Actelion reports bigger-than-expected 2nd-qtr 2011 loss

Switzerland-based Actelion (ATLN: VX) reported first-half 2011 results with 8% (local currency) growth in total net revenues to CHF 969.9 million Swiss francs ($1.19 billion). Non-GAAP earnings before interest and tax (EBIT) grew 8% (lc) to 326.6 million francs. Operating loss was 223.1 million francs and net loss was 262.3 million francs, translating into a loss per share of 2.20 francs.

For the second quarter, Actelion, Europe’s largest biotechnology company, posted a loss of 408.6 million francs, largely the result of a damages law suit with Japan’s Asahi Kasei Pharma relating to the now dropped development of fasudil, which saw the Swiss company take a charge of $577 million pending final resolution of the award (The Pharma Letter June 30). The loss was significantly greater than the 340.9 million francs forecast of seven analysts polled by Bloomberg.

Product turnover in the first half grew 10% (lc) to 890.1 million francs, with 43% of sales generated from USA, 39% from Europe, 9% from Japan and 9% from the rest of the world.