Zurich: Europe`s largest biotech company Actelion said it expects results of a pivotal late-stage clinical trial on heart and lung disease drug macitentan in the next few weeks, as a strong Swiss franc and competition hit first-quarter profit.Net profit dropped 69 percent to 45.1 million Swiss francs ($44.8 million), missing analysts` average forecast of 66.8 million Swiss francs in a Reuters poll, due in part to the strength of the Swiss currency."As expected the market place remains very challenging, mostly due to changes in the competitive landscape in the United States and strong pricing pressures in certain markets," Chief Executive Jean-Paul Clozel said on Thursday.Actelion is trying to cut its dependence on its main product Tracleer, which accounts for around 90 percent of group sales and is facing growing competition from Gilead`s rival drug Letairis.First-quarter Tracleer sales slipped to 363.7 million Swiss francs from 402.8 million Swiss francs a year ago.
BCCI to restrict WAGs during foreign tours?
Govt bans film on Indira`s assassination
Power my govt`s first priority: PM Modi
Maharashtra CM Prithviraj Chavan not to share dais with Narendra Modi