Strong first-half 2014 sales and earnings growth for Actelion

Switzerland’s Actelion (SIX: ATLN), Europe’s largest biotech company, this morning posted a strong set of financial results for the first half of 2014, with product sales of 993 million Swiss francs ($1.03 billion), up 17% at constant exchange rates (CER), and up 11% excluding US rebate reversals.

Core operating income leapt 27% (35% at CER) to 421 million francs. US generally-accepted accounting principles (GAPP) earnings per share (fully diluted) rocketed 109% (124% at CER) to 3.62 francs and core EPS was up 39% (48% at CER) to 3.25 francs. Core earnings per share for the second quarter alone were 233 million francs, well ahead of the 171 million francs average forecast in a Reuters poll. Actelion’s shares rose 2.55% to 112.40 francs in early trading.

Jean-Paul Clozel, chief executive, said: "In the first half year 2014 we have made great strides in delivering on our strategy; by growing our PAH [pulmonary arterial hypertension] franchise, by advancing our specialty franchises and by optimizing our profitability. Looking ahead, we are confident that we will continue to create value for all our stakeholders, and deliver significant returns to shareholders. Highlights are the strong launch momentum of Opsumit [macitentan] in key markets around the world, the positive Phase III data with selexipag and 35% increase in core earnings."