Actelion raises guidance on cost-cutting initiative

Actelion Ltd. (SIX:ATLN) reported 1H12 financial results Thursday and raised its full-year core earnings guidance as a result of a recently launched initiative to reduce spending by refocusing R&D activities. Actelion now expects mid-single digit core earnings growth, up from a previous forecast of no growth. However, the company reiterated expectations for a decrease in product sales in the low single digit range.

Actelion also announced results of its R&D portfolio review. In addition to previous plans to partner Phase II autoimmune product ponesimod, Actelion will seek to out-license two Phase I products: an undisclosed anti-malarial; and a prostaglandin D2 (PGD2) receptor ( CRTH2) antagonist for asthma. Actelion also discontinued two Phase I products: an undisclosed cardiovascular compound; and an orexin receptor antagonist for insomnia. ...