PTC Therapeutics, Inc. (NASDAQ:PTCT) Q3 2023 Earnings Conference Call February 8, 2023 9:00 AM ET

Company Participants

Jane Hanlon - Associate Director, Investor Relations

Matthew Klein - Chief Executive Officer

Eric Pauwels - Chief Business Officer

Kylie O'Keefe - Chief Commercial Officer

Pierre Gravier - Chief Financial Officer

Conference Call Participants

Eric Joseph - J.P. Morgan

Kristen Kluska - Cantor Fitzgerald

Samantha Corwin - William Blair

David Lebowitz - Citi

Brian Abrahams - RBC Capital Markets

Colin Bristow - UBS

Jeff Hung - Morgan Stanley

Alexander Xenakis - Truist Securities

Joseph Schwartz - Leerink Partners

Gena Wang - Barclays

Paul Choi - Goldman Sachs

Tazeen Ahmad - Bank of America

Operator

Thank you for standing by and welcome to the PTC Therapeutics Third Quarter 2023 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s call is being recorded.

I would now turn the conference call over to your host, Jane Hanlon, Associate Director of Investor Relations. Please go ahead.

Jane Hanlon

Good afternoon, and thank you for joining us today to discuss PTC Therapeutics' third quarter 2023 corporate update and financial results.

I'm joined today by our Chief Executive Officer, Dr. Matthew Klein; our Chief Business Officer, Eric Pauwels; Chief Commercial Officer, Kylie O'Keefe; and our Chief Financial Officer, Pierre Gravier.

Today's call will include forward-looking statements based on our current expectations. Please take a moment to review the slide posted on our Investor Relations website in conjunction with the call, which contains our forward-looking statements.

Our actual results could materially differ from these forward-looking statements, as such statements are subject to risks that can materially and adversely affect our business and results of operations.

For a detailed description of applicable risks and uncertainties, we encourage you to review the company's most recent quarterly report on 10-Q and annual report on Form 10-K filed with the Securities and Exchange Commission, as well as the company's other SEC filings.

We will disclose certain non-GAAP information during this call. Information regarding our use of GAAP to non-GAAP financial measures and a reconciliation of GAAP to non-GAAP are available in today's earnings release.

With that, let me pass the call over to our CEO, Matthew Klein. Matt?

Matthew Klein

Thank you, Jane. Good afternoon and thank you for joining the call. I'm pleased to share our third quarter results and outlook for the remainder of the year, including an update on our development programs. I will begin with the recent announcement of our agreement with Royalty Pharma to monetize up to $1.5 billion of the Evrysdi royalty stream. This non-dilutive financing provides PTC to capital to support planned operations and allowed us to retire the Blackstone debt obligation. In addition, the deal structure includes flexibility for accessing additional capital over the next two years. Notably, PTC maintains its right to the remaining $250 million of milestones related to Evrysdi global net sales.