Legal provisions take toll on Actelion

Switzerland-based Actelion (ATLN: VX), Europe’s largest biotech company, this morning posted full-year 2011 financial results, showing a net loss of 146.3 million Swiss francs ($159.5 million), or 1.23 francs a share, compared with net income of 390.6 million francs in 2010. Non-GAAP earnings per share fell 27% (-4% in local currencies) to 3.31 francs.

Andrew Oakley, chief financial officer of Actelion, commented: "Our 2011 results have been adversely affected by the ongoing economic crisis. Prices for medications are under pressure and the worsening sovereign debt crisis required additional provisions. Accordingly, sales growth of 7% and Non-GAAP EBIT growth of 8%, both in local currencies, shows the underlying strength of our business. However, the ongoing legal case in the United States [relating to the legal dispute with Asahi Kasei which the company is still fighting; The Pharma Letter November 21, 2011] and the related provisions resulted in the company reporting, for the full year 2011, a net loss."