Vertex Pharmaceuticals Inc VRTX
Q2 2013 Earnings Call Transcript

Transcript Call Date 07/29/2013

Operator: Good day, ladies and gentlemen, and welcome to Vertex Pharmaceuticals Incorporated Second Quarter 2013 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. As a reminder, this conference is being recorded.

I would now like to turn the call over to Michael Partridge. Please go ahead sir.

Michael Partridge - VP, IR: Thank you operator and good evening to everyone. Joining me on tonight's call are Dr. Jeff Leiden, Vertex's Chairman and CEO; Bob Kauffman, Chief Medical Officer; Stuart Arbuckle, Chief Commercial Officer and Ian Smith Chief Financial Officer.

Jeff will begin with a few comments on the execution of our strategy to-date in 2013. Then Bob will provide an update on our pipeline progress including our mid and late stage programs in cystic fibrosis and Hepatitis C. Stuart will follow the comments on trends for our key marketed medicines KALYDECO and INCIVEK. And to close Ian will review the second quarter financial results and update our 2013 guidance.

Following prepared remarks, Peter Mueller, Chief Scientific Officer will join us for a question-and-answer period.

After the call we will be available in our offices for follow-up.

Before we begin I will note that information discussed on this conference call includes forward-looking statements, which are subject to the risks and uncertainties. These risks and uncertainties are discussed in detail in our 10-K and 10-Q reports, filed with the Securities and Exchange Commission, and also in the press release announcing our financial results tonight.

These statements including without limitation, those regarding the commercial performance of INCIVEK and KALYDECO, our development plans and expectations and our guidance are based on management’s current assumptions. These statements are subject to risks and uncertainties that could cause actual outcomes and events to differ materially.

GAAP and non-GAAP financial measures will be discussed on this call. The information regarding our use of these measures and a reconciliation of GAAP to non-GAAP is available in our second quarter 2013 financial press release and is described on Slide 4 of tonight's webcast.

I'll now turn it over to Jeff.

Jeffrey Leiden - Chair, President and CEO: Thanks, Michael. Good evening everyone. Tonight, I'm pleased to discuss the progress that Vertex has made in the first half of 2013. At the start of this year, we outlined three strategic imperatives for our business that would position us for long-term growth. First, prioritizing our development investment to advance our late stage medicines for cystic fibrosis, hepatitis C and autoimmune disease, second, focus on continuing to discover innovative medicines for serious diseases from our research efforts, and third, maintaining our financial strength to support the investment required to realize our significant growth opportunities in the near future.

Halfway through 2013, we have accomplished a great deal to advance our late stage medicines and we continue to reinvest and research to bring further groundbreaking therapies to patients all while enhancing our financial strength. In cystic fibrosis, KALYDECO has successfully launched for G551D patients in Europe this year. We have multiple studies underway that could potentially expand the KALYDECO label.

Read our Earnings Call Transcript disclaimer.
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