Soaring Tracleer sales boost Actelion's 2009 financial results

Switzerland-based Actelion, Europe's largest biotechnology company, pleased investors yesterday after posting full-year 2009 results and offering a bullish outlook for the firm, with revenues pushed higher by its pulmonary arterial hypertension drug Tracleer (bosentan). Chief financial officer, Andrew Oakley, projected that revenue growth will be above 10% for 2010, with earnings increasing by nearly 20%.

Total net revenues for 2009 reached 1.77 billion Swiss francs ($1.64 billion), a leap of 23% on the previous year, although operating profit fell 8.6% to 339.4 million francs due to higher operating expenses. Actelion reported a non-GAAP (cash) EBIT of 567.9 million francs, an increase of 19% compared to 2008. In local currencies, non-GAAP (cash) EBIT increased by 25%. Adjusted (non-GAAP) diluted earnings per share for the 2009 were 4.38 francs, compared to 3.38 francs last year.

On a US GAAP basis, net profit for the full year 2009 was 311.3 million francs, up just 1.7%, but well ahead of consensus analysts' forecasts of 308 million francs. Fully diluted EPS on a US GAAP basis were 2.53 francs compared to 2.48 francs for 2008.