Actelion posts strong 2014 earnings growth, but sales shy of expectations

Switzerland-based Actelion (SIX: ATLN) this morning reported financial results for full-year 2014, showing that sales reached 1.96 billion Swiss francs ($2.10 billion), up 12% at constant exchange rates (10% excluding US rebate reversals), but missed analysts' expectations of 1.99 billion francs. Shares of Actelion, Europe’s largest biotech company, fell as much as 4.9% in Zurich and were down 2.9% to 102.30 francs as around 11.00 am.

Core earnings rose to 743 million, up 25% at CER (20% excluding US rebate reversals), making 2014 a “truly remarkable” year for Actelion, the company stated. Actelion's core net income fell 27% on the year to 648 million francs, matching a consensus estimate from a Reuters poll of analysts. Core earnings per share increased 33% at CER to 5.58 francs.

Jean-Paul Clozel, chief executive, commented: "2014 was an outstanding year for Actelion, with successes on all fronts. We've delivered strong sales growth and saw a substantial uptake of the recently launched Opsumit. A particular highlight was the Phase III results for our novel PAH [pulmonary arterial hypertension] treatment selexipag (Uptravi), which we filed for regulatory review in both the USA and EU at the end of 2014.”