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Salix Pharmaceuticals, Ltd. (SLXP)

2012 Credit Suisse Annual Health Care Conference Call

November 14, 2012 5:00 pm ET


Carolyn J. Logan – President, Chief Executive Officer and Director


Michael Faerm – Credit Suisse Securities LLC


Michael Faerm – Credit Suisse Securities LLC

Good afternoon. I think we will get started with our next presentation. I’m Micke Faerm, Specialty Pharma Analysts with Credit Suisse. And it’s our pleasure to have with us Salix Pharmaceuticals. Presenting for the company will be Carolyn Logan, Chief Executive Officer. Carol?

Carolyn J. Logan

Thanks, Michael, and thanks to Credit Suisse for having us here at this conference. It’s a nice place to get out of all the cold, so very nice out here. As you can see by our side, we have a one tract mind; we are focused in gastrointestinal disease. So of course that is the tract that we are referring to.

I’m sure that you’ve seen a lot of forward-looking statement today, but we would like for you to take a few seconds and please review ours as well. And then we’ll get right into the presentation.

We think our mission statement does a very nice job of expressing who we are. It has changed slightly over the past 12 years or so, but several things have remained the same. We are committed to being the leading gastrointestinal-focused company. We do believe that we provide solutions for patients and healthcare providers. We also want to provide rewarding opportunities for our employees and exceptional value for our shareholders. So what has not changed with the years is our focus on gastrointestinal disease and our commitments to that area, as well as our commitment to our shareholders and our employee.

If you look at our experience, you’ll see that since inception of the company we have acquired or in license 18 different product. We’ve had a lot of success progressed in Canada through the FDA and regulatory process. We have eight NDA or SNDAs that have received approval and then gone on to product launches. And we have three that are currently pending at the FDA, and we’ll talk about more about those as go through this presentation.

We’re very proud of our sales and marketing effort. We believe that we have been quite well in this area. We are recognized by almost everyone as the leading company in gastrointestinal in that market or in that area. On average, our sales force has about 11 years of experience, and about half of them have actually presented products to gastroenterologist before.

This slide can be a little bit busy, so don’t let it scare you. And I can promise you there is one coming up a few slides later that’s even busier. But the main takeaways from this slide on the top line it looks at our acquisition and in licensing history, of course you will products on there that are currently promoted by us today, but you will see some smaller products that we acquired early on, that really helped us built our top line to give us more money to develop them, which has worked out quite nicely.

You will notice on that top line that Colazal and XIFAXAN are not listed, that’s just because they were acquired prior to 2000. When we reveal the second line for NDA approvals, of course you’ll see COLAZAL there that was approved in 2000, it’s since gone generic. You’ll see XIFAXAN in the 200 milligram that was approved for traveler’s diarrhea in 2004, and then more recently XIFAXAN 550 for a hepatic encephalopathy indication that we received in March of 2010.

Of course other products that are very prominent in our bag that we promote physicians are MOVIPREP and OSMOPREP which are bowel cleansers. APRISO for maintenance of remission of ulcerative colitis and then (inaudible) we have not launched yet but it has been approved and it is a follow on product, it’s a Colazal in the ulcerative colitis area, its balsalazide disodium in a tablet form.

And then after NDA approval of course is the product launch for we get to take our product out to physicians and therefore get them into patients and hopefully help improve patients’ lives if not have a dramatic – a more dramatic effect, maybe even prolonging in some cases.

If we look at our commercial overview you’ll see depicted on the flag here our run rate and these are based on our August prescription. So if you take August prescriptions and dollarize them and then annualize them, you’ll reach the run rate that are listed on the screen. So of course the fact and continues to just do extremely well for us. Bowel cleansing which is led by MOVIPREP franchize, it’s recognized as the number one prescription bowel cleanser in the US also in the world I might add.

APRISO is a product that just keeps gaining momentum. Relistor US you can see and then all other and of course for now in the all other categories are the Oceana product. So to look a little bit closer at XIFAXAN for those of you who may not be familiar with it, it’s just an incredibly unique molecule in the fact that it’s targeted to work in the gut, a very little of this drug goes systemic, less than 0.4% is found in the blood.

Since it is not a systemic antibiotic, we have not seen the clinically relevant plasma-mediated resistance that you do see with systemic antibiotics. Therefore the safety profile and tolerability and everything we studied it in has been comparable to placebo. Yet it is a broad spectrum antibiotic effective against both Gram-positive and Gram-negative organisms.

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