Exelixis, Inc. (NASDAQ:EXEL) Q4 2019 Earnings Conference Call - Final Transcript

Feb 25, 2020 • 05:00 pm ET

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Exelixis, Inc. (NASDAQ:EXEL) Q4 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, ladies and gentlemen, and welcome to the Exelixis' Fourth Quarter and Full Year 2019 Financial Results Conference Call. My name is Towanda, and I will be your operator for today. As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to your host for today, Ms. Susan Hubbard, Executive Vice President of Public Affairs and Investor Relations. You may begin.

Executive
Susan Hubbard

Thank you, Towanda, and thank you all for joining us for the Exelixis' Fourth Quarter and Full Year 2019 Financial Results Conference Call. Joining me on the call today are Mike Morrissey, our President and CEO; Chris Senner, our Chief Financial Officer; P.J. Haley, our Executive Vice President of Commercial; and Gisela Schwab, our Chief Medical Officer; who will together review our corporate, financial, commercial and development progress for the fourth quarter ended December 31, 2019. Peter Lamb, our Chief Scientific Officer, is also with us and will be joining us for the Q&A session following our prepared remarks. During the call today, we will refer to financial measures not calculated according to generally accepted accounting principles. Please refer to today's press release, which is posted on our website for an explanation of our reasons for using such non-GAAP measures as well as tables deriving these measures from our GAAP results. During the course of this presentation, we will be making forward-looking statements regarding future events and the future performance of the company. This includes statements about possible developments regarding discovery, product development, regulatory, commercial, financial and strategic matters. Actual events or results could, of course, differ materially. We refer you to the documents we file from time to time with the SEC, which, under the heading Risk Factors, identify important factors that could cause our actual results to differ materially from those expressed by the company verbally and in writing today, including, without limitation: risks and uncertainties related to product commercial success; market competition; regulatory review and approval processes; conducting clinical trials; compliance with applicable regulatory requirements; our dependence on collaboration partners; and the level of cost associated with discovery, product development, business development and commercialization activities.

Now with that, I will turn the call over to Mike.

Executive
Michael M. Morrissey

All right. Thank you, Susan, and thanks to everyone for joining us on the call today. Exelixis is off to a strong start in 2020, and we're pleased to provide additional perspective on our 2019 performance, as we build off the momentum from our JPMorgan presentation and recent data updates at ASCO-GI and GU to frame 2020 and beyond. We'll keep our prepared remarks short and address your questions as the main part of today's update. Please see our press release that was issued an hour ago for an extensive list of our 2019 highlights, including the achievement of more than $1 billion of global net revenue for the cabozantinib franchise across the renal cancer, liver cancer and medullary thyroid cancer indications. As introduced back in January, we expect the