This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

PDL BioPharma's CEO Discusses Q2 2012 Results - Earnings Call Transcript

I'll now turn the call over to John McLaughlin, President and CEO of PDL BioPharma.

John McLaughlin

Thank you Jennifer and good afternoon everyone. Also with me today is Bruce Tomlinson, our Chief Financial Officer. As always in this call, I'll provide a summary of recent events, and then Bruce will review our quarterly financial results.

I'd like to begin on slide number three with an overview of our newest royalty stream. In June of this year, Genentech and Roche have notified that Pertuzumab, which is being sold under the brand name Perjeta, is a licensed product under our license agreement. Genentech and Roche set a price of $5,900 per month, higher than most expectations on Wall Street and wants Perjeta one business day after its approval.

This is a very exciting therapy, approved in combination with Herceptin and chemotherapy for the first line treatment of women with HER2-Positive Metastatic Breast Cancer. In the pivotal trial, Perjeta, Herceptin and chemo showed a 6.1 month improvement in progression free survival, compared to patients receiving only Herceptin and chemo.

Recently, Genentech and Roche announced that Perjeta also met its secondary endpoint of overall survival in this trial. They have said that the precise value will be disclosed before the end of the year.

In addition, Perjeta is being studied in the Phase-III trial in the adjuvant setting. Please recall that Phase-II data, which shows patients on Perjeta, Herceptin, and Chemo in the adjuvant setting had a pathological complete response or PCR of 45.8%, compared to 29% for those HER-2 Positive breast cancer patients receiving only Herceptin and chemotherapy. Genentech and Roche have guided that they believe the annual peak sales of Perjeta will exceed $1 billion.

There has been significant attention in the press and on Wall Street with respect to two other licensed antibodies, both targeting beta-amyloid, although in different manners, and both being studied to determine if they could slow the progression of Alzheimer's disease, in patients with mild to moderate symptoms. These antibodies are of bapineuzumab, being developed by Pfizer and J&J, and solanezumab being developed by Eli Lilly.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs