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CEO's Letter - Delivering sustainable growth |
THE ACTELION ANNUAL REPORT 2004 |
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| Mutual dedication to success with Merck |
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Our exclusive worldwide alliance with the global pharmaceutical company Merck to discover, develop and market new classes of renin inhibitors deserves special mention. Established in December 2003, this alliance included an upfront payment of USD 10 million to Actelion and the potential of milestone payments of up to USD 262 million as well as substantial royalties for our proprietary knowledge. Actelion is now pooling all its brain power and technical know-how in this area with Merck in a true team effort dedicated to success. The working atmosphere is very collegial and productive – it doesn't matter which scientist makes the actual breakthrough because we will share the results. In fact, this business model may solve the “not-invented-here syndrome” that plagues so many collaborations in our industry.
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| Management leads by example |
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Many companies speak about a culture of empowerment. At Actelion, we believe it is real. Perhaps it is because we are a small company with minimal bureaucracy, where people can exchange ideas openly and spend their time on science rather than on administrative work. Perhaps it is because our managers set an example by foregoing special privileges or exorbitant salaries, or because we think that employees have a right to share in our success through stock options plans. Perhaps it is because we are all driven by the same desire to see scientific ideas translated into medical therapies that help people in need. Many people at Actelion do believe we can, in our own way, change the world.
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| Strong financial growth reflects excellence of people |
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In 2004, our total net revenues were up 53% to CHF 471.9 million (2003: 307.5 million). Net income rose to CHF 87.2 million (2003: net loss of 9.9 million). This profitability is of critical importance because it gives us freedom of choice. We are now in a position to control our own destiny in terms of where we focus our scientific efforts and our business initiatives. The positive results of 2004 reflect increased striving for excellence throughout the company. More than any other single factor, it is the quality of the people of Actelion that gives me the unshakeable confidence in our ability to expand on our uniquely successful track record in the biopharmaceutical industry.
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