Actelion full-year 2010 results below forecast but sales strong

Swiss biotech firm Actelion (SIX: ATLN), which is facing pressure from a shareholder to oust its chairman and chief executive and put itself up for sales (The Pharma Letter February 7), yesterday announced full-year 2010 results with net revenues of 1.93 billion Swiss francs ($1.98 billion), a rise of 13% in local currencies.

Non-GAAP EBIT grew 19% in local currencies to 619.3 million francs (compared with estimates of 678million francs by Credit Suisse analysts; net income amounted to 390.6 million francs (versus CS forecasts of 449 million francs), translating into GAAP earnings per share on a fully diluted basis of 3.22 francs (CS estimate 3.71 francs).

The company also announced a first dividend of 0.80 francs. For 2011, Actelion - Europe's largest biotech - expects mid single-digit sales growth, non-GAAP EBIT below 2010 levels. EPS is expected to benefit from the ongoing, up to 800 million francs, share buyback program, which was initiated in November 2010 and is expected to accelerate post the shareholder meeting in May, the company noted.