Actelion posts strong first-quarter 2014 results

Switzerland’s Actelion (SIX: ATLN) today announced financial results for the first three months of 2014, showing that product sales leapt 13% (at constant exchange rates) to 469 million Swiss francs ($535.4 million; +8% reported), and 9% (CER) higher excluding US rebate reversals.

Core earnings rose 19% (CER) to 189 million francs, or 9% higher excluding US rebate reversals. Net income rose 31% to 128 million francs, well beating analysts polled by FactSet expected net profit of about 95.8 million francs. Core earnings per share increased 29% to 1.46 francs. Shares of Actelion, Europe’s largest biotech company, gained 1.2% to 86.65 francs in early trading.

Jean-Paul Clozel, chief executive, commented: "I am very pleased with Actelion's good start into 2014. The launch momentum for Opsumit, our new lead product in pulmonary arterial hypertension (PAH), is very strong in all markets. Further launches throughout Europe are forthcoming, as well as a regulatory filing for Opsumit in Japan." Mr Clozel concluded: "Based on this good start to the year, Actelion will be well positioned to review its guidance for core earnings growth by mid-year."