Actelion Ltd, the largest biotech company in Europe, made an official statement today that it boosted its full-year earnings projection. The company increased its forecast for a second time, after it reported its third-quarter results, with profit surpassing initial analysts estimates due to the new lung drug sales.
According to the statement, the Switzerland-based company projected that its core earnings are to rise to a low-twenties percentage range at constant exchange rates. In comparison, Actelion previously said that it expected a mid-teen percentage range.
The earnings of the company over the third quarter were boosted by the strong sales of its new drug for pulmonary arterial hypertension, called Opsumit. The treatment was reported to have launched a total of CHF59 million over the period. It is currently available in 16 countries, and is planned to be released in France, Spain and Japan at the end of October.
In addition, Actelion announced that its core net earnings excluding one-time items, increased by 28% over the third quarter of the year, reaching CHF176 million from CHF137 million a year ago. The companys total core earnings amounted to CHF209 million ($222 million) after rising 31%. The result surpassed analysts projections pointing to a CHF184.6-million profit.
Actelion also reported that its total sales increased by 16% at constant exchange rates over the third quarter and reached CHF496 million ($527.15 million). This result topped initial analysts forecasts of CHF492 million.
The prospects of the company have improved over the past year after Actelions Opsumit treatment got the approval of the regulatory authorities on the territory of Europe and the U.S. The treatment is considered a successor to the companys current flagship product called Tracleer, which patent protection starts to expire in 2015.
Actelion Ltd added 4.59% to trade at CHF107.10 per share by 7:49 GMT, marking a one-year increase of 56.58%. The company is valued at CHF11.64 billion. According to the Financial Times, the 16 analysts offering 12-month price targets for Actelion Ltd have a median target of CHF120.00, with a high estimate of CHF148.00 and a low estimate of CHF68.00. The median estimate represents a 17.65% increase from the last price of CHF102.00.
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