Actelion announces first quarter 2011 financial results
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Actelion Pharmaceuticals Ltd /
Actelion announces first quarter 2011 financial results
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The issuer is solely responsible for the content of this announcement.
Total net revenues of CHF 528.2 million, up 15% in local currencies - Non-GAAP
EBIT of CHF 206.0 million, up 22% in local currencies - US GAAP EPS of CHF
1.20, up 10%
ALLSCHWIL/BASEL, SWITZERLAND - 19 April 2011 - Actelion Ltd (SIX: ATLN) today
announced its financial results for the first quarter 2011.
In CHF Million | Results | Results | % Variance | % Variance
(except for per share data) | Q1 2011 | Q1 2010 | |
| | | In CHF | In LC
-----------------------------+---------+---------+------------+------------
Total net revenues | 528.2 | 501.7 | 5 | 15
-----------------------------+---------+---------+------------+------------
Product sales | 450.1 | 449.8 | 0 | 11
-----------------------------+---------+---------+------------+------------
US GAAP EBIT | 164.7 | 163.3 | 1 | 22
-----------------------------+---------+---------+------------+------------
Non-GAAP EBIT | 206.0 | 197.8 | 4 | 22
-----------------------------+---------+---------+------------+------------
US GAAP EPS (fully diluted) | 1.20 | 1.09 | 10 | 33
| | | |
As of 31 March 2011, Actelion had cash and cash equivalents of CHF 1.4 billion.
In addition, Actelion holds 11.1 million treasury shares.
Jean-Paul Clozel, M.D. and Chief Executive Officer of Actelion commented:
"Actelion's first quarter financial performance demonstrates the strength of our
business. Our global PAH (pulmonary arterial hypertension) franchise has allowed
us to deliver double-digit local currency revenue growth and higher EPS despite
the pressure on healthcare spending in many of our markets."
Jean-Paul Clozel continued: "We are also making good progress in building value
from our risk-balanced clinical pipeline. Over the next twelve months we expect
to announce Phase III data from a landmark study with macitentan, examining for
the first time the long-term effects on both patient morbidity and mortality of
an oral agent in PAH. With Selexipag also in Phase III, we believe we are well-
positioned to further develop our PAH franchise."
Jean-Paul Clozel added: "In 2011 we anticipate Phase II results for four
compounds, including a large study with Ponesimod that will enable us to
determine the most appropriate dose for an anticipated Phase III program in
multiple sclerosis. The data on these compounds will also allow us to evaluate
potential partnering opportunities as part of our strategy to maximize
shareholder value while at the same time managing our overall portfolio risk."
Jean-Paul Clozel concluded: "Given the growth of the company, the nomination of
Jean-Pierre Garnier and Robert Bertolini to Actelion's Board of Directors is an
important step to ensure that we have the right expertise and experience to
deliver further significant value to shareholders."
Andrew J. Oakley, Chief Financial Officer of Actelion commented: "In the first
quarter we benefitted from increased contract revenues. This was, however,
partially offset by higher legal expenses. These legal expenses should scale
back in the second half of the year. Overall, we delivered a 33% improvement in
fully diluted earnings per share, on a local currency basis."
Andrew J. Oakley continued: "Actelion's strong balance sheet provides us with
the strategic flexibility we need to execute our growth strategy while at the
same time allowing us to continue to return value to our shareholders via both
our share buy-back and proposed dividend program."
Andrew Oakley concluded: "As we have finalized the accounting treatment for the
contract revenues related to the orexin collaboration with GSK, I can now issue
formal guidance for the full year 2011. Unforeseen events excluded, product
sales are expected to increase in the mid-single digit range in local
currencies. Cash OPEX are expected to remain flat compared to 2010 and non-GAAP
EBIT, again in local currencies, is expected to increase in the low double-digit
range."
Revenue performance
Product sales for the first quarter of 2011 were CHF 450.1 million (Q1 2010
CHF 449.8 million), an increase of 11% in local currencies with 40 % coming from
the United States, 40 % from Europe and 20 % from the rest of the world. Product
sales growth was almost entirely driven by patient demand.
First quarter 2011 sales of Tracleer(®) (bosentan) amounted to CHF 402.8 million
compared to CHF 405.2 million for the same period in 2010. This represents an
increase of 10 % in local currencies.
During the first quarter 2011, Ventavis(®) (iloprost) had sales in the United
States of CHF 28.0 million compared to CHF 27.7 million in the first quarter
2010. In local currencies, this represents an increase of 13 %.
Sales of Zavesca(®) (miglustat), for the first quarter of 2011 amounted to CHF
16.5 million compared to CHF 16.9 million during the same period last year. This
represents an increase of 8 % in local currencies.
Sales of Veletri(® )(epoprostenol for injection), launched in the United States
in April 2010, amounted to CHF 2.6 million during the first quarter of 2011.
Otto Schwarz, President of Business Operations of Actelion commented: "I am
pleased that our commercial organization has continued to generate higher local
currency sales from all of the products in our portfolio. This reflects our
strategy of maximizing the clinical utility of our products and our investment
in extending our sales organization into new markets."
Contract revenues for the first quarter of 2011 amounted to CHF 78.1 million,
with the majority of this amount (CHF 76.5 million) stemming from the final
recognition of the remaining deferred revenue from the ongoing orexin
collaboration with GlaxoSmithKline.
Operating expenses
Total operating expenses for the first quarter 2011 were CHF 363.6 million
compared to CHF 338.4 million for the first quarter of 2010, an increase of 7 %.
The increase was driven by continued investments in Research and Development, as
well as to further expand the use of our marketed products. Legal costs
continued to impact our reported profits.
Research and Development (R&D) expenses in the first quarter of 2011 were up 4%
to CHF 120.7 million (Q1 2010: CHF 116.1 million). Non-GAAP R&D expenses for the
same period, which excludes stock-based compensation expense, amortization and
depreciation, were CHF 105.8 million compared to CHF 104.4 million in the first
quarter 2010, a 1% increase.
Selling, General and Administrative expenses (SG&A) for the first quarter of
2011 were CHF 181.4 million (Q1 2010: CHF 163.8 million), mainly as a result of
increased legal costs. Non-GAAP SG&A expenses for the first quarter of 2011,
which excludes stock-based compensation expense, amortization and depreciation,
were CHF 165.1 million compared to CHF 151.7 million in the first quarter 2010,
almost exclusively as a result of on-going legal proceedings.
Operating income
Operating income for the first quarter 2011 was CHF 164.7 million compared to
CHF 163.3 million for the same period in 2010. In local currencies operating
income increased by 22%.
In order to better compare the company's underlying performance, Actelion
continues to report Non-GAAP EBIT, which excludes employee stock options,
amortization and depreciation as well as other one-off elements that distort
comparison. Non-GAAP EBIT for the first quarter 2011 was CHF 206.0 million, an
increase of 22 % in local currencies compared to the same period last year.
Net income
Net income for the first quarter 2011 amounted to CHF 146.3 million (Q1 2010:
CHF 132.8 million). This represents an increase of 10 % in Swiss franc terms or
33% in local currencies.
Net income for the period includes interest income of CHF 3.6 million, interest
expense of CHF 0.9 million, amortization of debt discount of CHF 4.8 million,
other financial income of CHF 3.6 million as well as an income tax expense of
CHF 19.8 million. The tax rate for the first quarter 2011 was 11.9 %.
US GAAP earnings per share on a fully diluted basis in the first quarter 2011
increased by 10 % compared to the same period a year ago, to CHF 1.20 .
Legal update
The lawsuit initiated by Asahi Kasei against Actelion Ltd. and certain
subsidiaries in a Californian Superior Court in relation to the CoTherix
acquisition is still pending. Actelion's position in the ongoing trial -
contesting the factual and legal assertions brought forward by Asahi Kasei -
remains unaltered.
NOTE TO THE SHAREHOLDERS:
The Annual General Meeting of Shareholders to approve the Business Report of the
year ending 31 December 2010 will be held on 5 May 2011.
In order to attend and vote at the Annual General Meeting of Shareholders,
shareholders must be registered in the Company's shareholders register by 28
April 2011 at the latest. For information on how to register shares, please
visit the company's website at http://www.actelion.com/en/investors/first-time-
investor/how-to-register-shares.page?
Upcoming events
* Actelion Annual General Meeting - 5 May 2011
* H1 2011 financial results - 21 July 2011
* 9M 2011 financial results - 20 October 2011
###
For Documentation Purposes
Full Financial Statement:
The full financial statement for the first quarter of 2011 can be found as a PDF
attached to the media release. It is also available on www.actelion.com in the
Investor section
http://www.actelion.com/en/investors/financial-information/finance-
archive/index.page?
Non-GAAP to US GAAP reconciliation for Q1 2011
In CHF Million | |
| Q1 2011 | Q1 2010
| |
--------------------------------+---------+---------
Non-GAAP EBIT | 206.0 | 197.8
--------------------------------+---------+---------
Stock option expenses | 20.4 | 16.3
--------------------------------+---------+---------
Amortization and depreciation | 20.9 | 18.2
--------------------------------+---------+---------
US GAAP EBIT | 164.7 | 163.3
| |
Notes to the editor:
Actelion Ltd.
Actelion Ltd is a biopharmaceutical company with its corporate headquarters in
Allschwil/Basel, Switzerland. Actelion's first drug Tracleer®, an orally
available dual endothelin receptor antagonist, has been approved as a therapy
for pulmonary arterial hypertension. Actelion markets Tracleer® through its own
subsidiaries in key markets worldwide, including the United States (based in
South San Francisco), the European Union, Japan, Canada, Australia and
Switzerland. Actelion, founded in late 1997, is a leading player in innovative
science related to the endothelium - the single layer of cells separating every
blood vessel from the blood stream. Actelion's over 2,400 employees focus on
the discovery, development and marketing of innovative drugs for significant
unmet medical needs. Actelion shares are traded on the SIX Swiss Exchange
(ticker symbol: ATLN) as part of the Swiss blue-chip index SMI (Swiss Market
Index SMI®).
For further information please contact:
Roland Haefeli
Vice President, Head of Investor Relations & Public Affairs
Actelion Pharmaceuticals Ltd, Gewerbestrasse 16, CH-4123 Allschwil
+41 61 565 62 62
+1 650 624 69 36
www.actelion.com
Conference Call Information
Actelion Ltd will announce the first quarter 2011 financial results on Tuesday,
19 April 2011, at 07.00 hrs CEST / 06.00 hrs BST / 01.00 a.m. EDT. An investor
conference call & webcast will be held at 14.00 hrs, CEST to discuss the
results.
Date/Time:
19 April 2011 14.00 hrs Basel (CEST)
13.00 hrs UK (BST)
08.00 a.m US (EDT)
Conference Call Connect #:
Dial-in participants should start calling the number below 10-15 minutes before
the conference is due to start.
Dial: Europe: +41 (0)44 580 73 89
UK: +44 (0)203 147 47 52
US: +1 866 9311 572
Participant's mode:
Listen-Only with possibility to open individual lines during Q&A session.
Participants will be asked for their Name and Company.
Webcast Access:
Webcast participants should visit the Actelion website http://www.actelion.com
10-15 minutes before the conference is due to start. If you experience any
access problems go directly to the URL:
http://gaia.world-television.com/actelion/20110419/trunc
Participant's mode:
Listen-Only
Webcast Replay:
The archived Investor Webcast will be available for replay through
http://www.actelion.com approximately 60 minutes after the call has ended.
--- End of Message ---
Actelion Pharmaceuticals Ltd
Gewerbestrasse 16 Allschwil Switzerland
ISIN: CH0010532478;
Financial Statement:
http://hugin.info/131801/R/1507522/442405.pdf
Financial Fact Sheet:
http://hugin.info/131801/R/1507522/442404.pdf
Press Release PDF:
http://hugin.info/131801/R/1507522/442402.pdf
Webcast:
http://gaia.world-television.com/actelion/20110419/trunc
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Actelion Pharmaceuticals Ltd via Thomson Reuters ONE
[HUG#1507522]
Unternehmensinformation / Kurzprofil:
Datum: 19.04.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 53680
Anzahl Zeichen: 16234
contact information:
Town:
Allschwil
Kategorie:
Business News
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