At Vertex, our goal is to build a fully-integrated, science-driven pharmaceutical company with a clear focus on patient needs. Cutting-edge yet elegant science drives innovation across our pipeline in multiple major diseases. This was true at our founding in 1989 and is just as true today as we prepare our business for the commercialization of potentially major breakthroughs in the treatment of hepatitis C virus (HCV) infection and cystic fibrosis (CF).

Throughout 2008, additional clinical data for our HCV protease inhibitor telaprevir further strengthened the potentially differentiated profile for this compound. Today, more than 2,200 patients are enrolled in the global Phase 3 registration program for telaprevir. We believe that data from this broad Phase 3 program will enable the filing of a New Drug Application in the second half of 2010 for patients who have not received prior HCV treatment as well as patients who have failed prior HCV therapy and are waiting for a better treatment option to emerge.

To fully realize this major first-to-market opportunity in HCV, Vertex continues to build its commercial infrastructure to prepare for the potential launch of telaprevir. But just launching telaprevir is not enough. We are committed to understanding the HCV market inside and out, to knowing the physicians who treat the disease and to partnering with them to advance HCV care. And to ensure Vertex remains at the forefront of the future evolution in HCV therapy, we also plan to initiate future clinical studies combining telaprevir and a novel HCV polymerase inhibitor. It´s a monumental task, but one with a potentially monumental return for society as well.

While telaprevir advanced in the clinic throughout 2008, an equally groundbreaking molecule for the treatment of CF emerged from early development and is now positioned to enter its own registration program in 2009. Clinical data for VX-770 presented in 2008 suggested for the first time the ability of a small molecule to directly impact the underlying disease mechanism in CF - an accomplishment that many previously deemed impossible.

Vertex is fortunate to be in such a strong position within a very daunting environment. Our industry and our economy are in an unprecedented and uncertain era. We continue to make disciplined investment decisions aimed at supporting financial strength and the advancement of key development programs. But our goal remains to build a fully-integrated pharmaceutical company - driven by science and focused on the patient.

We look forward to updating you as the year progresses. Thank you for your continued support of Vertex.