Actelion announces first quarter 2009 financial results

To better measure and compare operating performance over time, Actelion continues to report non-US GAAP Cash EBIT (Operating Income excluding charges such as In-Process R&D, charges related to employee stock options under FAS 123R as well as non-cash depreciation and amortization charges). For the first three months of 2009, Actelion achieved a Cash EBIT of CHF 146.5 million, an increase of 60 percent compared to the same period in 2008. In local currencies, Cash EBIT increased by 63 percent. Adjusted (non-US GAAP) diluted earnings per share for the first quarter of 2009 were CHF 1.05, compared to CHF 0.57 in the first quarter of 2008.

On a US GAAP basis, net profit for the first quarter 2009 was CHF 102.1 million (Q1 2008: CHF 44.5 m). Starting on 1 January 2009, due to the adoption of FSP APB 14-1, the company incurred total non-cash charges of CHF 4.5 million related to its 2006 convertible bond. The comparative periods have been adjusted.

Fully diluted earnings per share (EPS), on a US GAAP basis, for the first three months of 2009 were CHF 0.83, compared to CHF 0.36 for the same period in 2008.

Jean-Paul Clozel, M.D. and Chief Executive Officer commented: "I am pleased to report a strong performance of Actelion in the first quarter of this year. We demonstrate again our ability to successfully grow our products in the market place, grow profitability today and advance our pre-clinical and clinical pipeline for further profitable growth tomorrow."

Jean-Paul Clozel concluded: "Actelion's success is the result of our focus on innovation in all we do, from the lab bench to the sales call. I am looking forward to share with you study results of our Phase III programs with bosentan in IPF and clazosentan in aSAH once they become available in the second half of 2009. Given our ability to execute on a global scale, positive results could lead to continued and rapidly accelerating growth"

Andrew J. Oakley, Chief Financial Officer commented: "Actelion continues to deliver significant top-line growth, accompanied by measured increases in our cost base. We continue to generate free cash flow and enjoy a strong cash position. From this situation of strength, we continue to invest into potential future revenue drivers from our own pipeline, whilst being able to appropriately strengthen our product range through in-licensing or acquisitions, as demonstrated in late February through the acquisition of another PAH agent."

Andrew J. Oakley added: "With a good start into the year, I am able to confirm previous guidance. Unforeseen events excluded, Actelion expects 2009 to be another year of growth, with total net revenues - in local currencies - to increase between 12 and 15 percent. Cash EBIT is forecasted to increase - in local currencies - by 10 to 12 percent."

Editor's note: Image rights belong to the respective publisher.