Sarepta Therapeutics, Inc. (NASDAQ:SRPT) Q1 2020 Earnings Conference Call - Final Transcript

May 06, 2020 • 04:30 pm ET


Sarepta Therapeutics, Inc. (NASDAQ:SRPT) Q1 2020 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to the Sarepta Therapeutics First Quarter 2020 Earnings Call. [Operator Instructions] As a reminder, today's program is being recorded.

And now I'd like to introduce your host for today's program, Ian Estepan, Senior Vice President, Chief of Staff and Corporate Affairs. Please go ahead.

Ian M. Estepan

Thank you all for joining today's call. Earlier today, we released our financial results for the first quarter 2020. The press release is available on our website at, and our 10-Q was filed with the SEC earlier this afternoon.

Joining us on the call today are Doug Ingram, Sandy Mahatme, Bo Cumbo, Dr. Gilmore O'Neill and Dr. Louise Rodino-Klapac. After our formal remarks, we'll open up the call for Q&A.

I'd like to note that during this call, we will be making a number of forward-looking statements. Please take a moment to review our slides on the webcast, which contain our forward-looking statements. These forward-looking statements involve risks and uncertainties, any of which are beyond Sarepta's control. Actual results can materially differ from these forward-looking statements and any such risk can materially and adversely affect the business, the results of operations and the trading prices for Sarepta's common stock. For a detailed description of applicable risks and uncertainties, we encourage you to review the company's most recent annual report on Form 10-Q filed with the Securities and Exchange Commission as well as the company's other SEC filings. The company does not undertake any obligation to publicly update its forward-looking statements, including any financial projections provided today based on subsequent events or circumstances.

With that, let me turn the call over to our CEO, Doug Ingram, who will provide an overview of our recent progress. Doug?

Douglas S. Ingram

Thank you, Ian. Good afternoon, and thank you all for joining us for Sarepta Therapeutics First Quarter 2020 Financial Results Conference Call.

Let us begin with a topic that is on all of our collective minds, COVID-19. I am very proud that the Sarepta team so rapidly responded to this crisis, focusing on the safety and welfare of our patients and our workers while ensuring that our operations run smoothly and that our programs proceed. We are able to do this not only due to our execution-oriented ability to adapt and remain focused, but also because of good advanced planning. Numerous of our functions, including, in particular, our Information Technology group, our clinical operations function and our commercial organization, began contingency planning as early as January of 2020 in the event that what came to be called COVID-19 became a crisis. For that reason, we were able to rapidly respond as the situation unfolded.

By Friday, March 13, I had ordered that all but a small but dedicated facility dependent staff would work from home. And because of our advanced preparations, and the systems and the infrastructure in place to seamlessly transition, execute and remain connected as we commenced work on that Monday morning. About 10% of our workforce is designated as facility dependent,