Swiss pharmaceutical firm Actelion (ALIOF.PK) Tuesday backed its earnings view for the year and said it has concluded the Swiss employee consultation process regarding the cost savings initiative announced in July.
Actelion confirmed its guidance of core earnings to grow in the mid single-digit percentage range for 2012. This guidance excludes impact from movements in provisions relating to receivables in Southern Europe. In May, the company had guided for no 2012 core earnings growth.
On the same 2012 basis and unforeseen events excluded, Actelion also expects to maintain core earnings in 2013 at this higher forecasted 2012 level in local currencies. The firm also expects to return to single-digit growth in 2014 and double-digit growth by 2015.
After discussing with employee representatives, Actelion reduced redundancies to 40 from the initial expectation of up to 70 redundancies at its headquarters.
The firm has also reached an agreement with the employee representatives on social plan measures in Switzerland, including severance payments, early retirement packages, out-placement support as well as additional benefits.
The cost savings initiative is to ensure that the company can fully capitalize on the growth opportunities in its core area of expertise of pulmonary arterial hypertension.
These savings will start to take effect in the latter part of 2012 accelerating in 2013. It is expected to result in a reduction of 135 positions globally, including 115 positions at Actelion's headquarters. The initiative will lead to a restructuring charge that will be booked in the third quarter.
The stock closed lower by 0.89 percent in Zurich at 46.74 Swiss francs on Monday.
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