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Cubist Pharmaceuticals Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: CBST

Today's presentation includes forward-looking statements relating to our business, including those set forth on this slide. We may also make forward looking statements during the Q&A session following our prepared remarks. These statements are neither promises nor guarantees and there are a number of risks and uncertainties that could cause actual results to differ materially from those set forth in these forward-looking statements.

These and other risk factors are described in the slide shown and to the Risk Factors section of our most recent quarterly report on Form 10-Q, filed with the SEC. Forward-looking statements are made as of today's date, and we do not undertake any obligation to update any forward-looking statement.

We will also refer to certain non-GAAP financial measures that involve adjustments to GAAP figures in order to provide greater transparency regarding Cubist's operating performance. Please refer to the slide being shown regarding our use of non-GAAP financial measures, as well as additional slides on the Investor Relations page of our website, which contains the reconciliation between our non-GAAP financial measures and GAAP financial measures.

Speakers on today's call will include Cubist's CEO, Mike Bonney; President and Chief Operating Officer, Rob Perez; Chief Scientific Officer, Steve Gilman; and Chief Financial Officer, David McGirr. You will first hear from Mike Bonney. Mike?

Michael W. Bonney

Thanks, Eileen. Before providing an overview of our financial results for the quarter, I wanted to comment on some important goals we shared with you last month.

On our June 11th Investor Day, we announced our 5-year targets for top and bottom line growth, with revenue expectations of $2 billion and non-GAAP adjusted operating income of $700 million in 2017. We also set forth goals for maintaining a robust late-stage pipeline, expecting to have 4 products in late-stage clinical trials at year-end 2017.

These goals, which we referred to as our building blocks of growth are aspirational, but we do think they're achievable. And they provide a useful framework for our strategic and tactical decision-making in the months and years ahead. We also think it's helpful as we continue to build a channel-focused acute care company to share with you our vision of what Cubist can become.

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