Swiss pharmaceutical firm Actelion Ltd. (ALIOF.PK) Tuesday reported significant growth in first-quarter profit, adding that it might raise its full year profit guidance.
Andrew Oakley, Chief Financial Officer, said: "We have delivered a strong start to 2013. With the preparation of two Phase III studies underway and a product launch ahead, we will carefully look at guidance for the full year as it is possible that some of the forecasted profit growth for 2014 could be brought forward into this year.''
At the end of 2012, Actelion guided for flat local currency core earnings for 2013, single-digit core earnings growth in 2014 and double-digit growth by 2015.
Oakley also reiterated the firm's commitment to conclude its 800 million franc share buy-back program
within the originally envisaged time-frame of end of 2013.
Net income increased 117 percent to 97.9 million Swiss francs from 45.1 million francs a year ago. The increase was 119 percent in local currencies.
Excluding DDP, core earnings were 168.5 million francs, while it stood at 117.6 million francs last year.
Quarterly product sales improved 4 percent to 432.8 million francs from last year's 415.8 million francs. The growth was 5 percent in local currency terms.
Tracleer sales rose 3 percent to 375 million francs, driven by a 7 percent increase in units shipped, impacted by some phasing of wholesaler orders and positive pricing in the U.S.
Operating income surged 85 percent to 124.0 million francs from 67.1 million francs in the prior year. In local currencies, operating income increased 86 percent.
Total operating expenses fell 12 percent to 309.2 million francs.
The stock is gaining 3.25 percent in Zurich at 54.05 francs.
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