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Acino Drops as First-Half Earnings Miss Estimates: Zurich Mover

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Aug. 2 (Bloomberg) -- Acino Holding AG fell the most in three weeks in Zurich trading after the Swiss developer of drug delivery technologies reported first-half profit that missed analysts’ estimates.

The stock fell 4.1 percent to 106.7 Swiss francs at 11:29 a.m., the steepest intraday decline since July 11.

Earnings before interest and tax excluding acquisition-related items rose to 10 million euros ($12 million) from 2.8 million euros, the company said on its website today. The median of two analysts’ estimates was 11.2 million euros.

Acino agreed to buy Cephalon Inc. businesses in the Middle East, Africa, Latin America and Asia in February for 60 million euros in cash and 20 million euros in new shares last year.

“We remain cautious regarding Acino’s emerging markets strategy and maintain our hold rating,” wrote Carla Baenziger, an analyst at Bank Vontobel in Zurich.

Net income rose to 3.06 million euros from 2.4 million euros. Sales almost doubled to 128.9 million euros.

To contact the reporter on this story: Thomas Mulier in Geneva at tmulier@bloomberg.net

To contact the editor responsible for this story: David Risser at drisser@bloomberg.net

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