Exelixis' CEO Discusses Q4 2011 Results - Earnings Call Transcript

Exelixis, Inc. (EXEL)

Q4 2011 Earnings Conference Call

February 8, 2012 17:00 ET

Executives

Charles Butler – Investor Relations

Mike Morrissey – President and Chief Executive Officer

Frank Karbe – Executive Vice President and Chief Financial Officer

Gisela Schwab – Executive Vice President and Chief Medical Officer

Analysts

Eric Schmidt – Cowen and Company

Karen Jay – JPMorgan

Joel Sendek – Stifel

Terence Flynn – Goldman Sachs

David Miller – Biotech Stock Research

Ryan Martins – Lazard Capital

Lee Kelowski – Credit Suisse

Presentation

Operator

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Good day, ladies and gentlemen, and welcome to the Q4 Exelixis Conference Call. My name is (Kim) and I'll be your coordinator for today. At this time, all participants are in listen-only mode. We will be facilitating a question-and-answer session towards the end of today's conference. (Operator Instructions)

I would now like to turn the presentation over to your host for today's conference, Mr. Charles Butler. Please proceed, sir.

Charles Butler – Investor Relations

Thank you for joining us this afternoon for our fourth quarter and full year 2011 financial results conference call. Joining me on today's call is Mike Morrissey, our President and CEO; Frank Karbe, our Executive Vice President and CFO; and Gisela Schwab, our Executive Vice President and Chief Medical Officer. As usual, Mike will start off with a brief overview and then turn the call over to Frank who will review our performance over the financial reporting period, then Gisela will provide a research and development update before the team takes questions.

As a reminder, during the course of this presentation, we will be making forward-looking statements regarding future events or the future performance of the company. Actual events or results of course could differ materially. We refer you to the documents that Exelixis files from time-to-time with the Securities and Exchange Commission, specifically, the company's most recent Form 10-Q filed on October 27, 2011. These documents contain and identify under the heading Risk Factors, important factor that could cause actual results to differ materially from those contained in any forward-looking statements, including risk related to the potential failure of cabozantinib to demonstrate safety and efficacy in clinical testing, Exelixis' ability to conduct clinical trials of cabozantinib sufficient to achieve a positive completion; the sufficiency of Exelixis' capital and other resources, and the uncertainty of the FDA review and approval process.