Wednesday, July 11, 2007

DNA Conference Call Summary

DNA Genentech Conference Call Summary

Co's pre-prepared slides published after earnings were released. 2007 Key Milestones: 1) Successfully complete Tanox transaction 2) Implement Avastin Patient Assistance Program 3) Resubmit Avastin sBLA application for first-line locally or recurrent metastatic breast cancer 4) Initiate Avastin Phase III study in adjuvant non-small cell lung cancer 5) Initiate Lucentis Phase III studies in diabetic macular edema 6) Add at least five new molecular entities (NMEs) into the development pipeline (ABT-263, ABT-869, Anti-CD40, huMAb-OX40L, IAP Antagonist, and a NME for oncology) 6) Complete two late-stage research Business Development collaborations. Co has a healthy pipeline with initiations of four Phase I studies, five Phase II studies and five Phase III studies in the pipeline. CFO notes that a one time $65 mln royalty gain from a recent collaboration should not be added to future calculations. 2H 2007 Anticipated key milestones: 1) Herceptin adjuvant breast cancer sBLA PDUFA date Oct 22, 2007 2) Re-submit sBLA for Avastin first-line metastatic breast cancer drug on ECOG 2100 data (Aug 2007). Total Operating Revs of $3 bln were achieved from US product sales of $2.149bln + sales to collaborators $0.294bln + royalty revs $0.484bln + contract revs $0.077bln vs. $2.85 bln consensus. Courtesy of Briefing.com

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