Actelion: Another strong quarter and two upcoming launches
BUY, Fair Value CHF67 (+1%)
Momentum still looks very good for Actelion. Ahead of the expected approval of Opsumit (macitentan) in the US tomorrow, Actelion has issued strong quarterly figures today, a touch above expectations. Sales were up 4% in local currencies for the first nine months, up from 3% in H1 whereas Core EPS sustained the high level of growth already reported in the first half i.e. +21%. We were anticipating a slowdown based on an increased level of investments in R&D (entry of cadazolid in phase III) and in SG&A (preparation for launch of Opsumit). Admittedly operating expenses were slightly on the upside, but revenues were a bit higher than expected whereas share buybacks helped the bottom line. In all, this was another very good quarter. All lights are at green for Actelion!
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