Actelion Q1 net profit beats forecasts

Actelion Ltd, under pressure from its largest shareholder Elliott, reported first-quarter net income that beat forecasts as it sought to convince investors it has the right strategy.

New York based hedge-fund Elliott has accused Europe's largest biotech company of eroding shareholder value after a string of product setbacks and called for a board shake up as well as for Actelion to consider putting itself up for sale. Actelion is trying to cut its dependence on key drug Tracleer, which treats a rare heart and lung disorder and rakes in more than $1 billion a year.