Strong first-half earnings growth for Actelion

Switzerland-based Actelion (SIX: ATLN), Europe’s largest biotech firm, this morning (July 18) posted financial results for the first six months of 2013, showing that sales increased 3% (in local currencies) to 884.1 million Swiss francs ($932.7 million, with core earnings up 18% to 330.1 million francs, or 2.39 francs a share.

Shares of Actelion gained 2% in morning trading, with investors encouraged by the company raising its full-year forecasts. Andrew Oakley, chief financial officer, said: "Both sales and earnings are ahead of the comparable period last year. In addition, the operational and financial efficiencies introduced as part of our Cost Savings Initiative last year are making a substantial contribution to profitability. As a result, unforeseen events excluded, we expect to accelerate the growth previously forecast for 2014 into 2013, with local currency core earnings growth in 2013 now expected to cross into double-digit territory, compared to the previous guidance for the year of an unchanged core earnings level, relative to 2012."

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