Actelion announces half year 2011 financial results

As of 30 June 2011, Actelion had cash and cash equivalents of CHF 1.4 billion. In addition, Actelion holds 11.2 million treasury shares.

Jean-Paul Clozel, M.D. and Chief Executive Officer of Actelion commented: "In a highly challenging environment for our industry globally and for Swiss companies more specifically due to strong negative currency headwinds, Actelion has delivered a solid commercial performance with sales growth of 10% in local currencies for the first six months of 2011. In Swiss Franc terms this sales performance translates into a decrease of 5%."

Jean-Paul Clozel continued: "Actelion made progress in building a long-term business by taking measures to maximize the value generated by our current product portfolio and to build and develop our business beyond our core disease areas. One such example is the positive Phase II study with our CRTH2 antagonist providing the proof that this mechanism can bring clinically relevant benefit to patients suffering from allergic rhinitis." Jean-Paul Clozel added: "In the coming weeks we expect results of the Phase II study with ponesimod in multiple sclerosis. This will be followed shortly thereafter by macitentan reporting Phase II results for the exploratory study in idiopathic pulmonary fibrosis (IPF). These results are eagerly anticipated since, in addition to determining the future development path of macitentan in IPF, the study will generate additional safety and tolerability data at the 10 mg dose, ahead of the conclusion of the Phase III study with macitentan in PAH expected in the first few months of next year." Jean-Paul Clozel concluded: "By the end of the year we also expect the results of the study with olesoxime - conducted by Trophos - as a treatment for amyotrophic lateral sclerosis. This data will then determine whether Actelion will exercise its option to acquire Trophos."

Andrew J. Oakley, Chief Financial Officer of Actelion commented: "With 99% of product sales generated outside of Switzerland and close to 50% of our operating expenditure in Swiss Francs, the underlying performance of our business is not fully transparent at first glance. Our performance and profitability has been further negatively impacted by the provision related to the litigation with Asahi Kasei in the California courts." Andrew J. Oakley added: "A provision reflecting the jury verdict of USD 577 million has been made in the second quarter financial statements. When a final judgment is entered by the court, we will adjust the provision in the third quarter as required. Given current exchange rates and should the judgment award remain at USD 577 million, the company will likely record a US GAAP operating loss for the full year."

The company and its external advisors believe that the verdict is neither supported by the facts nor is it correct as a matter of law. The company is therefore confident that there are significant grounds for a successful appeal, which will be filed in due course. Andrew J. Oakley continued: "The impact of the strengthening Swiss Franc is even more evident when looking at the second quarter results. As reported, in Swiss Francs, product sales decreased by 9%. On a local currency basis product sales, increased by 8% despite a very strong second quarter in 2010."

Andrew Oakley concluded: "In this increasingly difficult environment and unforeseen events excluded, I remain confident that we will meet the guidance given earlier this year with product sales on a local currency basis increasing in the mid-single digit, Cash OPEX flat and Non-GAAP EBIT also on a local currency basis increasing in the low-double digit range."

Contact
Actelion Pharmaceuticals Ltd Gewerbestrasse 16 4123 Allschwil Phone: 061 565 62 62 Fax 061 565 65 07