Swiss biotech Actelion 1st-qtr 2011 sales beat consensus

Swiss group Actelion (SIX: ATLN), Europe’s largest biotechnology company that is fighting off challenges to its board (The Pharma Letters passim), this morning announced its financial results for the first quarter 2011 showing that net revenues grew 5% to 528.2 million Swiss francs ($589.22 million), and up 15% in terms of local currencies.

The figure was well ahead of consensus estimates of 471.8 million, although product sales were flat at 450.1 million francs, 11% higher in LC. 40% of product sales came from the USA, 40% from Europe and 20% from the rest of the world, largely driven by its pulmonary arterial hypertension drug Tracleer (bosentan) at 402.8 million francs, +10% LC, and Ventavis (iloprost), which brought in 28.0 million francs, +13% LC.

US GAAP earnings before interest and taxes edged 1% higher to 164.7 million francs (+22% at LC) and non-GAPP EBIT advanced 4% (+22% at LC) to 206.0 million francs, versus estimates of 139.0 million francs, with US GAAP earnings per share (fully diluted) 10% higher at 1.20 francs (up 33% at LC), the company revealed. The company reaffirmed its 2011 group net sales to grow around the double-digit and aim to improve core operating income margin in constant currencies.