Actelion Ltd. Earnings Call Insights: Domestic Inventory and 2013 Guidance
Actelion Ltd. (NASDAQ:ATLN) recently reported its first quarter earnings and discussed the following topics in its earnings conference call.
Ravi Mehrotra – Credit Suisse: Congratulation on a great quarter. Let me ask the most obvious question. Could you give us any quantification of the U.S. inventory build, and perhaps comment on the number of patients on drug?
Roland Haefeli – SVP, Head of IR & Public Affairs: I’m looking into the error here. Andrew, would you venture into some more details or…
Andrew J. Oakley – CFO: Sure. I mean, look, it’s – at the end of the year we had inventory levels at the wholesalers were pretty low levels. We are not talking about major sort of order phasing, but one, two weeks of orders. I mean, I think if we look at where we are for the – where we expect to see for the full year, if we compare it to the consensus that was on our website, which was showing about a minus 2 for product sales for the full year, I certainly would think that sales to the full year will end in positive territory for the full year. So that’s pretty much as much quantification as I can give at this point.
James Gordon – JPMorgan: In a way it follows-on from the Tracleer question, but it was – you talked about carefully looking at 2013 guidance. I’m just wondering how much is the need for this careful look relates to higher top line expectations versus the potential for lower operating costs when you initially set the 2013 guidance.
Andrew J. Oakley – CFO: James, I think we’ll be looking at all areas, the P&L in terms of performance and the top line and in terms of spending. I mean, of course, we have some sort of flexibility in terms of what we can and can’t do from an OpEx point of view. We certainly think that there is some potential that we’ll be able to bring some of the profitability that we had forecasted for 2014 into 2013, and I think we’ll make some more comments with the Q2 numbers.