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."

Chief executive Jean-Paul Clozel commented: "As expected, the market place remains very challenging, mostly due to changes in the competitive landscape in the United States and strong pricing pressures in certain markets. In that context, our product sales performance is acceptable. In this difficult environment, Actelion maintained its strong global leadership in the endothelin receptor antagonist market. We hope to build on this position of strength with SERAPHIN, a morbidity/mortality study evaluating our second-generation endothelin receptor antagonist, macitentan. I expect study results to become available in the next few weeks."