Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) Q4 2019 Earnings Conference Call - Final Transcript

Feb 13, 2020 • 05:00 pm ET


Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) Q4 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by. Welcome to the Ultragenyx Fourth Quarter and Full Year 2019 Financial Results Conference Call. [Operator Instructions] After the speaker presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference to your speaker today, Danielle Keatley. Please go ahead.

Danielle Keatley

Thank you. Good afternoon and welcome to the Ultragenyx Pharmaceutical financial results and corporate update conference call for the fourth quarter and full year 2019. We've issued a press release detailing our financial results, which you can find on our website at ultragenyx.com. I'm Danielle Keatley, Senior Director of Investor Relations and with me today are Emil Kakkis, Chief Executive Officer and President; and Shalini Sharp, Chief Financial Officer. I'd like to remind investors that this call will include forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, the types of statements identified as forward-looking in our quarterly report on Form 10-Q that was filed on November 6th, 2019, our annual report on Form 10-K that will be filed soon; and our subsequent periodic reports filed with the SEC, which will all be available on our website in the Investors section.

These forward-looking statements represent our views only as of the date of this call and involve substantial risks and uncertainties, including many that are beyond our control. Please note that actual results could differ materially from those projected in any forward-looking statement. For a further description of the risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements as well as risks relating to our business, see our periodic reports filed with the SEC.

I'll now turn the call over to Emil.

Emil D. Kakkis

Thank you, Danielle. I'll start with our commercial performance in the fourth quarter of 2019. Shalini will then summarize our financial results for the quarter and the year. I'll come back at the end to discuss the progress across our clinical and preclinical programs and our outlook for the rest of the year. Starting with Crysvita, which has been the main focus of our commercial efforts and the primary driver of revenue in 2019. Performance in the fourth quarter built on the momentum in the first five quarters of launch; this was reflected by continued increase in completed start forms and the number of patients on reimbursed therapy. In the U.S., we ended the year with approximately 1,590 completed start forms, 160 more than the third quarter. We also ended the year with approximately 1,330 patients on reimbursed therapy, a 200-patient increase versus the end of the third quarter. As the commercial team continues to work to penetrate the adult market, we believe Crysvita will continue to be one of the most successful rare disease program launched.

Our 2020 Crysvita revenue guidance of $125 million to $140 million further reflects the confidence we have in Crysvita and our commercial team's ability to