) reported first quarter 2013 earnings of $1.35 per American
Depository Receipt (ADR), up 56.1% from the prior-year earnings
of 87 cents per ADR. Earnings were well above the Zacks Consensus
Estimate of $1.05.
First quarter revenues rose 3.2% year over year to $465.5
million, well above the Zacks Consensus Estimate of $445
Quarter in Details
We note that all growth rates below are in local currency.
Tracleer revenues were up 4% to CHF 375 million mainly driven
by higher wholesaler orders and positive pricing in the US.
Ventavis sales were down 1% from the prior year while Zavesca
sales were up 23%.
In 2012, regulatory approvals of Veletri were received in the
US, Switzerland and Canada for an improved formulation. Veletri
sales were up 24%.
Research & development expenses (R&D) (excluding stock
based compensation expenses) declined 24%. R & D expenses
will rise in the later half of this year because of the
initiation of two phase III studies. Selling, general and
administrative expenses (excluding stock based compensation
expenses) were down 4%.
Apart from releasing its financial results, Actelion provided
an update on its pipeline. Phase III preparation is ongoing for
pipeline candidates, cadazolid for the treatment of clostridium
difficile associated diarrhea (CDAD) and ponesimod for
Veletri received regulatory approval in Japan in the reported
quarter, under the trade name Epoprostenol "ACT". Meanwhile,
first national approval in the EU is expected shortly with the
decentralized procedure having been completed.
Enrollment for a phase III study with selexipag in pulmonary
arterial hypertension (PAH) is about to complete. Interim
analysis will begin soon.
Opsumit, for the treatment of PAH, was filed for review with
the US Food and Drug Administration (FDA) and European Medicines
Agency (EMA) in the fourth quarter of 2012. These regulatory
procedures are in progress.
We are pleased with the pipeline progress at Actelion.
Actelion carries a Zacks Rank #3 (Hold). Currently companies like
Vertex Pharmaceuticals Incorporated (
Cleveland BioLabs, Inc. (
Transcept Pharmaceuticals, Inc. (
look more attractive with a ZacksRank #1 (Strong Buy).
ACTELION LTD (ALIOF): Get Free Report
CLEVELAND BIOLB (CBLI): Free Stock Analysis
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