Portola Pharmaceuticals, Inc. (NASDAQ:PTLA) Q3 2018 Earnings Conference Call Transcript

Nov 07, 2018 • 04:30 pm ET


Portola Pharmaceuticals, Inc. (NASDAQ:PTLA) Q3 2018 Earnings Conference Call Transcript


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Welcome to Portola Pharmaceuticals Conference Call. This call is being recorded. At the end of the Company's prepared remarks, we will open the call for questions and provide specific instructions. (Operator Instructions)

I would now like to turn the call over to Cara Miller, Portola's VP of IR and Corporate Communications. Please go ahead.

Cara Miller

Thank you, and welcome to Portola's third quarter financial results conference call. Joining me are Scott Garland, President and CEO, Mardi Dier, CFO, and Dr. John Curnutte, Head of Research and Development. Also with us this afternoon for the Q&A portion of the call are Glenn Brame, SVP of Technical Operations, and Jeet Mahal, VP and the AndexXa Early Supply Program Lead.

(Forward-Looking Cautionary Statements)

With that, I will turn the call over to Scott Garland.

Scott Garland

Before we begin, I'd like to share how excited I am to join Portola at such a pivotal moment in the company's history. It is incredibly rare for a company at this stage to have two potentially lifesaving medicines on the market and another therapy in late stage clinical development. AndexXa, Bevyxxa and Cerdulatinib were all discovered and developed here and each uniquely addresses significant unmet needs. What drew me to Portola is its strong scientific foundation and the opportunity to potentially save patients' lives. I was also impressed by the caliber of our employees and the strength and commitment of the executive team.

As this is my first opportunity to chat with you, I'd like to tell you about my early observations at Portola and my immediate priorities. Let's start with AndexXa. Since joining, I've had the chance to dig deep into physician market research and speak with a number of clinical thought leaders and it's clear that AndexXa has significant potential to address life-threatening bleeds. Mardi will give you more details later in the call, but early interest in AndexXa remains high and we continue to receive numerous inbound inquiries from physicians and healthcare systems.

As you know, under the leadership of John and Mardi, the company executed a pivot in August to focus a greater portion of our resources on AndexXa. This was a critical move and I fully endorse this change in direction. With just a few months into launch, we're already pleased with what we're seeing from a utilization perspective and we're excited about the opportunity to educate the physician community fully on the important role AndexXa can play in their hospitals. Our top priority at Portola is AndexXa, ensuring the approval of the Gen 2 supply and a successful launch.

While we still believe that Bevyxxa is a best in clast factor Xa inhibitor, overcoming the many barriers that exist on the hospital market remains a challenge and revenues continue to lag behind our expectations. As you know, we've now focused our approach for Bevyxxa. We've tightened our resources to a small number of high potential accounts to see if we can crack the code for driving use of Bevyxxa. As Mardi mentioned at the