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Actelion net revenue up 18 per cent for Q2

Net revenue for Swiss biopharma company Actelion increased by 18 per cent in local currencies for the second quarter of 2010

Net revenue for Swiss biopharma company Actelion increased by 18 per cent in local currencies for the second quarter of 2010. The figure totalled CHF 523.2m (€384.8m), compared to CHF 449.6m (€330.7m) for the same time frame in 2009.

A significant part of this increased revenue was due to an overall rise in product sales of 13 per cent in local currencies. Broken down by region, 47 per cent of these sales came from the US, 36 per cent from Europe and 17 per cent from the rest of the world.

Products that performed well in the quarter included Zavesca (miglustat), for Gaucher disease, and Tracleer (bosentan), for high blood pressure in the lungs. Zavesca saw sales increase by 62 per cent for the second quarter, climbing to CHF 18.9m (€14.0m), while Tracleer experienced a rise in sales of 12 per cent to CHF 430.1m (€318.0m).

Revenue earned from existing contracts also increased, with milestone payments for certain development and marketing projects including those achieved from the company's collaboration with Roche for selective S1P receptor agonists. These milestones earned the company CHF 39.8m (€29.3m) compared to CHF 15.8m (€11.6m) in the second quarter of 2009.

Net income for the company amounted to CHF 121.4m (€89.8m) for the period, compared to CHF 116.2m (€85.9m) for the previous year.

As of the end of the second financial quarter of 2010, Actelion had cash, cash equivalents and marketable securities of CHF 1.3bn (€956.4m).

Actelion also confirmed it has obtained the option to purchase Trophos, a France-based clinical stage pharmaceutical company, for €10m.

Trophos has a pipeline of new molecular entities in development for the motor neuron diseases amyotrophic lateral sclerosis (ALS) and spinal muscular atrophy (SMA) as well as a novel treatment for cardiac ischaemia-reperfusion injury.

The company's lead compound, olesoxime, is currently in a phase III trial testing its efficacy in the treatment of ALS. The study is expected to be completed by the end of 2011, when Actelion has the option to acquire Trophos for up to €195m, depending on certain regulatory approvals as well as the clinical progress of Trophos' pipeline.

Trophos CEO Damian Marron said: "We are delighted with the option agreement with Actelion, which will bring additional expertise and competencies to enable Trophos' compound to rapidly reach patients following a successful study outcome."

20th July 2010

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