Vertex Pharmaceuticals Incorporated (VRTX)

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Vertex Pharmaceuticals Incorporated (VRTX)

JPMorgan Global Healthcare Conference

January 9, 2012 14:00 ET


Matt Emmens – Chairman and Chief Executive Officer

Dr. Jeff Leiden – President, and Chief Executive Officer


Geoff Meacham – JPMorgan


Geoff Meacham – JPMorgan

Okay, good morning. Welcome to the morning sessions of the Day 1 of JPMorgan 30th Annual Healthcare Conference. I am Geoff Meacham. I am the Senior Biotech Analyst here at JPMorgan. It’s my pleasure to introduce Vertex Pharmaceuticals, one of the leaders in the hep C, cystic fibrosis, RA and other spaces, which I am sure, will be detailed. And speaking on behalf of Vertex is its current CEO, Matt Emmens who will then introduce the incoming CEO, Jeff Leiden. Matt?

Matt Emmens – Chairman and Chief Executive Officer

Thank you, Geoff. Welcome, thank you for your interest in Vertex. We have a full house. The fire marshal would not be pleased, but anyway, it’s a privilege to be here representing what Vertex has achieved and the opportunities they were in front of us, which are both significant. Moving making forward-looking statements as usual in our presentation today and please consult our latest SEC filings including our 10-K, our 10-Qs and 10-K for a complete understanding of the risks associated with our business and everyone in this business for that matter.

I came on board three years ago and that was my contract and I had two main priorities. One was to help build the commercial organization at Vertex that would launch our first drug INCIVEK, which I think we have done. And number two was to build the development capability that had the scale to get many more game changing medicines through to the market. I am proud of Vertex’s accomplishments on both fronts. Execution and the launch of INCIVEK was perfect at every step and that is remarkable for any company, especially one for its first time out. We got the drug to patients very fast. We shipped INCIVEK a day after the approval and the first prescription was filed – was filled, excuse me, at the pharmacy only three days later. And I am pleased to tell you that INCIVEK is on track to be the fastest product launch in the history of this industry. We have a second drug, KALYDECO for the orphan disease cystic fibrosis. The execution on the development and regulatory submissions in 2011 are extraordinary and we expect to launch this drug obviously this first quarter of this year.

We have significant cash flow and earnings now. We have the ability to pursue focused market investment in our late-stage pipeline while also making a return to our shareholders. I am proud of what we have done. I am proud of the team at Vertex. And I am also proud to introduce Jeff Leiden. As I retire for my second time, I am proud, sorry, didn’t get it right the first time, try it again, that we have been able to tap exceptional leadership to take Vertex forward.

I have known Jeff for seven years. He came on the Shire board. As you know, I am the Chairman of that company and he impressed everybody and because of that I led him to believe that Vertex would be a great board to be on and he agreed and came over and has been with us for over two years, going on three years. And we love him and he was the obvious choice. It’s unusual to find somebody that’s a physician, a scientist, a business person and has had a successful commercial career and he has all that. He was President, CEO, and Chief Scientific Officer at Abbott from the years 2000 to 2006 and more recently he was managing a partner at Clarus Ventures. He is familiar with Vertex. As I said, he joined our board in 2009 and now he is going to take our company forward. And I as a shareholder couldn’t find anyone I’d rather have doing that. So, please welcome Dr. Jeff Leiden.

Dr. Jeff Leiden President and Chief Executive Officer

Well, thank you very much Matt. I am thrilled and excited to be joining Vertex at this very critical and important point in the company’s evolution. As Matt said, Vertex is now a business. We are generating significant revenues and profits. We just launched our first product and we are now poised and preparing to launch our second. But equally importantly, we have a very exciting and deep pipeline that will force the opportunity to launch a number of additional drugs over the next few years, and not just any medicines, these are transformative medicines that will add great value to patients and to their families. And finally, this is the company and the team that’s proven its ability to develop and launch these types of breakthrough drugs. So from my perspective, Vertex is very well-positioned to fulfill the vision that was made when the company was founded almost 23 years ago by Josh Boger.

During the last several years, hepatitis C has typically, and of course, quite logically been the biggest focus of investors in Vertex. And INCIVEK and hepatitis C remained very important for the company. I am going to spend more time on them a little bit. But today, I want to start with our pipeline, because that’s where I think I can best convey to you the fact that Vertex’s future opportunities are both diverse and global. You can get a sense of what that means for the trajectory of our future growth.

Read the rest of this transcript for free on seekingalpha.com