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Ariad Pharmaceuticals Management Discusses Q2 2012 Results - Earnings Call Transcript

During this call, we'll be making forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to factors, risks and uncertainties, such as those detailed in our Form 10-K for the year ended December 31, 2011, and other SEC filings that may cause actual results to differ materially from the results expressed or implied by such statements. Now let me introduce Dr. Berger for our opening remarks.

Harvey J. Berger

Thanks very much, Maria, and good morning, everyone. On our first quarter investor call this past May, I remember saying that we were off to a very busy start in 2012 with lots of progress, productivity taking place in all corners of the company. Well, I'm pleased to say that this progress and productivity have clearly been illustrated for our most recent announcements. These include the presentation of the updated PACE trial data at ASCO in June, the start of a global Phase III EPIC trial of ponatinib in newly diagnosed patients with chronic PACE CML and the submission of the new drug application to the Food and Drug Administration for the approval of ponatinib in CML and Philadelphia Chromosome-positive ALL in patients who are resistant or intolerance to prior therapy. Without question, we are executing on all of the objectives that we set out at the beginning of the year and we are focused on building a global commercial oncology company. With that as background, we have several updates to share with you this morning but first, Ed Fitzgerald will run through our financial results for the second quarter.

Edward M. Fitzgerald

Thank you, Harvey, and good morning, everyone. Our net loss for the second quarter was $51.3 million or $0.31 per share compared to a net loss of $47.8 million or $0.36 per share for the same period in 2011. The increase in net loss reflecting expansion of the global development program for ponatinib in preparations for commercialization of ponatinib in the U.S. and in Europe. Our R&D expenses increased by $20.7 million from the second quarter of 2011 to the second quarter of 2012, due primarily to expansion of development activities for ponatinib, including an increase in personnel expenses to support those activities.

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