ZURICH, July 19 (Reuters) - Europe’s biggest biotech company, Actelion, said on Thursday recently announced cost cuts should boost profit this year as it posted a profit for the first-half of 2012.
Net income for the first half of the year rose to 173.7 million Swiss francs ($177.39 million), compared with a net loss of 262.3 million a year earlier, the firm said.
Actelion now expects core earnings to grow in the mid single-digit percentage range for 2012. Previously, it had guided for no 2012 core earnings growth.
The firm is bracing for the patent expiry in 2015 of its pulmonary arterial hypertension (PAH) blockbuster Tracleer, which currently accounts for around 90 percent of group sales.
Its big drug hope is PAH treatment macitentan, which received a boost as a viable top seller earlier this year after it beat expectations in a key clinical trial. ($1 = 0.9792 Swiss francs) (Reporting by Catherine Bosley)