LLY - Eli Lilly and Company (LLY) Lilly Oncology ASCO Investor Event (Transcript)

2024-06-04 13:33:07 ET

Eli Lilly and Company (LLY)

Lilly Oncology ASCO Investor Event

June 2, 2024 08:30 PM ET

Company Participants

Jake Van Naarden - Executive VP & President of Loxo

Lillian Smyth - Senior Vice President and Global Development Head for Breast Cancer at Loxo

John Pagel - Vice President and Head of Global Hematology at Loxo

Geoff Oxnard - VP of Clinical Development, Global Head Thoracic Cancer at Loxo

Arjun Balar - MD, Vice President, Global Clinical Development at Loxo

Barry Taylor - Chief Scientific Officer of Loxo

Kara Clinton - Senior Vice President Oncology Medical Affairs

Winselow Tucker - Senior Vice President & Chief Commercial Officer for Loxo

Conference Call Participants

Evan Seigerman - BMO Capital Markets

Seamus Fernandez - Guggenheim Securities

Geoff Meacham - Bank of America

Steve Scala - TD Cowen

Chris Schott - JPMorgan

Akash Tewari - Jefferies

Dave Risinger - Leerink Partners

Presentation

Jake Van Naarden

All right. Can everyone hear me, yes. Okay. I think we're going to get started. All right. Thanks, everyone, for coming tonight. And for those online, thanks for being patient as we let people get in and take their seats. I know we're starting a little bit late. My name is Jake Van Naarden. I lead the oncology unit here at Lilly, which, in the case of oncology, actually spans our discovery efforts all the way through our commercial medicines, and you'll see that reflected actually in what we walked through here tonight.

Over the past couple of years, we've been working to modernize the portfolio and strategy in oncology here at Lilly. And we're doing this event tonight because I think we're really entering a new phase. And so tonight, we're going to tell you a little bit about how we think our philosophy about [indiscernible] creation, what we've been up to over the past couple of years in these efforts, walk through the portfolio itself and importantly, actually introduce you to a bunch of members of the team who don't do as much IR and don't do so much media but are actually the ones doing all the hard work, getting our medicines built and bringing them to patients. So I'm excited for you to meet them here tonight.

This is the safe harbor provision. So in terms of agenda, I'm going to start and kick things off, talk a little bit about our strategy, our vision, the kinds of medicines we make, tell you a little bit about [indiscernible] the changes in both the research and development portfolio and philosophy over the past couple of years, give an update on the commercial performance of our approved medicines. And then hand it over to my teammates, my colleagues who are going to walk through a bunch of the actual medicines in the portfolio that we're excited about. And then we'll take some Q&A at the end.

Speaking of the team, really excited about the team we've built here in Lilly Oncology. This is a group of people who the vast majority of whom are new to the company over the past couple of years. Many of them are new to industry. I just couldn't be more thrilled with the kind of talent that we've been able to attract, which we think is a big reflection actually of the medicines we're working on. Great people want to work on great medicines. We've had the bring a really great team together that I think rivals the best, frankly, among our peer set. And so you'll hear from them tonight as we talk through the portfolio.

So a couple of years ago, in 2019, Lilly bought Loxo and I came to the company from that acquisition. And in the ensuing year, A bunch of us had the opportunity to take on increasing roles in leadership we were reporting an opportunity to reshape what oncology look like here at the company.

But Lilly's have a long history in oncology. This is our first gambit. Some of the first chemotherapies ever invented or Lilly products, there, many of them are in use today are still standard of care in tens of thousands, hundreds of thousands of patients globally as generic medicines. Some of the first model antibodies in oncology or Lilly products still in today. And of course, Verzenio medicine has made a huge impact for people with breast cancer has, of course, been an important business contributor as well.

Verzenio aside, the past called decade of oncology research at Lilly has not been as successful. And that was the opportunity we had a few years ago to change what that looked like.

So starting with strategy. How do we think about oncology medicine creation and delivery? Really, 3 things. And it starts with a conviction in biology. The entire effort is biology oriented. It's not around where the tumor rose inside of the body. It's not around some categories of biology. It's about -- it starts with identifying targets, proteins or other parts of the cell in, on around a cancer cell that we think that if you build the right medicine, step 2, that you can actually get the tumors out of die and you observe that both preclinically and eventually, you can observe that clinically on conventional imaging....

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