Actelion announces big loss

Basel-based Actelion, Europe’s largest biotech company, has posted a net loss of SFr146.3 million ($159.5 million) for 2011 – after a 2010 profit of SFr390.6 million.

The group had warned earlier this year that its results would be hit by the strong franc and legal costs linked to a licensing dispute with Japanese group Asahi Kasei.

Experts polled by Reuters had expected an average loss of SFr114 million. Actelion achieved product sales of more than SFr1.7 billion.

“Following ten years of strong sales growth, a very difficult pricing environment and a maturing product portfolio will result in a transition period in which we are preparing for new products to reach the market. In this period, we are focused and committed to optimizing the earning power of our business,” said CEO Jean-Paul Clozel in a statement on Tuesday.

The group said, however, that it expected to return to profit in 2012, despite competition from rivals and pricing pressures. It added that key trial results for its new heart and lung drug would be ready in the second quarter.