Q3 2013 Earnings Call Transcript

Transcript Call Date 10/22/2013

Operator: Good day. My name is Patricia, and I will be your event specialist today. At this time, I would like to welcome everyone to the Cubist Pharmaceuticals Third Quarter Earnings Call. All lines have been placed on mute to prevent any background noise. Please note that today's web conference is being recorded. We will be taking questions over the phone at the end of today's presentation, and you will receive instructions on how to do so at that time.

If you experience any technical difficulties during today's event please use the chat panel to communicate with myself directly.

At this time, I would like to turn today's program over to Eileen McIntyre, Vice President of Investor Relations. Eileen, you may begin.

Eileen C. McIntyre - Senior Director, Corporate Communications: Thank you for joining us for our review of Q3 2013 business performance and financial results 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.

Today's presentation includes forward-looking statements relating to our business, including those set forth on this slide. We may also make forward-looking statements during the Q&A session following our prepared remarks. These statements are neither promises nor guarantees, and there are a number of risks and uncertainties that could cause actual results to differ materially from those set forth in these forward-looking statements.

These and other risk factors are described in the Risk Factors section of our most recent quarterly report on Form 10-Q filed with the SEC. Forward-looking statements are made as of today's date, and we do not undertake any obligation to update any forward-looking statements.

We will also refer to certain non-GAAP financial measures that involve adjustments to GAAP figures in order to provide greater transparency regarding Cubist's operating performance. Please refer to the slide being shown regarding our use of non-GAAP financial measures, as well as additional slides on the Investor Relations page of our website, which contain the reconciliations between our non-GAAP financial measures and GAAP financial measures.

Speakers on today's call will include; Cubist's CEO, Mike Bonney; President and Chief Operating Officer, Rob Perez; Chief Scientific Officer, Steve Gilman; and our Chief Financial Officer, Mike Tomsicek. You'll first hear from Mike Bonney. Mike?

Michael W. Bonney - President and CEO: Thanks, Eileen. In the past few months, Cubist has delivered a series of important value creating milestones. We are building a future consistent with our strategic focus on acute care therapies, well aligned with today's evolving healthcare delivery environment.

The accomplishments of the past few months have demonstrated that the organization we have built has the creativity and prudent risk-taking ability to achieve the objectives we set forth in our Building Blocks of Growth goals last year.

On the top line, our Building Blocks of Growth established a goal of $2 billion in total annual revenue by the end of 2017. We believe that the approved therapy DIFICID, which we would own following the closing of the Optimer acquisition, and the late-stage antibiotic candidate tedizolid phosphate, now a Cubist asset-based on the completed acquisition of Trius last month, can both contribute meaningfully to achieving this $2 billion revenue goal.

Read our Earnings Call Transcript disclaimer.
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