Actelion 1st-qtr profits slump as lead product sales slip

Switzerland-based Actelion (ATLN: VX), Europe’s largest biotech firm, posted first-quarter 2012 financial results this morning, showing that product sales came in at 415.8 million Swiss francs ($442.7 million), down 4% in local currencies and 8% lower in francs. Total revenues were down 18% (LC) at 417.5 francs. US GAAP EBIT plunged 54% to 67.1 francs, or 0.38 francs per share, down 63% (both in LCs).

The company upgraded its 2012 product sales guidance upgraded to a low single digit decrease and reiterated in core earnings guidance. Chief financial officer Andrew Oakley commented: "Unforeseen events excluded, Actelion can now provide an improved product sales forecast. The decrease in local currencies is now expected to be in the low-single digit range. Actelion remains on track to meet its previously issued guidance of flat 2012 core earnings." He added:"In the first quarter of 2012, Actelion's overall performance reflects the dynamics of the market place, including the continued strength of the Swiss franc."