Financial information

Summary

On 19 April 2012, Actelion announced its financial results for the first quarter of 2012. With total net revenues of CHF 417.5 million (Q1 2011: CHF 528.2 m) and operating expenses of CHF 350.3 million (Q1 2011: CHF 363.6 m), the company reported a first quarter 2012 operating profit of CHF 67.1 million (Q1 2011: CHF 164.7 m).

For the same period, Actelion reported a core earnings of CHF 107.6 million, a decrease of 16 percent compared to first quarter of 2011. Core earnings are defined as product sales minus Non-GAAP operating expenses. In local currencies, Core Earnings decreased by 9 percent. Adjusted (non-US GAAP) diluted earnings per share for 2011 were CHF 0.70 compared to CHF 1.53 during the same period last year.

On a US GAAP basis, net income for the first quarter 2012 was CHF 45.1 million (Q1 2011: CHF 146.3 m). Fully diluted earnings per share on a US GAAP basis for the same period was CHF 0.38, compared to CHF 1.20 for the first quarter 2011.

 

CHF million

Actelion's Net revenue progression

Product sales for the first quarter of 2012 were CHF 415.8 million (Q1 2011 CHF 450.1 million), a decrease of 4% in local currencies.

Contract revenues for the same period amounted to CHF 1.6 million (Q1 2011: CHF 78.1 m).

CHF million

Actelion's operating expenses progress

Total operating expenses for the first quarter 2012 were CHF 350.3 million compared to CHF 363.6 million for the first quarter of 2011, a decrease of 4 %. 

Research and Development (R&D) expenses in the first quarter of 2012 were up 8 % to CHF 129.9 million (Q1 2011: CHF 120.7 million). This increase was entirely driven by a USD 10 million milestone payment to Auxilium Pharmaceuticals, related to the collaboration the two companies announced in February 2012 for XIAFLEX in Canada, Australia, Brazil and Mexico.
 
Selling, General and Administrative expenses (SG&A) for the first quarter of 2012 were CHF 161.9 million (Q1 2011: CHF 181.4 million), representing a decrease of 11 %.

CHF million

Actelion’s operating income progress

Operating income for the first quarter 2012 was CHF 67.1 million compared to CHF 164.7 million for the same period in 2011, a decrease of 59%. In local currencies operating income decreased by 54 %.

CHF million

Actelion's Non-GAAP EBIT progress

In order to better compare the company’s underlying performance, Actelion reports core earnings as product sales minus cash operating expenses, as well as other items that may distort comparison.

For the first quarter of 2012, core earnings amounted to CHF 107.6 million compared to CHF 127.9 million during the first quarter of 2011. This represents a decrease of 9 % in local currencies.

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Drug Safety Coordinator, Global Drug Safety 

 

"At Actelion we are given the chance to be proactive and improve ourselves."

 

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