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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.
Companies: 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 outlo
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 » prev
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
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Weekly round-up of AIM-listed healthcare news.
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Full-year results were in line with the preliminary guidance issued in early 2022. Feraccru revenues in Europe increased with a 60% increase in volumes and the US commercialisation of Accrufer continues, with broader insurance coverage (100m lives covered). As with many small cap companies, access to growth capital is currently difficult; however, the group has raised a $10m loan from a major shareholder providing a cash runway till end-2022. Our assumption is that further funding comes from deb
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Trading continues to track ahead of expectations, which have been upgraded twice so far YTD. There is clear evidence the growth strategy is bearing fruit. Distribution gains are increasing brand reach both in the UK and overseas. This appears to be an ideal time for its on-trend value-for-money proposition to gain traction, potentially with counter-cyclical characteristics as consumers start trading down. After the recent pull-back, valuation is undemanding for a 3-yr EPS CAGR of 13% with risk p
Singer Capital Markets
OptiBiotix has reported final results for the year to December 2021, with revenues growing 45% to £2.2m and the EBITDA loss increasing to £1.0m, reflecting the increased investment in the business. Post-period end, OptiBiotix has continued to return value to shareholders through the successful spin-out and listing of its ProBiotix Health division. Future growth of the company is supported by commercial agreements with large partners and a substantial pipeline of opportunities through its 2nd gen
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Belluscura has announced the launch of the next generation X-PLOR portable oxygen concentrator and expanded distribution through a D2C offering and partnership distribution plan for smaller DMEs.
Companies: Belluscura PLC
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Tungsten Corp and Sensyne Health have both left AIM. Hibernia REIT has left the Main Market.
What’s cooking in the IPO kitchen?
Visum Technologies seeking admission to The AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Due 30 June.
LifeSafe Holdings, a fi
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Dish of the day
Visum Technologies has joined the AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators).
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What’s cooking in the IPO kitchen?
Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Compan
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The strong momentum from Q4-21 has continued into H1-22, with revenues expected to be up by more than 22% YoY. The outlook remains positive supported by strong industry demand and market share gains in the UK, where the group’s sustainability and affordability credentials are increasingly resonating. Whilst some macro pressures remain, these look to be manageable. We therefore make no change to our forecasts at this stage, but are highly encouraged by current trends and remain optimistic for the
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ValiRx has conditionally raised £1.5m (gross) via an equity placing to progress its existing preclinical projects, reinforce its balance sheet as it looks to build out its translational contract research organisation (tCRO) and service the working capital needs of the underlying business. The transaction also includes a broker option which could raise up to a further £1.0m. ValiRx is now well placed to advance its pipeline assets towards formal preclinical development and secure its position as
Companies: ValiRx PLC