Halozyme Therapeutics Inc (HALO)

[Fred Kadiddlehopper]

From BAX'x call:
Props to SA for the transcript.

In BioScience, we received FDA approval of several key therapies, including HYQVIA, which we launched in the United States in the fourth quarter.

HYQVIA is a transformational subcutaneous treatment for adult patients with primary immunodeficiency. Our launch is progressing well with more than 400 physicians currently prescribing the therapy.

A significant achievement in the fourth quarter was the launch of HYQVIA in the U.S. This is a transformational therapy with an attractive value proposition for patients, physicians and payers. For 2014, Baxter successfully increased global subQ penetration, including U.S. HYQVIA sales in the fourth quarter of $35 million, which primarily reflects the impact of initial stocking orders by customers and the favorable reception of the product in the marketplace.

For immunoglobulin therapies, which includes our antibody replacement treatments, we expect growth of 6% to 8%, driven by strong market demand and the contribution from HYQVIA.

Our next question comes from David Roman of Goldman Sachs.

David H. Roman - Goldman Sachs Group Inc., Research Division
I wanted just to start on HYQVIA, which, Bob, you gave some disclosure in your prepared remarks. I think you said that there are 400 prescribers as of now. Could you maybe just go into a little bit more detail on the launch? Was that a U.S. or a global number? And how are things going thus far domestically?

Robert L. Parkinson - Chairman, Chief Executive Officer and President
Yes, David, I'll let Ludwig address that. Go ahead, Ludwig.

Ludwig N. Hantson - Corporate Vice President and President of BioScience
Yes, thanks. So we're very pleased with the launch in the U.S. The 400 number that we gave you is the U.S. number only. So the interest is very high. We have a value proposition for the patient as well as for the payer. The value proposition for the patient, clearly, is a subQ once a month with one needle. From a payer perspective, although we take a price premium of about 30%, we -- overall, the cost of the treatment is still a favorable number. Overall cost, we think, about 10% less because of the high viability that we have with HYQVIA versus subQ. So overall, it's a very strong proposition for all of our key stakeholders. Our objective is that HYQVIA is become -- will become a leadership brand within the PI market long term. With respect to our 2015 guidance, you saw 6% to 8% for IG. We think that HYQVIA will be about $100 million for 2015.

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