(Updates with third-quarter earnings in third paragraph.)
Oct. 20 (Bloomberg) -- Actelion Ltd., Europe’s largest biotechnology company, said it expects drug sales to fall next year as it faces pricing pressure and increased competition in the U.S.
Product sales may decline in the low- to mid-single-digit range in local currencies, the Allschwil, Switzerland-based company said in a statement.
Third-quarter revenue fell to 401.8 million Swiss francs ($443 million) from $445.7 million francs a year earlier, Actelion said today. That missed the average of 415.8 million francs of 12 analyst estimates compiled by Bloomberg.
“We are evaluating all possible options to mitigate the effect of currency on our reported results,” Chief Financial Officer Andrew Oakley said in the statement. “Over the next twelve months we will also make appropriate capital allocation decisions based on operating performance as well as the outcome of upcoming clinical studies.”
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