ACTELION LTD AND SUBSIDIARIESContents:CONSOLIDATED INCOME STATEMENTSCONSOLIDATED BALANCE SHEETSCONSOLIDATED STATEMENTS OF CASH FLOWSCONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITYUNAUDITED CONSOLIDATED US GAAP FINANCIAL STATEMENTS FOR MARCH 31,

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(1)ACTELION LTD AND SUBSIDIARIES. UNAUDITED CONSOLIDATED US GAAP FINANCIAL STATEMENTS FOR MARCH 31, 2011. Contents:. WorldReginfo - 5476195b-d614-42fc-b5ed-66784eb64dd4. CONSOLIDATED INCOME STATEMENTS CONSOLIDATED BALANCE SHEETS CONSOLIDATED STATEMENTS OF CASH FLOWS CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY.

(2) ACTELION LTD AND SUBSIDIARIES UNAUDITED CONSOLIDATED INCOME STATEMENTS. (in CHF thousands, except per share amounts). Three months ended March 31, 2011 2010. Net revenue Product sales Contract revenue. 450'088 78'142. 449'809 51'854. 528'230. 501'663. Cost of sales Research and development Selling, general and administration Amortization of acquired intangible assets. 51'308 120'701 181'399 10'143. 47'814 116'141 163'838 10'598. Total operating expenses. 363'551. 338'391. Operating income. 164'679. 163'272. Total net revenue. Interest income Interest expense Amortization of debt discount and issuance costs Other financial income (expense), net. 3'598 (948) (4'789) 3'603. 773 (1'573) (4'588) (9'478). Income before income tax expense. 166'143. 148'406. Income tax expense. (19'848). (15'610). Net income. 146'295. 132'796. Basic net income per share Weighted-average number of common shares (in thousands). 1.22 119'447. 1.12 118'874. Diluted net income per share Weighted-average number of common shares (in thousands). 1.20 122'083. 1.09 121'612. 9'000 11'441 20'441. 6'750 9'557 16'307. (1). Includes employee stock option costs as follows: Research and development Selling, general and administration Total stock-based compensation. WorldReginfo - 5476195b-d614-42fc-b5ed-66784eb64dd4. Operating expenses. (1).

(3) ACTELION LTD AND SUBSIDIARIES UNAUDITED CONSOLIDATED BALANCE SHEETS. (in CHF thousands, except number of shares). March 31, 2011. December 31, 2010. Assets Current assets Cash and cash equivalents Short-term deposits Derivative instruments Trade and other receivables, net Inventories Other current assets Deferred tax assets, current portion. 1'123'019 300'000 25'519 546'240 60'706 38'547 7'235. 1'195'945 250'000 35'248 520'032 59'325 43'062 8'000. Total current assets. 2'101'266. 2'111'612. 414'978 19'483 228'342 74'590 48'865 45'232. 398'956 19'836 240'554 75'004 26'706 48'352. 2'932'756. 2'921'020. Trade and other payables Accrued expenses Deferred revenue, current portion Other current liabilities Short-term financial debt. 123'064 333'532 7'053 21'627 448'439. 104'275 387'345 21'877 38'835 444'040. Total current liabilities. 933'715. 996'372. 9'497 18'471 26'489 399. 72'301 20'729 36'071 343. 988'571. 1'125'816. Common shares (par value CHF 0.50 per share, authorized 247,934,460 and 248,019,960 shares; issued 130,184,144 and 129,824,575 shares in 2011 and 2010 respectively) Additional paid-in capital Accumulated profit Treasury shares, at cost Accumulated other comprehensive income (loss). 65'092 1'238'741 1'419'112 (622'754) (156'006). 64'912 1'209'857 1'272'817 (592'461) (159'921). Total shareholders' equity Total liabilities and shareholders' equity. 1'944'185 2'932'756. 1'795'204 2'921'020. Property, plant and equipment, net Other non-current assets Intangible assets, net Goodwill Long-term financial assets Deferred tax assets, less current portion Total assets. Liabilities and shareholders' equity. Deferred revenue, less current portion Other non-current liabilities Pension liability Deferred tax liabilities Total liabilities. Shareholders' equity. WorldReginfo - 5476195b-d614-42fc-b5ed-66784eb64dd4. Current liabilities.

(4) ACTELION LTD AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS. (in CHF thousands). Three months ended March 31, 2011 2010. Cash flow from operating activities Net income. 146'295. 132'796. Adjustments to reconcile net income to net cash provided from operating activities: Depreciation and amortization Stock-based compensation, incl. treasury shares to members of Board of Directors Excess tax benefits from share-based payment arrangements Deferred revenue (Gains) Losses on derivative instruments Amortization of debt discount and issuance costs Trade and other receivables Inventories Other current assets Other assets Trade and other payables Accrued expenses Other liabilities Changes in other operating cash flow items. 20'911 20'418 (689) (77'624) 10'288 4'789 (38'909) (1'376) 4'005 91 13'210 (47'183) (7'875) (1'878). 18'188 16'245 (1'148) (51'818) 9'541 4'588 (52'237) (617) (9'295) (717) (16'632) (167'734) 2'183 580. Net cash flow provided by (used in) operating activities. 44'473. (116'077). Cash flow from investing activities Purchase of short-term and long-term deposits Proceeds from short-term and long-term deposits Purchase of property, plant and equipment Purchase of intangible assets Acquisition of a business, incl. deferred consideration payments. (50'000) (25'140) (1'538) (18'375). (193) 50'000 (23'055) (1'621) (32'148). Net cash flow provided by (used in) investing activities. (95'053). (7'017). Payments on capital leases Proceeds from exercise of stock options, net of expense Purchase of treasury shares Excess tax benefits from share-based payment arrangements. (22) 8'261 (30'266) 689. (32) 13'202 (25'000) 1'148. Net cash flow provided by (used in) financing activities. (21'338). (10'682). Net effect of exchange rates on cash and cash equivalents. (1'008). Net change in cash and cash equivalents. (72'926). 1'690 (132'086). Cash and cash equivalents at beginning of period. 1'195'945. 877'325. Cash and cash equivalents at end of period. 1'123'019. 745'239. WorldReginfo - 5476195b-d614-42fc-b5ed-66784eb64dd4. Cash flow from financing activities.

(5) ACTELION LTD AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY. Additional (in CHF thousands, except number of shares). Common shares Shares. At January 1, 2010. 118'770'610. Amount 64'264. Accum. other. paid-in-. Accumulated. Treasury. comprehensive. Shareholders'. capital. profit. shares. income (loss). equity. 1'098'840. 882'260. (558'227). (79'486). 1'407'651. Comprehensive income (loss) net of tax: Net income. 390'557. 390'557. Other comprehensive income (loss): Currency translation adjustment Not recognized components of net periodic benefit costs Unrealized gain (loss) on marketable securities. Transactions in treasury shares. (18'663). (18'663) 112 310'122. 1'297'351. 648. (701'534). 1'006. 1'006. 27'199. 27'847. (118). Stock-based compensation expense. At December 31, 2010. (61'884). 112. Comprehensive income (loss) Excess tax benefit and underrealization from share-based payment arrangement Exercise of stock options. (61'884). (34'234). (34'352). 82'930. 119'366'427. 64'912. 1'209'857. 82'930. 1'272'817. (592'461). (159'921). 1'795'204. Comprehensive income (loss) net of tax: Net income. 146'295. 146'295. Other comprehensive income (loss): Currency translation adjustment. 3'670. Unrealized gain (loss) on marketable securities. 245. Comprehensive income (loss) Excess tax benefit and underrealization from share-based payment arrangement Transactions in treasury shares. 359'569. 180. (598'508). 452. 452. 8'081. 8'261. 4. Stock-based compensation expense At March 31, 2011. 245 150'210. (30'293). (30'289). 20'347 119'127'488. 65'092. 1'238'741. 20'347 1'419'112. (622'754). (156'006). 1'944'185. WorldReginfo - 5476195b-d614-42fc-b5ed-66784eb64dd4. Exercise of stock options. 3'670.

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