Actelion Ltd. (
) reported fourth quarter 2012 earnings of 47 cents per American
Depository Receipt (ADR), up 2.2% from the prior-year earnings of
46 cents per ADR. Earnings were well above the Zacks Consensus
Estimate of 28 cents.
For the full year ended Dec 2012, adjusted earnings were $3.69
per ADR compared with $3.04 per ADR in the year-ago period.
Earnings were above the Zacks Consensus Estimate of $ 2.24 per
The prior-year period results included a litigation provision
related to the Asahi Kasei lawsuit.
Year 2012 in Details
We note that all growth rates below are in local currency.
Product sales in 2012 were down 2%. Results were hurt because
of the negative pricing environment in territories outside the
US. On a regional basis, 41% of product revenues came from the
US, 37% from Europe, 12% from Japan and 10% from the rest of the
Tracleer revenues were down 4% to CHF 1500.2 million in 2012
mainly due to generic competition. Ventavis sales were down 2%
from the prior year. Zavesca sales were up 24%.
Veletri, launched in 2010, did very well during the year with
sales soaring 53%. In 2012, regulatory approvals of Veletri were
received in the US, Switzerland and Canada for improved
Research & development expenses (R&D) increased 1%.
Selling, general and administrative expenses were down 20%.
Apart from releasing financial results, Actelion also provided
an update on its pipeline. Pipeline candidates, cadazolid for the
treatment of clostridium difficile associated diarrhea (CDAD) and
ponesimod for the psoriasis indication are expected to move into
phase III study in the current year.
In Apr 2012, Actelion reported positive results on Opsumit
(macitentan) for the treatment of Pulmonary Arterial Hypertension
(PAH), which was filed for review with the US Food and Drug
Administration (FDA) and European Medicines Agency (EMA) in the
fourth quarter of 2012.
Actelion provided its earnings growth guidance for 2013, 2014
and 2015. For 2013, the company expects earnings to remain flat,
whereas in the next two years earnings are expected to see
single-digit percentage and double-digit percentage growth year
over year, respectively.
We are pleased with the pipeline progress at Actelion. We
expect investor focus to remain on the response from the FDA and
EMA for Opsumit. Approval of Opsumit will be a major milestone
for the company.
Actelion carries a Zacks Rank #3 (Hold). Currently companies
) look more attractive with a Zacks Rank #1 (Strong Buy).
(ALIOF): ETF Research Reports
CAMBREX CORP (CBM): Free Stock Analysis
CYTOKINETCS INC (CYTK): Free Stock Analysis
IMMUNOMEDICS (IMMU): Free Stock Analysis
To read this article on Zacks.com click here.