Swiss pharmaceutical firm Actelion Ltd. (ALIOF.PK) reported Thursday a profit for the second quarter, as the company recorded litigation provisions last year. Actelion said it now expects full-year 2012 core earnings to grow in the mid single-digit percentage range, while it had issued a flat core earnings forecast earlier.
Further, on the same 2012 basis, the company expects to maintain core earnings in 2013 at the projected 2012 level, in local currencies, and expects to return to single-digit growth in 2014 and double-digit growth by 2015.
Andrew Oakley, chief financial officer, said the company continues to expect product sales to decrease in low single-digit range for the full year 2012. In addition, Actelion expects to include a restructuring charge for full year, with exact amount yet to be determined.
Jean-Paul Clozel, M.D. and chief executive officer said, "I am very pleased, that our efforts to control costs are already having an impact on profitability....I strongly believe that through the execution of our strategy, with our available assets as well as the cost control measures we have committed to, Actelion is well-positioned for sustainable core earnings growth and greater shareholder returns in the future."
In the second quarter, the company posted a net income of 128.68 million Swiss francs or 1.09 francs per share, compared to a net loss of 408.56 million francs or 3.43 francs per share reported last year. In the prior-year quarter, the company recorded litigation provisions totaling 485.21 million francs.
Total operating expenses dropped to 285.46 million francs from 829.43 million francs in the previous year.
Total net revenues grew to 447.55 million francs from 441.69 million francs in the prior-year quarter. Revenues from Product sales increased to 445.94 million francs from 440.05 francs in the preceding year. Contract revenues were 1.61 million francs, compared to 1.64 million francs a year earlier.
On Frankfurt's Xetra, the shares closed Wednesday's regular trading at 34.10 euros, up 0.33 percent.
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