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Michael W. Bonney
President & Chief Executive Officer
To Our Shareholders:
In 20°4, Cubist executed the most successful IV antibiotic launch in US history as measured by sales revenue. The success of Cubicin@ is a source of great pride for all of us. Cubist is now a com¬mercial biopharmaceutical company, with capabilities from laboratory bench to patient bedside. Our rapid commercial success is compelling evidence that we have built an organization with the skill set and flexibility to navigate significant change.
2°°4 was also a year in which we proved to the marketplace and our shareholders that we are an organization that delivers on our promises. The accomplishments last year-against clearly articu¬lated goals-include the delivery of product revenues within guidance; the filing and acceptance of an MAA to gain approval to market CUBICIN in the European Union; completion of patient enroll¬ment for a groundbreaking Phase 3 infectious endocarditis(IE)/bacteremia trial; filing of an sNDA for approval of an additional bulk daptomycin manufacturing facility; in-licensing of HepeX-BTM, a novel monoclonal antibody product which is in a Phase 2 trial; and promising developments in our drug discovery research program. All of this was accomplished while we delivered significant bal¬ance sheet and net loss improvements.
Many of our activities in 2004, including our successful secondary financing, were designed to secure the base for Cubist. We now have a scalable organization with the controls and discipline in place to meet the needs of the business as we grow.
A year of great change and accomplishment requires the dedicated teamwork of many talented individuals. In 2004 we devoted significant energy to professionalizing many aspects of the ways in which we attract, manage, motivate and reward our employees. Our human resources efforts are focused on attracting the best people available, enabling them to be productive as quickly as possi¬ble, paying them fairly, providing easy access to company and job specific information, and provid¬ing appropriate training and development opportunities. It really all comes down to creating an environment and building a culture that attracts and retains the best talent with the skills and commitment that we need for Cubist to continue to grow and be successful.
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