunity to review Cubist's continued progress as a growing biopharmaceutical company, and to specifically comment on developments during the third quarter. Beginning with the top line, total revenues of a $162.1 million were up 13% compared with the third quarter of 2009. While revenues primarily reflect sales of our IV antibiotic CUBICIN in the U.S., we also are now benefitting from an uptick in revenues to CUBICIN – to Cubist rather from sales by our international partners.

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