Vertex Pharmaceuticals' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Vertex Pharmaceuticals, Inc. (VRTX)

Q2 2012 Earnings Call

July 30, 2012 5:00 p.m. EDT

Executives

Michael Partridge – VP, IR

Jeff Leiden – Chair, President and CEO

Ian Smith – EVP and CFO

Peter Mueller – EVP, Global Research and Development, and Chief Scientific Officer

Robert Kauffman – SVP and Chief Medical Officer

Analysts

Geoff Porges – Sanford Bernstein

Rachel McMinn – Bank of America-Merrill Lynch

Mark Schoenebaum – ISI Group

Yaron Werber – Citigroup

Geoff Meacham – JPMorgan

Matt Roden – UBS

Liisa Bayko – JMP Securities

Terence Flynn – Goldman Sachs

Tom Russo – Robert W. Baird

Ying Huang – Barclays Capital

Brian Abrahams – Wells Fargo Securities

David Friedman – Morgan Stanley

Katherine Xu – William Blair

Howard Liang – Leerink Swann

Michael Yee – RBC Capital Markets

Ed Tenthoff – Piper Jaffray

Phil Nadeau – Cowen and Co.

Brian Skorney – Brean Murray

Alan Carr – Needham & Co.

Presentation

Operator

Good day, ladies and gentlemen and welcome to Vertex Pharmaceuticals, Incorporated second quarter 2012 financial results conference call.

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[Operator Instructions]. As a reminder, this conference is being recorded. Now I'll turn the conference over to Michael Partridge, Vice President of Investor Relations. Please begin.

Michael Partridge

Good evening and welcome to Vertex's second quarter 2012 conference call.

Vertex continued to make progress in the second quarter of 2012 to build our global business. With our approved medicines, in its first full quarter, Kalydeco achieved $46 million in US sales, reflecting increased uptake in people with CF who have the G551D mutation. We also announced on Friday that we have received approval of Kalydeco in the EU.

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