Actelion, Europe's biggest biotech company, raised its full-year outlook despite posting lower-than-expected earnings, with the sales decline in an older lung drug overshadowing growth in a replacement treatment.

The Swiss drugmaker has a dominant position in treatments for pulmonary arterial hypertension and is banking on its new drug, Opsumit, to help to cut the company’s reliance on its original blockbuster Tracleer, which loses patent protection this year.

First-half operating income edged 1 per cent lower to 344 million Swiss francs. However, it lifted its earnings forecast for the year, predicting 2015 core earnings growth to be in the mid-to-high-teen percentage range. Chief executive Jean-Paul Clozel also said he is not interested in selling the Swiss drugmaker following a report that it spurned an $18.9 billion advance from Dublin-based Shire.

–(Reuters/Bloomberg)