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Vertex Pharmaceuticals Incorporated (VRTX)
Barclays Global Healthcare Conference
March 12, 2013 1:00 pm ET
Stuart A. Arbuckle - Chief Commercial Officer and Executive Vice President
Ying Huang - Barclays Capital, Research Division
Ying Huang - Barclays Capital, Research Division
Previous Statements by VRTX
» Vertex Pharmaceuticals Incorporated - Special Call
» Vertex Pharmaceuticals Incorporated CEO discusses Q4 2012 Results - Earnings Call Transcript
» Vertex Pharmaceuticals Incorporated Management Discusses Q3 2012 Results - Earnings Call Transcript
Stuart A. Arbuckle
Well, thank you, Ying. Thank you to Barclays for the opportunity today. Good afternoon to those of you here in Miami. Also, good afternoon to those of you listening to us here on the webcast. What I'm going to do over the next 15, 20 minutes is talk about Vertex's strategy, what our priorities are, what progress we are making and some of the milestones that you can expect to look forward to in 2013.
Obviously, some of the statements I'll be making will be forward-looking. That's subject to risk and uncertainties which are covered in full detail in our SEC filings.
So our vision for our company is crystal clear. We're about creating transformative medicines. We're doing that through continuing to invest in scientific innovation, and we're focused on specialty markets. I just want to spend a little bit of time going through some of those key elements of the strategy to describe them to you in a bit more detail and why they're important to us.
So firstly, our focus on transformative medicines and specialty markets. Why is that important? It's really important for 2 reasons: the first one is by focusing on transformative medicines for patients with the more serious illnesses, we can bring the biggest value to the patients that we serve. Combine that with a focus on specialty markets, and we think we can generate significant value both to Vertex and for our shareholders.
Strategy is all about choices, and we've made clear choices, particularly around our late-stage development assets. And I'm going to talk about our development portfolio in more detail and the choices that we've made. One of the most important choices that we've made as a company is to invest in and protect our investment in research. We believe research is the lifeblood of our future innovative medicines. It's where the new INCIVEKs, it's where the new KALYDECOs will come from, and we want to make sure we protect our investments in that research, which we think is the key to our long-term earnings and growth. And largely due to INCIVEK, the company has developed enviable financial strength. And we're going to use that financial strength and our late-stage portfolio to create, we believe, sustained revenue and earnings growth.
So this strategy is going to be a journey. This schematic really talks about that journey. Today, you can really think of as 2012. 2012, we had INCIVEK on the market, we launched KALYDECO. We generated significant revenues, and that led to a strengthening of our financial position. And that has allowed us to continue to invest in innovation. Tomorrow is really 2013 and beyond. We're obviously going to be looking to maximize the revenue from our marketed products. We're going to see some really important data for our late-stage pipeline in 2013, and I'll talk more about that. We've made choices about our R&D investments, focus in certain therapeutic areas, and we are going to be conscious of maintaining our financial strength by investing with discipline. We're doing all this so that we can get to the future, a vision where we see us having multiple innovative marketed medicines in multiple markets around the world, that we'll continue to have that focus on investing in research. And we will be delivering, we believe, sustainable revenue and earnings growth.
So that's where we want to go. What are the priorities that we have? What are the things that we are focusing on to execute against that strategy? And they really fall into these 3 buckets: it's about our focus on our late-stage development assets; it's about that focused investments in research to create the transformative medicines of tomorrow; and it's about maintaining our financial strength so that we can deliver sustained revenue and earnings growth over time.
So what are those development priorities? We are focused on 3 therapeutic areas. The first one is cystic fibrosis, and our aspiration there is bold but one we believe is achievable. We want to provide a benefit to as many CF patients around the world as we can and to maximize the benefits we're providing for all. In hepatitis C, we're focused in the short term on maximizing the revenue from INCIVEK. But in the long term, in our development pipeline, we're focused on developing simple, all-oral, short duration regiments with high viral cure rates. And in autoimmune diseases, we have what we think is a valuable asset in our selective JAK3 program. So we're going to look to maximize the value of our assets by evaluating collaborative opportunities, and I'll explain a little bit more about why in subsequent slides.