ALLSCHWIL and BASEL, Switzerland, Feb. 18, 2003 (PRIMEZONE) -- Actelion Ltd. (SWX:ATLN) (Other OTC:ALIOF) today announced its financial results for the year 2002. With operating revenues more than doubling to CHF 140.3 million (2001: 64.1 million), the operating loss was markedly reduced to CHF 43.1 million (2001: 69.5 million). Net loss for 2002 was CHF 40.8 million (2001: 54.6 million). Accordingly the earnings per share in 2002 improved to CHF (1.91) from CHF (2.65) in 2001.
In the fourth quarter of 2002, the company again moved closer towards profitability. Operating revenues were CHF 49.9 million (Q3: 39.4 million), consequently the operating loss was CHF 2.7 (Q3: 10.7 million). The net loss for Q4 was CHF 0.6 million (Q3: 10.7 million).
Andrew J. Oakley, Chief Financial Officer commented: "Tracleer(R), Actelion's orally available dual endothelin receptor antagonist for the treatment for pulmonary arterial hypertension (PAH), is currently the company's main driver of both rapid and sustainable growth. Ahead of schedule, Actelion is making rapid progress towards breaking even. Assuming a stable currency environment and ongoing strong sales, Actelion may be profitable in 2003 on a full-year basis."
Dramatic increases in revenues significantly reduced operating loss in 2002
'000 CHF Results 2002 Results 2001 Variance Revenues 140,343 64,075 76,268 +119% Cost of Sales 19,329 4,276 15,053 +352% Operating Expenses 164,078 129,329 34,749 +27% Operating Loss (43,064) (69,530) (26,466) -38% Net Loss (40,752) (54,573) (13,821) -25% EPS (1,91) (2,65) Cash & cash equivalent and Marketable securities 130,635 152,191
The Actelion Ltd. consolidated financial statements for December 2002 can be found on http://www.actelion.com.
In 2002, revenues increased to CHF 140.3 million (2001: 64.1 million), including Tracleer(R) sales revenues of CHF 121.8 million (2001: 3.4 million), sales of clinical services of CHF 7.8 million (2001: 4.9 million) and fees from co-operations and services of CHF 10.7 million (2001: 55.8 million).
Operating expenses increased to CHF 164.1 million (2001: 129.3 million), with marketing and sales expenses at CHF 78.9 million (2001: 32.9 million), research and development at CHF 59.8 million (2001: 77.7 million) and General and Administration expenses at CHF 25.4 million (2001: 18.8 million).
Andrew J. Oakley commented: "Actelion's expenses reflect the company's rapid push towards firmly establishing Tracleer(R) in the market place, both in the United States and Europe. This process will continue in 2003, with further investments in our marketing efforts in existing and new markets, such as Australia and Japan. With substantial clinical programs being initiated to ensure long-term growth with new indications and new medications, I also expect R&D costs to rise quite significantly in 2003."
The operating loss in 2002 amounted to CHF 43.1 million (2001: 69.5 million). The net loss of CHF 40.8 million is after negative financial net income of CHF 5.1 million, tax credits of CHF 6.2 million and net income attributable to minority shareholders of CHF 1.1 million.
On December 31, 2002, the company held cash and cash equivalents of CHF 116.4 million and marketable securities of CHF 14.2 million. In the fourth quarter, the company made use of CHF 40 million bank credit facilities in order to finance its working capital needs and to act on potentially arising opportunities.
Andrew J. Oakley added: "The net loss for the year 2002 is significantly below previous expectations, with higher sales revenues and lower expenses, mostly due to the ongoing optimization of clinical trial programs. As the company moves closer to profitability, Actelion has accelerated the recognition of previously unused tax benefits in Q4 2002."
NOTE TO THE EDITOR: Actelion Ltd. will hold an Analyst & Media day on March 4, 2003 to comment further on its financial performance and its current marketing efforts for Tracleer(R) in today's approved indication PAH. On the same day company will also provide a full update on its significant future clinical development program with Tracleer(R) in Digital Ulcerations, with Tracleer(R) in interstitial lung disease, with Tracleer(R) in metastatic melanoma, with tezosentan (Veletri(TM)) in Acute Heart Failure and with Zavesca(R) in several inherited lipid storage diseases.
Actelion Ltd.
Actelion Ltd. is a biopharmaceutical company; with its corporate headquarter in Allschwil/Basel, Switzerland. Actelion's first drug Tracleer(R), an orally available dual endothelin receptor antagonist, has been approved as a therapy for pulmonary arterial hypertension. Actelion markets Tracleer(R) through its own subsidiaries in key markets worldwide, including the United States (based in South San Francisco), the European Union as well as Canada and Switzerland. Actelion, founded in late 1997, is a leading player in innovative science related to the endothelium -- the single layer of cells separating every blood vessel from the blood stream. Actelion focuses on the discovery, development and marketing of innovative drugs for significant unmet medical needs. Actelion shares are traded on the SWX Swiss Exchange (ticker symbol: ATLN).
Conference Call
Actelion will host an Investor Conference Call and discussion/Q&A on Tuesday, February 18, 2003:
15:30 CET/09:30 AM EST Dial: +41 (0) 91 610 56 00 (Europe) +1 412 858-4600 (U.S.)
Webcast -- Live and replay on demand Actelion webcasts its Investor Conference Call. On the Web, you may either follow the call live or have the call replayed later on demand. To access the webcast, simply visit the link on our homepage http://www.actelion.com for further information.
The Consolidated Financial Statements for this release can be viewed at the following link: http://reports.huginonline.com/892059/113560.pdf