Actelion ups outlook for 2016, reports Q1 net income up 12%
Swiss biotech company Actelion (VTX: ATLN) raised its outlook for 2016 and reported a 12% rise in first quarter net income.
Chief Executive Jean-Paul Clozel, said: “Actelion has started the year very well. Opsumit continues on its exceptional launch trajectory and Uptravi is off to an excellent start – much better than anyone could have expected. Our other products are also performing well, our pipeline projects are advancing and our discovery efforts continue to deliver compounds into the clinic. With the business performing better than anticipated, even while launching new products and investing in future products, I am confident to upgrade our financial guidance.”
The company posted net income for the first three months of the year of 178 million francs, up from 159 million a year ago. Earnings per share grew 19% percent to 1.64 francs from 1.38 francs a year earlier.
Actelion sees high single-digit percentage core operating income growth, for the full year 2016, driven by strong launches for its new pulmonary arterial hypertension (PAH) medicines Opsumit and Uptravi.
Chief Financial Officer Andre Muller, said: “The strong start to 2016, along with some more clarity on a number of factors – including the strong Opsumit and Uptravi launch dynamics and stable pricing in Japan for Opsumit and Tracleer – enables us to increase the outlook for the full year.”
The company is relying on its new PAH drugs, Uptravi and Opsumit, to help offset dropping sales from Tracleer, its bestselling drug for 10 years, which lost patent protection in November last year.
Uptravi was launched in the markets in January and generated first-quarter sales of 35 million Swiss francs.
Revenue from Opsumit jumped 88% to 178 million francs.
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