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Vertex Pharmaceuticals' (VRTX) CEO Jeffrey Leiden on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Conference Call

April 27, 2016 5:00 PM ET

Executives

Michael Partridge - Vice President of Investor Relations

Jeffrey Leiden - Chairman, President and Chief Executive Officer

Ian Smith - Executive Vice President and Chief Financial Officer

Jeffrey Chodakewitz - Chief Medical Officer

Stuart Arbuckle - Executive Vice President and Chief Commercial Officer

Analysts

Michael Yee - RBC Capital Markets

Terence Flynn - Goldman Sachs & Co.

Geoff Meacham - Barclays Capital, Inc.

Mark Schoenebaum - Evercore ISI

Geoffrey Porges - Leerink Partners

Brian Abrahams - Jefferies

Adam Walsh - Stifel Nicolaus

Phil Nadeau - Cowen and Company

Cory Kasimov - JPMorgan

Alicia Young - Credit Suisse

Matthew Harrison - Morgan Stanley& Co. LLC

Ying Huang - Bank of America Merrill Lynch

Liisa Bayko - JMP Securities

Tony Butler - Guggenheim Securities LLC

Katherine Xu - William Blair & Company

Michael Partridge

Good evening. This is Michael Partridge, Vice President of Investor Relations. Welcome to our First Quarter 2016 Conference Call. At this time, all lines are in listen-only mode. Later the lines will open for questions. You can access the webcast live by going to the events section of the Investor Relations page on our website. And a replay of tonight’s call will also be available on the website once we have concluded.

Dr. Jeff Leiden, Chairman and CEO; Stuart Arbuckle, Chief Commercial Officer; and Ian Smith, Chief Financial Officer, will provide prepared remarks this evening. They will be joined by Dr. Jeff Chodakewitz, Chief Medical Officer for the Q&A portion of the conference call.

We will make forward-looking statements on this call. These statements are subject to the risks and uncertainties discussed in detail in today's press release and our 10-K, which has been filed with the SEC. These statements, including without limitation those regarding the ongoing development and potential commercialization of our drug candidates, our expectations regarding our improved medicines and Vertex's future financial performance are based on management's current assumptions. Actual outcomes and events could differ materially.

Information regarding our use of GAAP and non-GAAP financial measures and a reconciliation of GAAP to non-GAAP is available in tonight's press release. I would also refer you to Slide 4 of tonight’s webcast.

I will now turn the call over to Dr. Jeff Leiden.

Jeffrey Leiden

Thanks, Michael. Good evening, everyone. Over the last four year’s Vertex has delivered two transformative medicines to people with cystic fibrosis. Today there are approximately 27,000 people eligible for one of our approved CF medicines and we have a clear path toward our goal of helping potentially all people with this rare and life-shortening disease in the future.

We’re confident that our experience with ORKAMBI and KALYDECO and our scientific leadership and progress and targeting the underlying biology of this disease positions us well to increase the number of people treated with our approved medicines and to develop new medicines in the years ahead that may provide even greater benefit for all people with CF.

Tonight, I will provide brief comments on three key areas which serve as markers of our progress toward treating all people with CF, including first the performance of our approved medicines ORKAMBI and KALYDECO and our roadmap toward treating more patients with these medicines that will drive revenue growth in 2016 and beyond.

Second, the role of VX-661 in helping to achieve our long-term goal in CF and third, our pipeline of additional CFTR modulators and other mechanisms we are advancing as part of collaborations. These approaches include ENaC inhibition and in the longer-term gene editing CRISPR-Cas9 and may position us to help all people with CF.