Dyax Corporation CEO Discusses Q2 2012 Results - Earnings Call Transcript

Dyax Corporation (DYAX)

Q2 2012 Earnings Call

July 19, 2012, 5:00 p.m. ET


Gustav Christiansen – President, CEO

Rick Berard – VP Commercial

Burt Adelman – Chief Medical Officer

Ivana Magovčević-Liebisch - EVP, Corporate Development and General Counsel

George Miguasky - EVP, CFO.


Joseph Schwartz – Leerink Swann LLC

Phil Nadeau - Cowen and Company

Serge Boulanger – Needham and Company



Good afternoon, and welcome ladies and gentlemen to the Dyax Corporation Second Quarter 2012 financial earnings call. At this time, I would like to inform you that this conference call is being recorded, and that the participants are in a listen-only mode. (operator instructions).

Before turning this call over to Gustav Christiansen, President and Chief Executive Officer of Dyax, the company will now read their Safe Harbor Statement.

Unidentified Company Representative

This afternoon, Dyax issued a press release concerning second quarter 2012 financial results. Dyax would like to remind everyone that statements made today reflect current expectations, estimates and projections about products, programs, collaborations, strategies and financial performance, and are forward-looking statements. These statements, including those related to Dyax’s FDA-approved product KALBITOR, are subject to risks and uncertainties that could cause actual events and results to differ materially. Important information concerning these risks and uncertainties is contained in Dyax’s press release today, and described or referred to in its most recent form 10-K and other periodic reports filed with the SEC, and are also available on the company’s website at www.dyax.com. I will now turn the call over to Gustav Christiansen, President and CEO of Dyax. Gustav?

Gustav Christiansen

Thank you, Jen. Good evening everyone and welcome to Dyax Corp.’s second quarter 2012 earnings call. My remarks today will provide you with highlights on the second quarter, and a review of our key value drivers, KALBITOR angioedema franchise, as well as the Licensing and Funding Research Program.

We are pleased to report another strong quarter for our KALBITOR business, marking the ninth quarter in a row of steady, consistent revenue growth. This is based on solid execution of our strategy to provide patients with premiere services and support.

We will go into more detailed account of the KALBITOR business momentarily, but I want to mention a few key metrics and achievements we had this past quarter. First, KALBITOR sales for the second quarter were $9.2 million, up 14% from the first quarter of 2012. Second, patients treated with KALBITOR increased to 518, up 12% from the first quarter of 2012. This continued positive momentum is a result of delivering first class services and support to the entire HAE community, including patients, advocates and healthcare professionals.

We have launched several new programs in the last quarter, designed to identify and attract new patients, which together with our entire suite of offerings positions Dyax for continued growth in the KALBITOR business. Along with the developing the HAE market, we are also leveraging our knowledge of the plasma kallikrein pathway to ultimately diagnose and treat other angioedema states. Our second pillar, the LFRP, continues to be a near- and long-term value driver for Dyax. It already provides us with approximately $15 million in revenues annually, and has significant potential, through its broad and maturing pipeline of clinical candidates, addressing large therapeutic markets.

For more detail on these key business areas, I’ll now turn the call over to our executive management team. First, Rick Berard, Vice President, Commercial, will discuss our ongoing marketing efforts for KALBITOR in the U.S. Dr. Burt Adelman, Chief Medical Officer, will discuss our resurging initiatives in the angioedema franchise. Dr. Ivana Magovčević-Liebisch, Chief Business Officer, will discuss our global expansion efforts for KALBITOR, as well as the LFRP. And finally, George Miguasky, Chief Financial Officer, will present our financial highlights and financial guidance. Following these updates, I will provide concluding remarks, then open the lines for Q&A. At this time, I will turn the call over to Rick, who will review the progress of KALBITOR in the U.S.

Rick Berard

Thank you, Gustav. Good evening. We built on the momentum from the first quarter by focusing on three key objectives: patient identification, patient treatment and patient re-treatment. We remain dedicated to providing patients and healthcare providers with unparalleled resources to build awareness, treat and manage acute attacks of HAE. The results of these efforts have been meaningful. In the second quarter, KALBITOR net sales were 9.2 million, an increase of 14% quarter-over-quarter, reflecting steady increases across multiple patient metrics.

As of June 30 th, 518 patients were treated with KALBITOR, an increase of 12% from the first quarter; 59% of patients with drug are now treating. The vast majority of these patients have already re-treated with KALBITOR, and the KALBITOR treatment rate remains between six to nine attacks on a forecasted, annualized basis, and KALBITOR patients receiving patient-supplied drug, or PSD, are showing treatment rates at the top or above this range. This strong, consistent growth is a result of our focused marketing plan, an expanding suite of support and service programs which continues to distinguish Dyax as a leader in the treatment of HAE.

One program that clearly differentiates Dyax in the HAE marketplace is the KALBITOR home infusion services. This program provides patients with a convenient, monitored treatment option in the comfort of their home by a qualified and knowledgeable home infusion nurse, available 24 hours a day, seven days a week. Both patients and physicians increasingly recognize the value of this service, with most new patients electing this option.

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