OREANDA-NEWS. Actelion Ltd (SIX: ATLN) today announced its results for the first six months of 2015.

OPERATING HIGHLIGHTS

  • Opsumit® - Sales of CHF 208 million, increased patient recruitment momentum
  • Opsumit - Launched in Japan and Spain in June 2015
  • Selexipag (Uptravi®) - FDA, EMA regulatory procedures on track
  • Specialty franchise - Immunology portfolio advances
  • Creation of vaccine start-up Vaxxilon - Innovating together with Max Planck Society

FINANCIAL HIGHLIGHTS

  • Product sales of CHF 1,008 million - Strong growth driven by Opsumit uptake

  • Core earnings of CHF 423 million - Driven by commercial performance

  • 2015 financial guidance upgrade: Mid- to high-teen percentage core earnings growth at CER (ex 2014 US rebate reversals)

  • Return to shareholders: CHF 680 million via share repurchase program and dividend

    % variance
in CHF millions
(except for per share data) 		H1 2015 H1 2014  in CHF at CER(1)
US GAAP results        
Net revenue 1,011 993 2 4
Operating income 344 347 -1 4
Net income 287 420 -32 -28
Diluted EPS 2.50 3.62 -31 -27
Core performance(2)        
Product sales 1,008 993 2 4
Core earnings 423 421 0 4
Core earnings ex 2014 US rebate reversals 423 368 15 19
Core net income 357 378 -5 0
Diluted core EPS 3.11 3.25 -4 1
         
         
in CHF millions H1 2015 H1 2014    
Cash flow        
Operating cash flow 278 259    
Capital expenditure (11) (12)    
Free cash flow (3) (540) 63    
Net cash position 430 970    

 

  1. CER percentage changes are calculated by reconsolidating both the H1 2014 and H1 2015 results at constant currencies (the average monthly exchange rates for H1 2014).

  2. Actelion continues to measure, report and issue guidance on its core operating performance, which management believes more accurately reflects the underlying business performance. The Group believes that these non-GAAP financial measurements provide useful supplementary information to investors. These non-GAAP measures are reported in addition to, not as a substitute for, US GAAP financial performance.

  3. Free cash flow is reconciled with the change in net cash position and consequently includes share purchases of CHF 715 million during the first half of 2015 (H1 2014: CHF 392 million).

 

Jean-Paul Clozel, MD, Chief Executive Officer, commented: "We have had an excellent first half of the year with continued strong demand for our PAH products, boosted by Opsumit. Our effort to establish additional specialty franchises from our R&D pipeline, in particular in the field of immunology, is progressing well.  We have also been actively pursuing our share repurchase program in order to ensure continued value creation for shareholders. All in all, we have delivered on all key elements of our strategy."

Otto Schwarz, Chief Operating Officer, commented: "We continue to be extremely pleased with the performance of Opsumit as it drives not only sales growth but also an expansion of the ERA market as a whole. Patient recruitment remains strong in all markets where available and at end of June more than 9,800 patients were already profiting from the long-term outcome benefits of Opsumit."

Andr? C. Muller, Chief Financial Officer, commented: "Excellent execution across the commercial organization along with disciplined management of the business resulted in very good half year results. On the back of this strong performance, we are very happy to once again upgrade guidance for the full year. We now expect that, unforeseen events excluded, core earnings will increase in the mid- to high-teen percentage range, at CER and excluding prior year US rebate reversals."

ABOUT ACTELION LTD.

Actelion Ltd. is a leading biopharmaceutical company focused on the discovery, development and commercialization of innovative drugs for diseases with significant unmet medical needs.

Actelion is a leader in the field of pulmonary arterial hypertension (PAH). Our portfolio of PAH treatments covers the spectrum of disease, from WHO functional class (FC) II through to FC IV, with oral, inhaled and intravenous medications. Although not available in all countries, Actelion has treatments approved by health authorities for a number of specialty diseases including type 1 Gaucher disease, Niemann-Pick type C disease, digital ulcers in patients suffering from systemic sclerosis, and mycosis fungoides-type cutaneous T-cell lymphoma.

Founded in late 1997, with now over 2,400 dedicated professionals covering all key markets around the world including Europe, the US, Japan, China, Russia and Mexico, Actelion has its corporate headquarters in Allschwil / Basel, Switzerland.

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®). All trademarks are legally protected.