Agios Pharmaceuticals, Inc.

Good morning and welcome to Adios' fourth quarter 2020 conference call. At this time, all participants are in a listen-only mode. There will be a question and answer session at the end. Please be advised that this call is being recorded at Adios' request. I would now like to turn the call over to Holly Manning, Director of Investor Relations.

Thank you, Operator. Good morning, everyone, and welcome to Agios' fourth quarter 2020 conference call. You can access slides for today's call by going to the Investors section of our website, agios.com. With me on the call today with prepared remarks are Dr. Jackie South, our Chief Executive Officer, Dr. Chris Bowden, our Chief Medical Officer, Darren Miles, our Chief Commercial Officer, and Jonathan Diller, our Chief Financial Officer and Head of Legal and Corporate Affairs. After Bruce Carr, our Chief Scientific Officer, will join for Q&A. Before we get started, I would like to remind everyone that some of the statements we make on this call will include forward-looking statements. Actual events and results could differ materially from those expressed or implied by any forward-looking statement as a result of various risks, uncertainties, and other factors, including those set forth in our most recent filings with the SEC and any other future filings that we may make with the SEC. With that, I will turn the call over to Jackie.

Thanks, Holly. Good morning, everyone, and thanks for joining our fourth quarter 2020 results call. Before we get into the exciting work we have ahead of us in 2021, I want to take a moment to reflect on this past year and acknowledge the extraordinary challenges faced by all of us at Agios, the patients we serve, and the global community at large. One year ago when I spoke on the Q4 2019 call, we did not know that just a few weeks later the COVID-19 outbreak would escalate into a global pandemic, shutting down our offices and halting life as we knew it. For many of our employees, working from home included balancing new challenges in their personal lives, such as virtual school, taking care of young children, and new worries about health and well-being in a pandemic. And patients around the world, including those in clinical trials, struggled with reduced access to travel and medical centers. At the same time, the U.S. faced significant civil and political unrest that further exposed the realities of the racial and social divides in our country. In the wake of these challenges, I've been overwhelmed by the generosity, determination, and spirit of the AGIOS team in support of each other, patients, and our communities. As of last week, our cross-functional coronavirus task force wrapped up their first year, having responded to nearly 750 inquiries from patients or healthcare providers across dozens of countries. For each request, the team worked tirelessly to reduce the risk to patients and or the burden to healthcare systems due to COVID-19 and went to great lengths to ensure patients could continue to have access to our medicines despite the unprecedented circumstances. Our facilities and HR teams have gone above and beyond the call of duty to ensure our labs and offices remain safe for employees who need to work onsite, including providing access to testing and contact tracing. For the teams working from home, they've organized personal and professional resources like webinars on avoiding burnout, access to educational materials and activities for our children, virtual employee interactions to maintain our connections, and ongoing team-building activities to adapt our culture during this time and beyond. On a community level, we led a diversity initiative at Agios that included speakers and workshops on valuing differences to heighten our awareness and help us learn together. As you can see in the photos on slide five, we continue to support causes important to us through fundraisers and events, and in December, our employees donated gifts to families with children suffering from life-threatening diseases. With the realities and struggles of 2020 continuing in 2021, I nevertheless find myself incredibly hopeful for the future and more confident than ever in our ability to overcome whatever comes our way. From a business perspective, we have much to be excited about as we embark on the next chapter of Augios with a sole focus on genetically defined diseases. In December, we announced our refocused strategy in the decision to sell our oncology assets to Servier, a successful patient-focused global pharmaceutical company with a deep commitment to expanding its emerging oncology portfolio. As part of the transaction, which is subject to a shareholder vote on March 25th, Audios will receive cash consideration of up to $2 billion, including $1.8 billion in upfront cash and $200 million in a potential future cash milestone payment, as well as 5% royalties on U.S. net sales of TIPSOVO from transaction closed through loss of exclusivity and 15% royalties on U.S. net sales of voracitinib from first commercial sale through loss of exclusivity. After returning $1.2 billion to shareholders, residual proceeds will be retained to fund the company through major value-driving catalysts and to profitability without the need for any additional equity raises. These decisions will allow the oncology portfolio to grow and thrive with Servier and will provide Augeos with the capital required to maximize the potential for promising therapies for genetically defined diseases, ultimately enabling the greatest overall positive impact for patients. For more details, you can access our press release, investor presentation, and proxy statement on our website at agios.com. Over the last few months, we've made significant strides with our most advanced medicine, MediPivot, across our three initial therapeutic areas of focus, and this progress sets us up for a catalyst-rich year ahead, which Chris will cover in a moment. In addition, we are also moving other genetically defined disease programs through our clinical and research pipelines. On the oncology side, we've continued to execute on both the clinical and commercial fronts. We closed out the second full year of Tudsovo net revenue with $121 million, exceeding our $115 million net revenue target. Looking ahead to the evolution of our commercial business, I'm pleased to announce that Darren Miles has been promoted to the role of Chief Commercial Officer. He has served in numerous roles at AGO since joining us in 2015, including most recently as Senior Vice President of U.S. Commercial and Global Marketing. Darren has done a tremendous job leading our team to superior TIPSOVO commercial performance while also preparing us for our first genetically defined disease launch. with PK deficiency in 2022. Darren's thoughtful and genuine leadership style is felt throughout our company. We are very optimistic about our bright future and our ability to continue to bring transformative therapies to more patients than ever with our renewed focus and financial strength. With that, Chris, let me turn it over to you.