Financial information

During the full year 2009, Actelion’s total net revenues increased by 20 percent to CHF 1,772.6 million (FY 2008: CHF 1,473.5 m). In local currencies, total net revenues increased by 23 percent compared to 2008.
Contract revenues for 2009 amounted to CHF 74.6 million (FY 2008: CHF 44.6 m).

During the full year 2009, operating expenses were CHF 1,433.2 million (FY 2008: CHF 1,102.2 m).

During the same period, research and development expenses increased by 24 percent to CHF 464.1 million (FY 2008: CHF 374.5 m). Full year 2008 operating expenses included milestone payments related to the PGI2 receptor agonist in-licensed from Nippon Shinyaku. A second payment related to the commencement of the Phase III study was made in December 2009.

Selling, general and administrative expenses for 2009 amounted to CHF 645.5 million (FY 2008: CHF 550.0 m), an increase of 17 percent.

Actelion’s operating profit for the full year 2009 was CHF 339.4 million (FY 2008: CHF 371.4 m) impacted by the litigation settlement of CHF 93.7 million announced in December 2009 related to an arbitration proceeding regarding a license agreement to develop Asahi Kasei's rho kinase inhibitor, fasudil. Cash EBIT (excluding this settlement) for the same period amounted to CHF 567.9 million (FY 2008: CHF 476.8 m).

For the full year 2009, Actelion reported a Non-GAAP (cash) EBIT of CHF 567.9 million, an increase of 19 percent compared to 2008. In local currencies, Non-GAAP (Cash) EBIT increased by 25 percent. Adjusted (non-US GAAP) diluted earnings per share for the 2009 were CHF 4.38, compared to CHF 3.38 during the same period last year.

The Non-GAAP (cash) Operating Income excludes charges such as In-Process R&D, charges related to employee stock options under FAS 123R, non-cash depreciation and amortization charges as well as other one-off items which would distort comparative analysis.