ARIAD Pharmaceuticals Inc ARIA
Q4 2012 Earnings Call Transcript

Transcript Call Date 02/25/2013

Operator: Thank you for holding for ARIAD Pharmaceutical's Fourth Quarter and Full Year 2012 Investor Conference Call. At this time all participants are in a listen-only mode. Following the formal report ARIAD management will open the lines for question and answer period. Please be advised that this call is being taped at the Company's request and will be archived on the Company's website for three weeks from today's date.

At this time I would like to introduce Ms. Maria Cantor, ARIAD's Senior Vice President, Corporate Affairs. Please go ahead.

Maria E. Cantor - SVP, Corporate Affairs: Good morning, and thank you for joining us. This morning we report on financial results and corporate developments for the fourth quarter and full year of 2012 and provide financial guidance for 2013. With me on this call are Dr. Harvey Berger, our Chairman and Chief Executive Officer; Mr. Ed Fitzgerald, our Executive Vice President and Chief Financial Officer; Dr. Tim Clackson, our President of R&D and Chief Scientific Officer; and Mr. Marty Duvall, our Senior Vice President of Commercial Operations.

During this call we will be making forward-looking statements. These statements are subject to factors, risks, and uncertainties including those detailed in our Form 10-K for the year ended December 31, 2011, and other SEC filings that may cause actual results to differ materially from the results expressed or implied by such statements.

The format of today's call will differ from those in the past. In order to move as quickly as possible into the Q&A section we will not be repeating most of the information that was included in this morning's press release.

Now here is Dr. Berger with our opening remarks.

Harvey J. Berger, M.D. - Chairman and CEO: Good morning, everyone. In 2012 we achieved the goal we set for ourselves several years ago, to establish ARIAD as a fully integrated global oncology Company. This past year we received U.S. approval of Iclusig three months ahead of its PDUFA date. We established our commercial organization in the U.S. and hired our European leadership team. We continue to advance the development of AP26113. In addition, the global Phase 3 EPIC trial of Iclusig in patients with newly diagnosed CML and the Phase 1/2 1 trial of Iclusig in Japan progressed on plan.

Our focus for 2013 will be on the successful commercialization of Iclusig in both the U.S. and Europe, while broadening its developments within CML and Philadelphia positive ALL and to other forms of cancer. We've several important updates to share with you this morning. First however, Ed Fitzgerald will cover a few aspects of our financials.

Edward M. Fitzgerald - EVP, CFO and Treasurer: Good morning, everyone. Please refer to our press release issued earlier this morning for a summary of our financial results for the three-month and 12-month periods ended December 31, 2012. I will focus my comments this morning on an overview of our financial guidance for 2013.

We anticipate cash used in operations in 2013 to be $255 million to $265 million. We anticipate R&D expenses in 2013 of $238 million to $248 million encompassing further expansion of development activities for Iclusig and AP26113 as well as expanded discovery research activities. We expect to spend approximately 8% to 10% of this amount on discovery research with the remainder split between Iclusig and AP26113, about 75% to 25%. Spending on Iclusig includes medical affairs in the U.S. and Europe.

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