BioMarin Pharmaceutical Inc.

Welcome to the Bayou Marine First Quarter 2020 Financial Results Conference Call. Hosting the conference call today from Bayou Marine is Tracy McCarty, Vice President of Investor Relations. Please go ahead, Tracy.

Thank you, May, and thank you, everyone, for joining us today. To remind you, this non-confidential presentation contains forward-looking statements about the business prospects of Biomarin, including expectations regarding Biomarin's financial performance, commercial products, and potential future products in different areas of therapeutic research and development. Results may differ materially depending on the progress of Biomarin's product programs, actions of regulatory authorities, availability of capital, future actions in the pharmaceutical market, and developments Securities and Exchange Commission, such as 10Q, 10K, and 8K reports. On the call remotely from BioMarin Management today are JJ Bien-Aimé, Chairman and Chief Executive Officer, Jeff Acher, Executive Vice President, Chief Commercial Officer, Robert Baffey, President, Global Manufacturing and Technical Operations, Hank Fuchs, President, Worldwide Research and Development, and Brian Mueller, Acting Chief Financial Officer. We hope to keep this call to one hour and also give everyone the opportunity to ask a question today, so we request that you limit yourself to one during the Q&A portion of the call. Thank you for your understanding. I will now turn the call over to our Chairman and CEO, JJ Bien-Aimé.

Thank you, Tracy. Good afternoon and thank you for joining us on today's call. We hope you and your families are healthy and managing through these unusual circumstances brought about by the COVID-19 virus. So these are unprecedented times, but the essential nature of our medicines to the patients who need them has enabled Biomarin to weather the challenge of COVID-19 quite well. Equally as important, I want to underscore the extraordinary dedication of our employees who have kept operations running smoothly in order to maintain access to our therapies around the world. Our first quarter record results of $502 million of total revenues or 25% growth over the last year, the testament to the importance of our therapies and our diversified product base and commercial footprint. Due in part to the sale of fur daps, gap net income in the first quarter was $81.4 million, exceeding our current full year guidance rate of $20 to $80 million. In the first quarter, we experienced minimal interruptions due to COVID-19, but we do anticipate the potential for more meaningful business disruptions for the remainder of 2020 due to the pandemic. As a result, we have chosen to reduce our full-year total revenue guidance by around 5% or $100 million while maintaining both GAAP and non-GAAP income full-year estimates provided earlier this year. Despite Potential near-term impacts to our commercial business from COVID-19. Our next block festers, BMN270, VeloxarcoGene, Voxaparbovex, VaroRox for hemophilia A, and Vozoritide for achondroplasia continue to advance. And Jeff will reveal our recently approved brand name for BMN270 in a moment. Briefly on Vozoritide for achondroplasia. In the quarter, we announced that based on recent meetings and successful meetings with health authorities in the U.S. and Europe. We plan to submit marketing applications to the FDA and EMA in the third quarter of this year. If approved, Rosaritide will be the first medicine for the treatment of achondroplasia in the U.S. and Europe, so we are delighted that this potential therapy proceeds a step closer to regulatory. In conclusion, bio-brain employees have risen to the evolving challenges of the COVID-19 pandemic, demonstrating a high level of commitment and dedication to the patients we serve. The underlying fundamentals of our business remain strong and our manufacturing and supply chain resilient. We have built a durable base business with essential medicine, transitioned the pipeline to address larger rare indications, diversified risk, and positioned ourselves for substantial success in both the near term and the long term. We are confident in our ability to manage through this ongoing global health crisis while staying grounded in our long-term strategy for success. I'd like to say a few words about Robert Baffey, who has made tremendous contributions to the organization over the last 20 years. During his time at Balmain, he has manufactured the most complex biological products in the world and built the most advanced commercial-scale gene therapy manufacturing capability You know, his leadership, technical expertise, foresight, and dedication have played a key role in where we stand today, and we want to acknowledge his many contributions. Thank you, Robert. And we are pleased that he will remain with Biomarines through the review of TMN270 VAROX and the Valsoritide marketing applications to ensure manufacturing continuity as his successor, Greg Guyer, begins his journey with us in May, coming from Bristol, Maastricht. Thank you all for your continued support, and now I would like to turn the call over to Robert to say a few words. Robert? Thank you, JJ.