Arvinas, Inc. (ARVN) Earnings Call Transcript & Summary

Good morning, and welcome to the Arvinas 2021 Annual Meeting of Stockholders. I would now like to turn the call over to Mr. Tim Shannon, Chair of the Board of Directors. Mr. Shannon, please go ahead, sir.

Thank you. Good morning, and welcome to the 2021 Annual Meeting of Stockholders of Arvinas, Inc. I am Tim Shannon, Chair of the Board of Directors of Arvinas, and I will be presiding over this meeting. I welcome you and call the meeting to order. Due to the public health impact of the COVID-19 pandemic and to support the health and well-being of our stockholders, employees and communities, this year, we are again holding our annual meeting in an all-virtual format and are pleased to have everyone join this live webcast. We have designed this meeting to provide stockholders the same rights and opportunities to participate as they would at an in-person meeting. Before we get to the formal business of the meeting, I would like to make some introductions. Joining us at the meeting today are John Houston, President and Chief Executive Officer and Director; Linda Bain, Director; Wendy Dixon, Director; Edward Kennedy, Jr., Director; Bradley Margus, Director; Briggs Morrison, Director; Leslie Norwalk, Director; Liam Ratcliffe, Director; Laurie Smaldone Alsup, Director. From Arvinas' leadership team, I would like to introduce Sean Cassidy, Chief Financial Officer; Ian Taylor, Chief Scientific Officer; Ron Peck, Chief Medical Officer; Matthew Batters, General Counsel and Corporate Secretary; Marcia Dougan Moore, Senior Vice President, Development Operations, and Randy Teel, Vice President, Corporate Development. I would also like to introduce Richard Tavolieri, a representative from Deloitte & Touche, our independent registered public accounting firm; Brian Johnson, a representative from WilmerHale, Arvinas' outside council; and the Mike Vehlies, a representative from Arvinas. Mike has been appointed to act as inspector of election. In order to conduct an orderly meeting, I call your attention to the rules of conduct posted on the virtual meeting website, which include information about participating in the meeting, including asking questions. Please note that various remarks that we may make about future expectations, plans and prospects for the company constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the Risk Factors section of our most annual (sic) [recent] annual report on Form 10-K, which is on file with the SEC. In addition, these forward-looking statements represent the company's expectations only as of today. While the company may elect to update these forward-looking statements, it specifically disclaims any obligation to do so. Any forward-looking statements should not be relied upon as representing the company's estimates or views as of any date subsequent to today. I have received an affidavit from the company's proxy service provider, Broadridge Financial Solutions, certifying that the notice of the annual meeting and proxy statement were sent to all stockholders of record commencing on April 26, 2021, a copy of which will be included in the minutes of the meeting. Our first order of business at this meeting is to determine whether the shares represented at this meeting, either in person or via this virtual meeting or by proxy, are sufficient to constitute a quorum for the purposes of transacting business. Holders of 48,982,783 shares of common stock are entitled to vote at this meeting. The inspector of the election has informed me that there are present at this meeting, either in person or by proxy, a total of 43,501,379 shares of common stock or approximately 88.8% of all shares entitled to vote at this meeting. Therefore, I declare that a quorum exist. Turning now to the items to be voted on at this meeting. As indicated in the notice of the meeting and accompanying documents that were made available to stockholders, the first matter to be voted on is the election of 4 Class III directors to serve until the 2024 Annual Meeting of Stockholders and until their successors are duly elected and qualified. The 4 nominees for election are: Wendy Dixon, Edward Kennedy, Jr., Bradley Margus and Briggs Morrison. Next matter to be voted upon is the advisory vote to approve the company's named executive compensation. The proxy statement for this meeting contains the text of the resolution that stockholders are asked to approve. The next matter to be voted upon is the advisory vote on the frequency of the advisory vote on executive compensation. The final matter to be voted upon is the ratification of the selection of Deloitte & Touche as the company's registered public accounting firm for the current fiscal year. I will now pause in case there are any questions relating to the proposals. There being no questions, I hereby declare the polls are now open for each matter to be voted upon today. If you have not yet voted or if you've previously voted by proxy and wish to change your vote, you may vote by clicking on the Voting button on the virtual meeting website and following the instructions there. We will now pause briefly to allow stockholders to vote. [Voting]

Now that everyone has had an opportunity to vote, the business items on the agenda for this meeting are complete, and the polls are now closed. Well, Mike Vehlies, please tabulate the votes. We now have the preliminary report of the results of the meeting. Each of the nominees for director has been elected as a Class III director. The advisory resolution approving executive compensation has been approved. A frequency of every 1 year for future advisory votes on executive compensation has been approved. The appointment of Deloitte & Touche has been ratified. The final voting results will be included in the Form 8-K that will be filed within 4 business days after this meeting. As there is no further business to come before the meeting, I declare the formal part of this meeting adjourned. We will now use our remaining available time to answer appropriate questions from the stockholders. Please follow the instructions provided on the virtual meeting website to submit any questions. I have thus far not heard any questions. I will give it another moment. There being no further questions, I will formally adjourn the meeting. Thank you.

This concludes Arvinas Annual Meeting of Stockholders. Thank you for joining. You may now disconnect.