Actelion saw its profits plummet in the first quarter of 2012.

The Basel-based biotechnology group recorded a net profit of 45 million francs.

That’s a 69 percent decrease compared with the same period last year.

Revenue also dropped 21 percent ringing in at 417.5 million francs.

Actelion puts the results down to increasing competition in the U.S. and strong price pressure in certain markets.