PTC Therapeutics, Inc. (NASDAQ:PTCT) Q2 2020 Earnings Conference Call - Final Transcript

Aug 05, 2020 • 04:30 pm ET


PTC Therapeutics, Inc. (NASDAQ:PTCT) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the PTC Therapeutics Second Quarter 2020 Financial Results and Corporate Update Conference Call. [Operator Instructions] I will now turn the conference to your host, Mr. Alex Kane, Head of Investor Relations at PTC. Sir, please go ahead.

Alex Kane

Thank you. Good afternoon, and thank you for joining us to discuss the PTC Therapeutics' second quarter 2020 corporate update and financial results. Joining me on today's call is our Chief Executive Officer, Stuart Peltz; our Chief Financial Officer, Emily Hill; our Chief Development Officer, Matthew Klein; and our Chief Business Officer, Eric Pauwels.

Before we start, let me remind you that today's call will include forward-looking statements based on current expectations. Please take a moment to review the slide posted on our Investor Relations website in conjunction with the call, which contains our forward-looking statements. Our actual results could materially differ from these forward-looking statements as any and such risks can materially and adversely affect our business and results of operation. For a detailed description of applicable risks and uncertainties, we encourage you to review the company's most recent quarterly report, Form 10-Q, and annual report, Form 10-K, filed with the Securities and Exchange Commission as well as the company's other SEC filings. We will disclose certain non-GAAP information during this call. Information regarding our use of GAAP to non-GAAP financial measures and a reconciliation of GAAP to non-GAAP is available in today's earnings release.

With that, let me pass the call over to our CEO, Stuart Peltz. Stu?

Stuart Peltz

Thanks, Alex. Looking back at the second quarter, I am proud of the continued strong commercial performance in our Duchenne franchise with nearly 20% growth year-over-year, excluding Brazil. Emflaza had an outstanding quarter with greater than 30% year-over-year growth. As you will hear throughout the remainder of the call, despite the challenging environment due to the global pandemic. PTC has continued to execute in our commercial business and advanced key platforms and programs in our pipeline. One of these key platforms is our validated small molecule splicing platform. As mAs many of you know, the most advanced splicing program is risdiplam for the treatment of spinal muscular atrophy, or SMA, with a PDUFA date on August 24, which is rapidly approaching. We believe that risdiplam, which would be the first and only oral treatment for SMA, has the potential to be the most competitive commercial product for this devastating rare disorder. Risdiplam validates our splicing platform and represents how innovation can generate substantial value for all our stakeholders. When we started the SMA splicing program over a decade ago, it was considered a loonshot. The dominant belief at the time was that while splicing is a great target in principle, it is a mechanism that occurs with most all RNAs and cannot be selectively modulated with small molecules.

Because of our deep understanding and expertise in RNA biology, we knew that RNAs were actually the first enzyme that can form unique structures with