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InterMune's CEO Discusses France's Economic Committee's (CEPS) Authorization Of Reimbursement Of Esbriet Conference (Transcript)

These documents identify important factors that could cause our actual results to differ materially from our projections and other forward looking statements. These risk factors include regulatory revenue, pricing and reimbursement, intellectual property, clinical development and capital resourcing and other risks relating to our business. On the call today is Dan Welch InterMune's Chairman and Chief Executive Officer and President. Joining us for questions and answers will be Giacomo Di Nepi our Senior Vice President and Managing Director for Europe.

During today's call we'll discuss the pricing and reimbursement conditions for Esbriet in France, we will share with you additional details of our commercial organization in France and are ready just to make Esbriet available to the estimated 8000 patients with mild to moderate IPF in that country.

We also will review our progress in preparing to launch Esbriet in France and in other countries in the European Union, I will now turn the call over to Dan Welch.

Dan Welch

Thank you, Jim and good morning all. We are very pleased to announce today that we have reached agreement on pricing and reimbursement conditions for Esbriet in France with the French Pricing Committee or CEPS and we are very pleased to announce that Esbriet will be available to patients in France in the fourth quarter of this year consistent with the timetable that we have previously shared with you.

In early April of this year we announced that the French Transparency Commission had granted SMR and ASMR ratings that allowed InterMune to proceed to the next step in the process which was the negotiation of price and reimbursement conditions with the economic committee or CEPS.

During the past several months we've been involved in discussions with CEPS and are very pleased to report today that the committee has authorized an ex-factory reimbursed price of €25000 per patients per year. This is approximately $32000 at current exchange rates. The French healthcare system requires no mandatory discounts or rebases at the national or regional level, so the gross ex-factory price is also the net price to InterMune.

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