Acino Shares Decline After First-Half Profit DisappointsCatherine Bosley
Shares in Acino Holding suffered their biggest drop in six months after the Swiss pharmaceutical company signaled revenue will grow more slowly than anticipated this year.
Acino fell as much as 12 percent in Zurich trading, and was down 11 percent at 78.50 francs by 12:02 p.m., giving the Aasch, Switzerland-based company a market value of 271.6 million francs ($292 million). Almost 20,000 share exchanged hands, more than three times the average daily volume of the past three months.
Sales in the second half of the year will be hit by a later-than-expected launch of its rivastigmine dementia drug in some countries, lower sales to Teva Pharmaceutical Industries Ltd, and later orders for the Bayer Fertility Control patch, Acino said today. Sales growth for 2013 is expected in the high single digits, it said.
“These results are disappointing in our view but, importantly, the outlook has been lowered for 2013,” Helvea analyst Odile Rundquist, who cut the company’s rating to neutral from accumulate, said in a note to clients. “Management credibility has become significantly weaker with multiple disappointments.”