Earnings Call Excerpt
Vertex Pharmaceuticals Inc. (VRTX)
Q2 2006 Earnings Conference Call
July 26, 2006 5:00 PM
Executives
Lynne Brum - Vice President, Strategic Communications
Ian F. Smith - Chief Financial Officer, Executive Vice President
John J. Alam - Executive Vice President, Medicines Development, and Chief Medical Officer
Dr. Joshua S. Boger - Founder, Chief Executive Officer, President
Analysts
Jason Zhang - Prudential Equity
Rachel McMinn - Piper Jaffrey
Yaron Werber - Citigroup
Joshua Schimmer - Cowen & Company
Andrew McDonald - Thinkequity
Richard Smith - JPMorgan
Steve Harr - Morgan Stanley
Meg Malloy - Goldman Sachs
George Fulop - Needham & Company
Annabella Simini - UBS
Hari Sambasivam - Merrill Lynch
David Witzke - Banc of America
Howard Liang - Leerink Swann
Adam Cutler - JMP Securities
Bob Al (ph) - Wall Street
Presentation
Operator
Good afternoon. My name is Ashley and I will be your conference operator today. At this time, I would like to welcome everyone to the Second Quarter Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question-and-answer session. [Operator’s Instructions] Thank you, Ms. Brum, you may begin your conference.
Lynne Brum - Vice President, Strategic Communications
Thank you, Ashley. Good afternoon. This is Lynne Brum, Vice President of Strategic Communications at Vertex. On behalf of senior management team, I thank everyone for joining us today. After get started I'll remind you that information discussed on this conference call may consist of forward-looking statements and as such are subject to the risks and uncertainties discussed in detail in our reports filed with the Securities and Exchange Commission, including our 10-K.
During this call, we'll discuss financial results using both GAAP and non-GAAP financial measures. Additional information regarding our use of non-GAAP financial measures is available in our second quarter 2006 financial press release. At this time, Vertex’s second quarter 2006 financial press release has been issued. Please visit our website at www.Vertex.com to listen to the conference call and view a power point presentation via the internet or download a podcast MP3 file. A replay of the conference call will be available via the internet until the end of the day, August 9th.
Our second quarter performance was marked by continued advancement of VX-950, our investigational HCV Protease Inhibitor with a presentation of key data at two medical conferences, the initiation of our global Phase IIb development program, the PROVE studies, and the signing of a major collaboration with Janssen Pharmaceutica, a J&J Company. In additions with significant achievements of VX-950, we made additional progress in other areas of our pipeline, including the initiation of a Phase I clinical trial and the fast track designation of VX-770 in Cystic Fibrosis and the initiation of Phase II development with VX-680 in colon cancer by Merck. We also announced that Merck has begun patient enrollment in its second Phase II clinical trial of VX-680 in lung cancer today.
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