Switzerland’s Actelion (SIX: ATLN), Europe’s largest biotech company, this morning announced third-quarter 2014 net profit of 145.6 million Swiss francs ($175.7 million), a leap of 39% year-on-year, and significantly beating analysts’ expectations of 135 million francs, with the news sending its shares, already up over 35% this year, 6.8% higher to 109.4 francs shortly after trading started, but levelled off to 108.35 francs by midday.
For the first nine months of 2014, product sales were 1.49 billion francs, up 17% at constant exchange rates (CER),Core earnings of 630 million francs were up 34% at CER (up 21% ex US rebate reversals), and core earnings per share of CHF 4.77 increased 42% at CER, the company noted.
Barring unforeseen events, Actelion now expects full-year 2014 core earnings growth to be in the low twenties percentage range at constant exchange rates. Excluding the impact of US rebate reversals, Actelion now expects 2014 core earnings growth to be in the mid-teen percentage range, also at constant exchange rates. Actelion will review its 2015 guidance early next year.
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