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ARIAD Pharmaceuticals, Inc. (ARIA)
Q3 2008 Earnings Call Transcript
November 6, 2008 8:30 a.m. ET
Maria E. Cantor – Vice President, Corporate Communications and Investor Relations
Harvey J. Berger – Chairman and Chief Executive Officer
Edward M. Fitzgerald – Senior Vice President, Chief Financial Officer and Treasurer
Timothy P. Clackson – Senior Vice President and Chief Scientific Officer
Matthew E. Ross – Vice President, Commercial Operations
Phil Nadeau – Cowen & Company
Howard Liang – Leerink Swann & Company
Sar Jeneeve – JP Morgan
Eun Yang – Jefferies & Company
Derek Jellinek – Susquehanna Financial Group
[Andrew] – Susquehanna Financial Group
Previous Statements by ARIA
» ARIAD Pharmaceuticals Inc. Q4 2008 Earnings Call Transcript
» ARIAD Pharmaceuticals, Inc. Q2 2008 Earnings Call Transcript
» Ariad Pharmaceuticals Inc. Q1 2008 Earnings Call Transcript
Maria E. Cantor
Good morning, and welcome to ARIAD's investor call to discuss our corporate developments and financial results for our third quarter and nine months to date. Joining me for this call are Dr. Harvey Berger, our Chairman and Chief Executive Officer; Ed Fitzgerald, our Senior Vice President, Chief Financial Officer and Treasurer; Dr. Tim Clackson, our Senior Vice President and Chief Scientific Officer; and Matthew Ross, our Vice President of Commercial Operations.
Before we get started, I would like to state that during this call we will be making forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to factors, risks and uncertainties such as those detailed in our Form 10-K for the year ended December 31, 2007 and other SEC filings that may cause actual results to differ materially from the results expressed or implied by such statements.
Now I would like to turn the call over to Dr. Harvey Berger for this morning’s opening remarks.
Harvey J. Berger
Thank you very much, Maria, and good morning to everyone. Thank you very much for joining us.
I would like to take a minute to frame this morning’s call. ARIAD is demonstrating strong operational executions on each of the corporate objective we established earlier this year, and the third quarter was no exception. We are focused on these goals and I am proud to say accomplishing all that we have said we would do in 2008, on schedule and on budget. We are having a very productive year and in the third quarter we continued to fulfill our corporate objectives and to advance our oncology pipeline.
At the same time that we are delivering on all of our goals for 2008, we are demonstrating that we can be very effective in doing more with less. This morning we are favorably revising our financial guidance for 2008 to reflect a decrease of approximately $8 million in our projected net loss for the year. And a decrease of about $3 million in estimated cash used in operations for the year when compared to the guidance we had given earlier in the year. This is a significant operational accomplishment and further demonstrates the responsible management of our operations and resources.
Ed Fitzgerald will provide a full financial update for the third quarter and for the first nine months of 2008, and provide the details on this positive adjustment in our financial guidance. I will then share with you ARIAD’s progress as a company and in advancing our innovative oncology pipeline. Tim Clackson, our Chief Scientific Officer, will talk about AP-24534, or 534 as it is commonly known. Finally, we will close the call as we always do with an interactive Q&A session with the ARIAD team, including Matt Ross, our Head of Commercial Operations, who also will be available to help answer your questions.
Let me now turn the call back over to Ed for our financial update.
Edward M. Fitzgerald
Thank you, Harvey. I will now review our financial results as of September 30, 2008, details of which were provided in the press release that we issued earlier this morning. For the three-month period ended September 30, 2008, we reported a net loss of $20 million, or $0.29 per share, compared to a net loss of $10.9 million, or $0.16 per share, for the same period during 2007. For the nine-month period ended September 30, 2008, the Company reported a net loss of $54.3 million, or $0.78 a share, compared to a net loss of $42.8 million, or $0.63 per share, for the same period in 2007.
These results continue to reflect the advancement of our development programs and the positive impact of our collaboration with Merck & Co., Inc. for the development and commercialization of deforolimus for cancer.
Importantly our net loss for the third quarter is below the amount that was incorporated in our previous guidance for the year, reflecting management’s decision to tighten our spending while we focus on achievement of our key corporate objectives for the year.
The key decisions we have made and continue to make will have a positive impact on our fourth quarter results as well. Thus we are revising our financial guidance for the year ending December 31, 2008.