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After the successful offer from J&J on 16 June, Actelion made public that it has been released from its obligation, as a listed company, to release its half year 2017 results as well as a number of other obligations (management transactions, ad-hoc releases, etc.). With J&J’s intention to de-list the company, we terminate coverage of the stock.
ACTELION LTD-REG
FY16 results. Revenues reached CHF2,412m (+18% and +15% at CER), operating income CHF789m (+20% and +14% at CER) and net income CHF696m (+26% and +19% at CER). Net cash at the end of FY16 was CHF495m. No cash dividend will be proposed as a consequence of the J&J transaction. Shareholders will receive US$280 in cash and one share of the new R&D company for each Actelion share. The latter will comprise the early stage R&D pipeline (basically compounds in phase I or II) and will be listed. No outlook is given, again due to the ongoing transaction.
Actelion and Johnson&Johnson have entered into a definitive agreement whereby Actelion shareholders will receive USD280 (CHF280.08) per share in cash and a share in the new spun-off R&D company (drug discovery operations and early-stage clinical development assets), to be listed on the Swiss market and in which J&J will initially hold 16%. The tender offer is expected to start by mid-February.
Actelion indicated that the Maestro study did not meet it primary endpoint, with results showing improvement for patients in exercise capacity, but with an even stronger improvement for placebo patients (!).
Actelion released 9m results. Revenues reached CHF1,791m (+17% and +14% at CER), operating income CHF660m (+24% and +17% at CER) and net income CHF581m (+29% and +21% at CER). Once again, the group upgraded its guidance for FY16 (from a low-teen to a mid-teen percentage growth in core operating income). Over 9m, core operating income grew 20% (+14% at CER) to CHF781m.
The group released H1 16 results showing a 17% increase in sales to CHF1,180m (+13% at CER), +20% in operating income to CHF412m (+12% at CER), +25% in net to CHF361m (+17% at CER). The net cash position is apparenty stable (CHF418m vs CHF430m a year ago and CHF405 at year-end 2015) but includes the payment of the dividend (CHF158m) and CHF248m spent on share repurchases. Once again, the group raises its guidance to a « low teen core operating income growth at CER » vs « high single-digit » previously. This is already the second time this year that the group has raised its earnings forecasts for FY16…after three times last year and twice in FY14 (!).
Sales reached CHF590m (+14% and +11% at CER), operating income CHF208m (+10% and +3% at CER), net income CHF178m (+12% and +5%). The group upgraded its FY16 guidance from « low » to « high single-digit percentage core operating income growth, at constant exchange rates and barring unforeseen events ». The net cash position at the end of Q1 16 reached CHF472m.
Actelion released FY15 results. Revenues reached CHF2,045m (+4% and +7% at CER), operating income was CHF656m (+15% and +21% at CET), net income totalled CHF552m (-7% and -3% at CER). Note last’s year net income included a CHF11m tax benefit. The board will propose a dividend of CHF1.50 (+15%).
As communicated on 21 December 2015, Actelion has obtained the FDA approval for Selexipag (Uptravi, an oral selective prostacyclin IP receptor agonist). The group held a conference call on 5 January to discuss the approval and market opportunities.
Sales reached CHF1,525m (+2%, +5% at CER), operating income CHF533m (+3% and +7% at CER), net income CHF452m (-20%, -27% at CER). As a reminder last year’s net earnings included a tax benefit of CHF121m related to the Asahi litigation. Core net earnings in 9m 15 are up +1% and +5% at CER. The group upgraded its guidance for FY15, now targeting an increase of at least 20% in core earnings growth at CER (before US rebate reversals) vs growth "in the mid to high teen percentage range" previously.
According to Bloomberg, Actelion has been holding discussions since last month with US-based ZS Pharma, the share of which was up 28% yesterday night. Actelion confirmed late last night it was talking to the US company, without commenting on the exact nature of these talks. ZS Pharma indicated that it was in preliminary discussions with Actelion regarding "a potential strategic transaction", and we, like the market, understand that Actelion would be considering acquiring the company.
Actelion released H1 15 resuts that show sales up +2% to CHF1,011m (+4% at CER), operating income down 1% to CHF344m (+4% at CER) and net income down 32% to CHF287m (-28% at CER). Note last year’s H1 net earnings benefited from a significant tax benefit from the Asahi litigation which explains the apparent fall in net results in H1 15. However, the group indicated it is upgrading its guidance for the full year, now expecting core earnings to grow in the mid to high teen percentage range (vs low double-digit previously) at CER and excluding prior year US reversals.
