Actelion and Merck form strategic alliance

Message to Shareholders

Highlights

Addresses

Marketing and Sales

Patient Stories

Clinical Development

Clinical Development - Tracleer®

Clinical Development - Veletri™

Clinical Development - Zavesca®

Clinical Development - Clazosentan

Clinical Development - Urotensin II -Receptor Antagonist

Drug Discovery

People

CFO's Letter

Corporate Governance

Report of the group auditors

Consolidated Financial Statements

Notes to the Consolidated Financial Statements

Report of the statutory auditors

Holding Company Statements

Notes to the Financial Statements 2003

Shareholder Information