Actelion's 9-month net profit declines to $30.6M

Swiss biotechnology firm Actelion's total net revenues for the first nine months of 2007 were 946.4 million Swiss francs ($802.3 million) versus 684.3 million francs in the comparable period last year. The firm's operating costs rose to 906.0 million francs from 487.5 million francs, hit by a one-time non-cash in-process R&D charge of 224.8 million francs in first-quarter 2007 related to the acquisition of CoTherix, as operating profit of slumped to 40.4 million francs from 196.8 million francs. However, net profit totaled 36.1 million francs vs 171.8 million francs. The results missed consensus forecasts, and saw shares fall around 20% in the week following the release of the figures.

During the period, the firm's fully-diluted earnings per share on a US generally-accepted accounting priciples basis totaled 0.29 francs vs 1.47 francs. Sales of the firm's lead product, Tracleer (bosentan), reached 846.5 million francs from 651.9 million. However, third-quarter Tracleer revenues fell 4% year-on-year to 286.6 million francs, due to buying pattern variations, similar to those seen in previous quarters, as well as the effect of a weakening US dollar.