Actelion Ltd. (ALIOF.PK) announced that the company has launched a cost saving initiative as an integral part of its strategy for value creation outlined in early May 2012.
According to the company, the initiative will ensure that it can fully capitalize on the significant growth opportunities in its core area of expertise of pulmonary arterial hypertension. The cost saving initiative addresses several challenges facing the company, including the continued strength of the Swiss Franc, increased competition in the United States, and the difficult pricing and reimbursement environment in Europe.
Actelion stated that cost savings will start to take effect in the latter part of 2012 and accelerate in 2013. The cost saving initiative is expected to result in a reduction of up to 135 positions in Research & Development and in administration.
The company noted that upon completion of the consultation process, it plans to implement a social plan and conclude the initiative before the end of 2012. As a result, a one-off restructuring charge - the size of which is still to be determined, in part, upon conclusion of employee consultations - will be included in the 2012 financial statements.
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