Pharmaceutical company Actelion Ltd (ALIOF.PK), Thursday said it swung to profit in 2012.
For the year, the firm posted net income of CHF 303.2 million versus a loss of CHF 146.3 million in 2011.
On a per share basis, the firm reported earnings of CHF 2.57 compared with a loss of CHF 1.23 a year before.
Total product sales for the period amounted to CHF 1.722 billion, up from prior-year product sales of CHF 1.713 billion.
Commenting on the results, Actelion said, amid the Europen debt crisis and a difficult economic climate around the world, the company posted a solid top line performance with benefits from cost reductions seeing core earnings growing by 6% in local currencies, thereby delivering significant operational leverage.
For 2012, total operating expenses were CHF 1.306 billion compared with CHF 1.783 billion during 2011.
The company further said its Board proposes to raise the dividend payment to CHF 1.00 from CHF 0.80 per share and is expected to ask for shareholder approval to do so at the upcoming annual general meeting on April 18.
Looking ahead, the firm said it expects to maintain local currency core earnings at 2012 level for 2013.
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