Celgene’s (CELG) CEO Robert Hugin on Q2 2014 Results – Earnings Call Transcript

Source: Seeking Alpha


Celgene Corporation (NASDAQ:CELG)

Q2 2014 Earnings Conference Call

July 24, 2014 9:00 am ET


Robert Hugin – Chairman, Chief Executive Officer

Jacqualyn Fouse – Executive Vice President, Chief Financial Officer

Mark Alles – Global Head, Hematology and Oncology

Scott Smith – Global Head, Inflammation and Immunology

Patrick Flanigan – Vice President, Investor Relations


Josh Schimmer – Piper Jaffray

Geoffrey Porges – Sanford Bernstein

Terence Flynn – Goldman Sachs

Ian Somaiya – Nomura

Robyn Karnauskas – Deutsche Bank

Yaron Werber – Citi

Geoff Meacham – JP Morgan

Ravi Mehrotra – Credit Suisse

Mark Schoenbaum – ISI Group

Brian Abrahams – Wells Fargo Securities

Matt Roden – UBS

Michael Yee- RBC Capital Markets

Mara Goldstein – Cantor Fitzgerald

Thomas Wei – Jefferies

Howard Liang – Leerink Swann


Good morning and welcome to the Celgene Second Quarter 2014 Earnings conference call. All participants will be in a listen-only mode until the question and answer session at the end of the conference. I would like to remind you that this call is being recorded.

I would now like to turn the conference over to Patrick Flanigan, Vice President, Investor Relations at Celgene. Please go ahead.

Patrick Flanigan – Vice President, Investor Relations

Thanks, Nicole, and welcome everyone to our second quarter earnings conference call. The press release reporting our financial results in addition to the presentation for today’s webcast can be accessed by going to the Investor Relations section of the corporate website at www.celgene.com.

Joining me in the room today with prepared remarks are Bob Hugin, our Chairman and Chief Executive Officer; Jacquie Fouse, our Chief Financial Officer; Mark Alles, who is Global Head of our Hematology and Oncology franchise; and the Global Head of our Inflammation and Immunology franchise, Scott Smith.

As a reminder, during today’s call we will be making forward-looking statements regarding our financial outlook in addition to regulatory and product development plans. These statements are subject to risks and uncertainties that may cause actual results to differ from those forecasted. A description of these risks can be found in our most recent 10-Q on file with the SEC. These statements speak only as of today’s date and we undertake no duty to update or revise them. Finally, a reconciliation of the adjusted financial measures to the most comparable GAAP measures are available as part of the earnings release.

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I would now like to turn the call over to Bob.

Robert Hugin – Chairman, Chief Executive Officer

Thanks Patrick, and thank you everyone for joining us this morning. I appreciate the opportunity to update you on the excellent results of the quarter and the significant progress achieved advancing strategic corporate initiatives. Operational excellence is the foundation of our business model. Outstanding results produce the resources that allow us to invest in the discovery and development of tomorrow’s transformational therapies, and our teams across the globe are delivering. Our businesses across functions and geographies have outstanding momentum. The strong revenue and earnings growth reported this morning reflect the excellent operating performance of our teams. Increased Revlimid duration of therapy and accelerating global launches of pomalidomide and Abraxane in pancreatic cancer fueled substantial volume and revenue growth. This strong performance supports raising our full-year financial guidance. Jacquie and Mark will discuss the results and our outlook in greater depth in a few minutes.

Capturing the full value of our franchises is the highest order of corporate priority. We’re making exceptional progress in building for the future. During the quarter, we strengthened our hematology product portfolio with important new clinical data in MDS, AML, and mantle cell lymphoma. The future of our hematology franchise was further enhanced through meaningful progress on strategic collaborations, including ACE-011 and ACE-536 in beta thalassemia, and exciting data in targeted relapse refractory AML with AG-221. We’re aggressively moving these programs forward with our partners, Acceleron and Agios.

During the first half of the year, our oncology programs were advanced by the initiation of Phase III studies testing Abraxane as an adjutant treatment in patients with surgically resected pancreatic cancer and as maintenance therapy in patients with squamous non-small cell lung cancer. In the second half of the year, collaborations are positioned to evaluate Abraxane, Revlimid, CC-486 and other pipeline assets in combination regimens with emerging immuno-oncology therapies. Mark will outline some of the key studies that are accelerating our impact in the hematology oncology field. Over the next few quarters, we expect significant increased visibility on our next generation of registration track studies.

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