Actelion 2016 net income disappoints, despite significant increase

Switzerland’s Actelion (SIX: ATLN) this morning announced its results for the full year 2016, reporting that net income rose 26% (+19% at constant exchange rates) to 696 million Swiss francs ($693.4 million), but missing the average estimate of 737 million francs in a Reuters poll of analysts.

Actelion’s shares were barely changed, dipping just 0.26% to 269.00 francs by late morning trading.

US generally accepted accounting principles (GAAP) operating income grew to 789 million francs (+14% at CER) and core operating income increased to 992 million francs (+17% at CER), said Actelion, Europe’s largest biotech firm and subject to an agreed acquisition by Johnson & Johnson (NYSE: JNJ) for $ 30 billion with spin-out of new R&D company, listed on Swiss stock exchange.Sales for 2016 rose 18% (+15% at CER) to 2.42 billion francs, in line with the 2.41 billion francs expected in a Reuters poll.