Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ACTELION LTD-REG. We currently have 11 research reports from 1 professional analysts.
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FY16 in line and good for the soon-to-be-acquired biotech
14 Feb 17
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.
Johnson&Johnson to acquire Actelion with a huge premium
26 Jan 17
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.
9m results: excellent as usual
20 Oct 16
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.
Nice H1 16 and guidance raised (again)
21 Jul 16
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 (!).
Very sound Q1 16 and very likely upgrade
21 Apr 16
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.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
N+1 Singer - EKF Diagnostics - Final results & potential buy back
20 Mar 17
FY16 prelims are slightly ahead of our latest expectations, those having been increased materially over the course of H2’16 as the strength of the recovery in trading became apparent. In order to maximise shareholder value, the directors are currently examining a potential break up of the group. This would also involve a delisting from AIM. A buy back offer at 21.5p would therefore be made to those investors that wish to exit now rather than holding their shares for the two years plus it would likely take to achieve a potentially higher realisation value for the businesses.
Good results, but further restructuring complex for investors
20 Mar 17
EKF Diagnostics FY 2016 results are slightly ahead of expectations, with both higher revenue and better EBITDA. Management has also announced plans to split the company into two separate companies, Point of Care and Laboratory Diagnostics, with the prospect of a delisting to manage the process. The primary metric for valuation of the two businesses is different consequently we believe that the separation is likely to generate significant value. However, in anticipation of the volatility likely given the restructuring announced this morning, despite the strength of the results, we reduce our recommendation to HOLD and maintain our 21p target price.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017