Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Q4 2014 Earnings Conference Call - Final Transcript

Jan 28, 2015 • 05:00 pm ET


Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Q4 2014 Earnings Conference Call - Final Transcript


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Good evening, ladies and gentlemen, and thank you for joining the Vertex Pharmaceuticals Incorporated Fourth Quarter 2014 Financial Results Conference Call. (Operator Instructions) As a reminder, this call is being recorded. I would now like to turn the call over to your host Vice President of Investor Relations, Mr. Michael Partridge. Sir, you may begin.

Michael Partridge

Thank you, operator, and good evening, everyone. Joining me on the call tonight are Dr. Jeff Leiden, Chairman and CEO; Stuart Arbuckle, Chief Commercial Officer; and Ian Smith, Chief Financial Officer. Dr. Jeff Chodakewitz, Chief Medical Officer, will join us for Q&A.

Our agenda tonight is as follows. Jeff will begin by reviewing Vertex's strategic priorities for 2015. Stuart will review the full year 2014 performance of KALYDECO, provide commentary on the outlook for KALYDECO in 2015 and will also discuss preparations for the launch of the lumacaftor/ivacaftor combination. To close, Ian will review the full year 2014 financial results and discuss our 2015 financial guidance. We will then open the call for your questions. We expect the call to run for no more than 45 minutes.

You can access the webcast slides by going to the Events section of the Investor Relations page on our website,

(Forward-Looking Cautionary Statements)

I will now turn the call over to Jeff Leiden.

Jeffrey Leiden

Thanks, Michael, and good evening, everyone. 2014 was a year of continued success in delivering on our vision to be a leader in discovering and developing therapies for cystic fibrosis and other serious diseases. And we made significant progress this past year in establishing a foundation for sustainable growth. First, we expanded the number of patients with KALYDECO through geographic and label expansion efforts. Second, we announced positive data from our Phase III studies of lumacaftor/ ivacaftor and submitted an NDA in the U.S. and MMA in EU paving the way to treat significantly more people with CF.

Third, we continue to manage our financial position ending the year with approximately $1.4 billion in cash to support the future of our business. These accomplishments have fundamentally changed the outlook for our business and increased their confidence and the company's plans for the future and for people with CF and their families.

I had the opportunity to meet with many of our investors and analysts of JPMorgan Healthcare Conference earlier this month and to talk about our strategy. So let me remind everyone about our priorities for 2015. First, approval and successful launch of the lumacaftor/ ivacaftor combination while continuing to increase KALYDECO revenues enabling us to treat even more people with CF and to accelerate our revenue growth.

Second, significantly advancing our CF pipeline with a focus on next generation medicines that have the potential to create regimens that may increase the benefit for CF patients, and third, expanding and diversifying our pipeline into other areas as evidenced by multiple programs advancing into the clinic during 2015. If we are successful in meeting our goals we expect to deliver the Vertex and its shareholders a