Annual Report 2012 - Acino

Acino
Annual Report 2012
Business Review

2
Group revenue and net profit
(in EUR million)
Revenue net profit
134.9 257.1 5.7 9.4
2011 2012 2011 2012
Group revenue by region
LATAm
4%
Africa
8%
mEnA
25%
Asia
1%
others
4%
Germany
28%
Switzerland
8%
Rest of Europe
22%
Share Information
• Listed on the SiX Swiss Exchange (Acin)
• Registered shares, par value cHF 0.40
Per share data 2012
• Share price cHF 109.90
(December 31, 2011: cHF 100.60)
• market capitalization cHF 380.3 million
(December 31, 2011: cHF 321.1 million)
• Dividend cHF 0 *
(2011: cHF 1.00 as distribution out of
legal reserve)
* proposed to the AGm of April 4, 2013
Acino
2012 at a glance
Group performance
2012 2011
(in EUR million)
Revenue 257.1 134.9
EBiTDA 36.8 25.7
in % of revenue 14.3% 19.0%
operating profit; EBiT 8.9 6.7
in % of revenue 3.5% 5.0%
Net profit 9.4 5.7
in % of revenue 3.7% 4.2%
EPS (undiluted, in EUR) 2.76 1.81
Free cash flow (3.3) (22.7)
in % of revenue (1.3%) (16.8%)
investment in property, plant and equipment 15.3 20.5
in % of revenue 6% 15%
investment in intangible assets 12.6 11.2
in % of revenue 5% 8%
net working capital 88.1 29.8
in % of revenue 34% 22%
net debt 100.1 8.6
Ratio net debt/EBITDA 2.7 0.3
Equity ratio 55.2% 77.9%
Headcount (on a full-time basis) 836 495
Share price development 2012
Acin (cHF per share)
SPi (adjusted)
125
120
115
110
105
100
Jan 12 Jul 12 Dec 12

Operating Segments
• BtC (Business to Consumer) comprises all direct marketing activities under the own
brand “Acino Switzerland” in up and coming economies around the globe.
• BtB (Business to Business) includes Acino’s out-licensing business with products from
own development for which the company holds the intellectual property rights.
• Technology Marketing (TM) encompasses a broad spectrum of fully integrated contract
services including sourcing, development, manufacturing and packaging for corporate
life science customers.
• Production (Prod) supplies the other three business segments with products and services.
Segment results and transfer to Group EBIT
Revenue Contribution margin
2012 2011 2012 2011
(in EUR 1 000)
Business to Consumer 100 373 1 018 17 726 663
Business to Business 87 196 90 892 26 224 19 992
Technology Marketing 67 621 40 336 3 964 7 593
Production 1 910 2 693 (10 285) (77)
Total 257 100 134 940 37 627 28 171
Less: Expense and income items not
contained in the contribution margin
per segment (details on page 43). 28 738 21 491
Operating profit (EBIT) 8 889 6 680
Acino – Delivering Health
Acino (SIX: ACIN), a Swiss-based pharmaceutical company, develops,
manufactures and internationally markets well-proven and innovative
pharmaceuticals in novel drug delivery forms. Acino is a leader in
advanced drug delivery technologies with a focus on modified release
oral forms, oral dispersible forms, transdermal systems and extended
release parenterals, for which it also holds patents.
As a partner of pharmaceutical companies worldwide, Acino supplies
finished in-house developed products and/or provides customized onestop
solutions from product development and registration to contract
manufacturing, packaging and logistics. Under the brand “Acino
Switzerland”, Acino markets Swiss-quality medicines in up and coming
economies. The Acino Group is headquartered in Basle, employed 836
people (at year-end) and generated annual revenues of EUR 257 million
in 2012.
ACINO | 2012 AT A GLANCE
Group revenue by segment
26%
34%
39%
■ BtC ■ BtB ■ TM
Contribution margin per segment
17.6% 30.0% 5.9% n.m.
BtC BtB TM Prod
⁄⁄
Milestones
• Acino takes a quantum leap through the
acquisition of businesses from Mepha
– strong emerging market presence in
the Middle East, Africa, Latin America
and Asia
– state-of-the-art R&D and FDA
approved manufacturing facilities
in Aesch (Switzerland)
• First new product launch in the emerging
markets: clopidogrel in Iraq and UAE
• Filing of oxycodone matrix and
of rivastigmine transdermal system
• New patch factory in Germany
inaugurated – Bayer HealthCare
submitted application for marketing
authorization for contraceptive patch
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ACINO | ANNUAL REPORT 2012

ACINO
Annual Report 2012
BuSInESS REvIEw
2012 at a glance 2
Letter to Shareholders 7
Performance report of Management 11
Our businesses 19
Our technologies 25
Corporate Governance (extract) 33
Corporate bodies 34
Leadership team 35
Financial report (abbreviated) 37
Consolidated income statement 38
Consolidated statement
of comprehensive income 39
Consolidated statement of changes
in equity 39
Consolidated balance sheet 40
Consolidated cash flow statement 41
Extract from notes to the consolidated
financial statements 42
Acino Holding AG, income statement 45
Acino Holding AG, balance sheet 46
Appropriations of retained earnings
of Acino Holding AG
proposed by the Board of Directors 47
Investor information 49
Addresses 52
Contact 54
Finance & corporate Governance
consolidated Financial Statements
for the acino Group 5
Consolidated income statement 6
Consolidated statement
of comprehensive income 7
Consolidated statement of changes
in equity 7
Consolidated balance sheet 8
Consolidated cash flow statement 9
Notes to the consolidated financial
statements 11
Report of the Statutory Auditor 53
Financial statements
of acino Holding aG 55
Income statement 56
Balance sheet 57
Notes to the financial statements 58
Appropriations of retained earnings
proposed by the Board of Directors 62
Report of the Statutory Auditor 63
corporate Governance 65
Group structure and shareholders 66
Capital structure 67
Board of Directors 68
Group Management 73
Compensation, shareholdings and loans 77
Shareholders’ participation rights 81
Change of control and defense measures 82
Auditors 82
Information policy 83
addresses 84
contact 86
Acino’s Annual Report 2012 comprises
the Business Review and the Finance &
Corporate Governance Report. The
Business Review includes the address of
the Chairman and the CEO, a description
of Acino’s technology platforms, a short
review of the company’s Corporate
Governance principles, abbreviated
Financial Statements and additional
information for investors. The Finance &
Corporate Governance Report contains
Acino’s full Financial Report including
Notes to the Financial Statements and the
full Corporate Governance Report.
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ACINO | LETTER TO SHAREHOLDERS

ACINO | LETTER TO SHAREHOLDERS
Dear Shareholders,
2012 marked the beginning of a new era for Acino. The acquisition of Mepha’s/Cephalon’s
international businesses and the production and R&D facilities in Aesch (Switzerland) propelled
our company into the upper league of the Swiss pharmaceutical industry.
Game-changing acquisition provides critical mass
The acquisition (closed on February 17, 2012) nearly doubled our workforce and Group
sales. Size alone is certainly not the sole key to success but it gives us the critical mass
needed to achieve our business objectives, particularly with regard to our Business-to-
Consumer (BtC) activities. In R&D and manufacturing, it creates an even broader development
pipeline and guarantees a crucial spending to further enhance our cutting-edge
technologies. On the product side, it enables us to roll out products on a worldwide scale,
thereby fully exploiting their potential. Last but not least, size also enhances efficiency in
operations. Being recognized as an important player, with the ability to handle highly
complex projects of all sizes, puts us in an excellent position to partner with the most
demanding global customers.
Teams merged in Switzerland – Aesch to become new Group headquarters
The sheer size of the acquisition and the complexity of the businesses we operate in
imposed multifaceted challenges to the Group. In the Greater Basle area, all operational
activities have been consolidated in December 2012 at the three locations in Aesch and
Liesberg. Headquarters of the Group will also be moved to the former Mepha location in
Aesch, pending the consent of the AGM in April 2013. The move results in significant rental
savings but above all it allows teams to unite and manage workflows more efficiently. It
is with pride, that the Acino and former Mepha/Cephalon employees can look back on the
first year together in which they reshaped the organization and successfully advanced the
company.
2012: Strong top-line expansion – one-off integration items impact earnings
For our businesses, 2012 was a game-changing year that unlocked promising growth
opportunities. Influenced by exceptional acquisition-related items, the strong sales
increase could not yet be fully translated into profitability improvements:
Acino expanded its top-line by 91% in 2012 and achieved consolidated annual revenues
of EUR 257.1 million which meets ambitious expectations. Postponed product deliveries
due to customer destocking towards year-end, pricing pressure in established markets,
and higher than expected one-off expenses relating to the transition of the international
business from Mepha to Acino impacted the operational profitability. As a consequence,
Acino’s EBITDA-margin slipped to 14.3%. However, in absolute terms, the Group significantly
increased EBITDA by 43% to EUR 36.8 million. Supported by a previously announced
tax loss carryforward, the Group delivered a net profit after tax of EUR 9.4 million (2011:
EUR 5.7 million).
ACINO | LETTER TO SHAREHOLDERS
“Over the past years, we developed Acino
from a specialized supplier into a fully
fletched pharmaceutical company,
perfectly aligned to pursue promising
growth opportunities.”
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ACINO | LETTER TO SHAREHOLDERS
“Acino follows growth. With the entry
into fast developing emerging economies,
we broadened our geographic exposure
and participate in the pharmaceutical high
growth markets.”
Dividend waiver and creation of authorized capital to fuel growth
and restore financial flexibility
The acquisition of international operations and the site in Aesch (Switzerland) with R&D
and production facilities from Mepha has provided strong impetus to Acino unfolding
promising growth opportunities. Knowledge and innovation skills as well as competitiveness,
and thereby also the ability to generate sustainable profits going forward, have been
significantly strengthened.
Despite the positive 2012 net result, the Board of Directors proposes to the Annual General
Meeting of Shareholders of April 4, 2013, the waiving of a dividend distribution. The Board
of Directors views this as an exceptional measure to reduce debt levels (following the
acquisition) and to fuel the growth of the company. Furthermore, the Board of Directors
proposes the creation of authorized capital by 800 000 new shares with expiration on April
4, 2015. The Board of Directors intends to continue to evaluate selective smaller scale
acquisitions to complement and strengthen the company’s activities and therefore proposes
this financial flexibility to seize potential opportunities.
Growth strategies – propagate success and take it Group-wide
We have identified and focused on a number of organic growth strategies, to be
rounded off by selective acquisitions, to advance our company. We intend to embrace
new opportunities based on our technological expertise and exploit synergies between
the Operating Segments:
Fully exploit product potential. The BtB portfolio consists of in-house developed products
which we out-license to pharmaceutical companies. The BtC portfolio comprises primarily
products acquired from Mepha and Cephalon which we will market under our own brand
“Acino Switzerland” in up and coming economies. Our intention is to exploit the portfolio
potential to its fullest by taking products across Operating Segments.
Expand geographic reach around the globe. Both our BtB and BtC businesses are broadbased
but still leave room for further geographic expansion within the defined strategy.
A milestone in this context was the agreement reached with Medial D&P Ltd. covering
several countries in the CIS region. Further territorial expansion in 2013 is anticipated in
Asia and Latin America. Likewise, we aim at expanding the reach of our BtB business and
have initiated steps to access the USA and Japan.
Foster innovation and broaden the product portfolio. All three business units give high
priority to continuously innovating their offering. The strong development pipeline is
expected to deliver promising products, some with patent protection, which are tailored
to both BtC and BtB markets. As a complementary measure, we are selectively evaluating
and in-licensing products to round off our BtC offering.
Expand the customer base. The strong reputation gained from the cooperation with Bayer
HealthCare and other partners helps the business units Technology Marketing and BtB to
engage in new cooperations and to embark on novel development projects on behalf of
pharmaceutical companies. The commitment to high quality we share with our customers
is a prerequisite in this respect.
Building a strong leadership team
As previously communicated, Dr. Jürgen Betzing, Chief Operations Officer (since February
1, 2012), joined us from Mepha. In this function he is responsible for production, engineering,
the supply chain, logistics, sourcing, and safety and environmental protection at all
sites of the Group.

The coming month will see a change in the Finance and Group Quality functions:
Walter Saladin, CFO, who also joined Acino from Mepha in March 2012, has opted for
retirement after completion of the business integration. His successor is Martin Gertsch
who will become the new CFO and a Member of Group Management effective April 1, 2013.
Martin Gertsch is an experienced chief financial officer with extensive expertise in the life
science industry and in international markets.
Dr. Stefan Bier succeeds Dr. Ulf-Hergen Westphal as the new Head Quality Acino Group
and a Member of Group Management, effective April 1, 2013. Stefan Bier can look back on
over 20 years of experience in quality assurance and compliance with several renowned
pharmaceutical companies.
We consider ourselves very fortunate that highly qualified and experienced executives
have chosen a career at Acino. Their track record in providing strong leadership in their
functions will be most valuable to the Acino Group as it expands operations around the
globe.
The Board endorsed Hans Peter Hasler’s wish to resign from his role as Vice Chairman and
appointed fellow Board Member Dr. Andreas Rummelt new Vice Chairman of the company
with effect from April 4, 2013 (the date of the forthcoming General Meeting of Shareholders).
Also at the forthcoming General Meeting, Jürg Michel’s current term of office is
set to expire and the Board proposes to re-elect him for another term of three years.
Outlook: set for growth
Strategically and operationally, we have paved the way for growth. The newly formed and
motivated teams with Acino and former Mepha employees are well prepared to embrace
the numerous challenges and opportunities that lay ahead of us. In the near-term, the net
result is expected to benefit from efficiency gains and the absence of integration-related
one-off costs. Supported by new product launches, sales growth is anticipated to become
the driving force for performance improvements in the mid to longer term.
On behalf of our fellow Members of Group Management and the Board of Directors, we
express our sincere thanks to all our employees who have supported the successful integration
in 2012 with much personal dedication. We also extend our gratitude to you, our
esteemed shareholders, for the continued interest and confidence in Acino.
Yours truly,
Luzi A. von Bidder Peter Burema
Chairman of the Board of Directors Chief Executive Officer
of Acino Holding AG of the Acino Group
Basle, March 2013
ACINO | LETTER TO SHAREHOLDERS
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ACINO | PERFORMANCE REPORT

ACINO
Performance report of Management
In addition to the day-to-day business, the main focus in 2012 was on the successful integration
of the newly acquired international businesses and domestic operations from
Mepha/Cephalon.
Acquisition transformed Acino’s business – segment reporting aligned
The 2012 acquisition changed the face of our company. After the integration of the acquired
operations, Acino’s business is now based on three independent, equally important strategic
pillars, each operating in the markets with a global reach. In parallel, the financial
reporting has been aligned to mirror the dimensions of the new business strategy and
reflecting the new organization of the Group. The new operating segments are:
• BtC (Business to Consumer) comprises all direct marketing activities under the own
brand “Acino Switzerland” in up and coming economies around the globe. The
segment includes the emerging market business acquired from Mepha/Cephalon.
• BtB (Business to Business) includes Acino’s out-licensing business with products from
own development for which the company holds the intellectual property rights.
• Technology Marketing (TM) encompasses a broad spectrum of fully integrated
contract services including sourcing, development, manufacturing and packaging for
corporate life science customers.
• The fourth reporting segment, Production (Prod), supplies the other business segments
with products and services. Products are internally transferred at cost plus a mark-up
for material and production overheads. Items not unattributable and deviations from
standard costs are recognized in this segment.
Group sales nearly doubled backed by acquisition
Acino expanded its top-line by 91% in 2012 and achieved consolidated annual revenues of
EUR 257.1 million (2011: EUR 134.9 million). Sales of the newly acquired Mepha/Cephalon
business are reported from February 17, 2012. The segments BtC and Technology Marketing
were driving the sales increase while revenue of the segment BtB fell slightly short of last
year’s level.
wide geographic spread of sales
With the newly acquired international businesses, the geographic split of Group sales
changed significantly. Although revenues are stable, the share of turnover of the more
mature markets dropped in favor of the faster growing emerging markets. Europe’s share
now represents 58% of sales (2011: 95%) and the dependency on the largest individual
country, Germany, decreased to 28% (2011: 64%). MENA (Middle East and North Africa)
became the largest non-European region accounting for 25% of Group sales. Socioeconomic
trends in many emerging markets, such as the population and GDP growth coupled
with better access to healthcare, will support the business expansion in these regions and
contribute to top-line growth.
ACINO | PERFORMANCE REPORT
Group revenue
(in EUR million)
134.9 257.1
2011 2012
Group revenue by region
LATAM
4%
Africa
8%
MENA
25%
Asia
1%
Others
4%
Germany
28%
Switzerland
8%
Rest of Europe
22%
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ACINO | PERFORMANCE REPORT
Segment revenue 2012
(in EUR million)
BtC 100.4 n.m.
BtB 87.2 –4%
TM 67.6 +68%
Prod* 1.9 n.m.
Group 257.1 91%
* Sales to third parties
Group revenue by segment
26%
34%
39%
■ BtC ■ BtB ■ TM
BtC has emerged as the strongest revenue contributor of the Group
2012 sales of the Operating Segment BtC amounted to EUR 100.4 million (2011: EUR 1.0
million) with the acquired businesses in emerging markets consolidated since mid February
2012.
Sales in the largest countries of the key MENA region – Iraq, Saudi Arabia and United Arab
Emirates – developed particularly well. The existing local organizations have swiftly pushed
ahead with the launch and promotion of products from Acino. In Africa, the market development
in many countries has been uncared for over a prolonged period of time during
the frequent change of ownership of the business in recent times. This made it necessary
to substantially step up professional marketing efforts, to reestablish the product brands
in the private market and to emphasize the focus on the tender and hospital businesses.
For these purposes, the creation of a well-trained and motivated field force was of paramount
importance. In Asia, distributors have been appointed for all regions and countries
targeted. First sales have already been achieved in Hong Kong, Macau, China, Malaysia,
Singapore and Myanmar.
BtB with slightly regressing full-year revenues but good growth of flagship product
Revenue of the Operating Segment BtB declined by 4% to EUR 87.2 million (2011: EUR 90.9
million). The first three quarters with good growth rates and high order volumes were followed
by a drop in sales in the last months of 2012. This transient but marked stagnation
was attributable to postponed product deliveries due to customer destocking and inventory
optimization towards year-end.
The top-selling BtB product oxycodone benefitted from a robust growth year-on-year.
Amidst severe price pressure, revenue of the key product metoprolol reached last year’s
level thanks to higher volumes sold. The newer products from own development – hydromorphone
in an oral formulation and the patches fentanyl and buprenorphine – showed
a very satisfactory sales performance. Demand for buprenorphine was particularly high
with customers preparing for launch in several additional countries.
Technology Marketing top-line boosted by high contract manufacturing volumes
The steep rise of sales of the Operating Segment Technology Marketing (TM) to EUR 67.6
million (+68%; 2011: EUR 40.3 million) is primarily attributable to large – but lower margin
– orders from Teva/Mepha who continue to source products from Acino at cost plus a small
mark-up (as agreed in the acquisition agreement). As a consequence, the new location in
Aesch (previously Mepha) turned out high volumes of contract manufactured products
and enjoyed a very good capacity utilization which could not be translated into higher profits.
The top-selling customer product of this Operating Segment, the transdermal product
fentanyl, was in high demand and strongly contributed to sales (and profit) despite mounting
price pressure under difficult market conditions.

EBITDA up 43% – exceptional integration-related items influence profitability
The Group achieved a full-year EBITDA of EUR 36.8 million (2011: EUR 25.7 million), reflecting
a strong increase of 43% year-on-year. In line with the expansion of the company’s operations,
inventories increased and entailed a reduction of the gross margin by 3% to 65%. The
surge of other operating expenses by six percentage points year-on-year was primarily driven
by higher integration-related marketing efforts in the BtC business. Additional one-off items
influencing EBITDA included higher than expected inventory adjustments and disposals of
redundant stocks, maintenance outlays and temporarily increased new staff costs.
EBITDA also includes transaction-related one-time items in the net amount of EUR 1.8 million.
The negative impact for recognition of goods acquired from Mepha/Cephalon at market
value of EUR 8.0 million as well as extraordinary expenses of EUR 1.0 million were only partially
compensated by the positive contribution of the bargain purchase of EUR 7.2 million.
On a comparable basis, i.e. excluding this one-time effect, EBITDA amounted to EUR 38.5
million corresponding to an EBITDA-margin of 15.0% (2011: 19.0%).
After depreciation and amortization charges, which increased year-on-year due to the
substantial purchase of assets from Mepha/Cephalon, the operating profit (EBIT) climbed
by 33% to EUR 8.9 million (2011: EUR 6.7 million).
ACINO | PERFORMANCE REPORT
Group EBITDA
(in EUR million)
25.7 36.8
2011 2012
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ACINO | PerfOrmANCe rePOrt
Contribution margin
(in eUr million)
BtC 17.7
BtB 26.2
tm 4.0
Prod (10.3)
Group 37.6
Less: items not contained
in contribution margin per
segment (page 43) (28.7)
EBIT 8.9
Contribution margin per segment
17.6% 30.0% 5.9% n.m.
BtC BtB tm Prod
⁄⁄
Contribution margin of the Group up by 33%
In total, the contribution margin of the Group amounted to eUr 37.6 million (2011: eUr
28.2 million):
• BtC: high market development efforts temporarily dampen profitability. In 2012, the
first partial year of managing the combined businesses, the contribution of the
Operating Segment BtC amounted to eUr 17.7 million (or 17.6% of revenue). the
profitability was influenced by numerous integration-related efforts which were
underway throughout the year. While higher promotional and distribution costs are
inherent to any direct marketing approach, extraordinary costs incurred for additional
field force training, rebranding campaigns, and customer retention measures supporting
the transition of the international business from mepha to Acino. the high number of
local new product registrations poses a special challenge to Acino’s drug regulatory
activities and time consuming procedures have delayed new product introductions on
several occasions. Acino expects a gradual margin improvement as synergies are
starting to materialize and new products reach the market.
• BtB remains the strongest earnings contributor to the Group. the Operating Segment
BtB achieved a contribution margin of eUr 26.2 million (2011: eUr 20.0 million) or 30.0%
of sales (2011: 22.0%). Ahead of the patent expiry in most markets in November 2012
and supported by an optimization of production processes, the top-selling product
oxycodone recorded a very positive margin development. Also margin enhancing was
the lower amortization on development projects. Overall, these effects overcompensated
the steady price erosion and resulted in a strong profitability improvement of the BtB
segment.
• technology marketing with high capacity utilization but temporarily lower margins.
While revenue increased strongly, the contribution margin of the operating segment
declined to eUr 4.0 million (2011: eUr 7.6 million) or 5.9% of sales (2011: 18.8%). the
margin erosion is attributable to contract manufacturing orders gained, albeit with low
margin products, in the wake of the acquisition of the mepha/Cephalon businesses.
Also weighing on the profitability is the continued price pressure on fentanyl patches
and the production of penicillin/cephalosporin products at the manufacturing site in
Liesberg (Switzerland), which will be terminated by the end of 2013 as part of the
continued effort to optimize the product mix.
• Production influenced by acquisition-related one-time item. the Operating Segment
Production recorded a negative contribution of eUr – 10.3 million of which eUr 8.0
million were due to the transaction-related recognition of goods acquired from mepha/
Cephalon at market value.
Deduction of items not contained in the contribution margin per segment, such as employee
benefits and other operating expenses (for cross segment and not-production-related
activities), resulted in the operating profit (eBIt) of eUr 8.9 million (2011: eUr 6.7 million).

net profit increase by 65% to EuR 9.4 million, supported by tax credit
The net financial result of EUR –2.5 million (2011: income of EUR 0.7 million) contains
foreign exchange items, one time charges in connection with the syndicate loan and the
capital increase, and running interest expenses. In 2012, another unrealized tax loss carryforward
of about EUR 7.7 million (related to the acquisition of the iclaprim business in
2009) could be applied. Together with a deferred income tax gain in connection with the
step-up inventory this resulted in a net income tax credit of EUR 2.9 million (2011: tax
burden of EUR 1.2 million).
Overall, the Group increased net profit significantly to EUR 9.4 million (2011: EUR 5.7 million),
up 65% year on year.
Cash flows are a reflection of the high investment activity
The acquisition of the Mepha/Cephalon operations influenced nearly every position of the
cash flow statement. Cash flow from operating activities increased to EUR 24.4 million
(2011: EUR 8.9 million; included substantial clopidogrel-related settlement payments).
Cash flows from investing and financing activities mirror the cash payment for the
acquired businesses (approx. EUR 90 million), the share capital increase (approx. EUR 20
million) and the capital expenditure for the new plant in Miesbach (Germany). Overall, the
high investment activity resulted in a negative free cash flow of EUR –3.3 million (2011:
EUR –22.7 million). Over the course of the year, liquid funds increased markedly by EUR
13.3 million to EUR 17.7 million (2011: cash outflow by EUR 16.1 million to EUR 4.4 million
at year-end).
Strong balance sheet albeit reduced equity ratio
The magnitude of the Mepha/Cephalon transaction increased the company’s balance
sheet total by year-end to EUR 505.8 million (December 31, 2011: EUR 330.4 million).
Working capital increased significantly to EUR 149.0 million (December 31, 2011: EUR 58.2
million). With significant new assets – primarily the new site in Aesch (Canton Baselland,
Switzerland) and the new manufacturing plant in Miesbach (Germany) – belonging to the
Group, property, plant and equipment expanded to EUR 159.4 million by the end of 2012
(December 31, 2011: EUR 102.5 million).
The syndicate loan to finance the acquisition and the postponed purchase price entailed
a rise in total financial liabilities to EUR 117.9 million at year-end (December 31, 2011:
EUR 13.0 million). After the authorized share capital increase by a total of EUR 20.3 million
(implemented on February 2, 2012), shareholders’ equity rose to EUR 279.5 million (December
31, 2011: EUR 257.4 million) in the period under review.
The acquisition-related high investment activity reduced Acino’s equity ratio to 55% by
the end of the period under review (December 31, 2011: 78%) which is still at a high level
and allows for financing growth of the Group going forward. Also as a result of the acquisition
the indebtedness of the company increased to a net debt level of EUR 100.1 million.
The net debt to EBITDA ratio amounted to 2.7.
ACINO | PERFORMANCE REPORT
net profit Group
(in EUR million)
5.7 9.4
+65%
2011 2012
Key ratios
(December 31, 2012)
Equity ratio 55%
Net debt to EBITDA ratio 2.7
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ACINO | PERFORMANCE REPORT
BtC Objectives 2013
• Roll-out Acino products
in new markets
• Continue the geographic expansion
into emerging growth regions
• Improve profitability
BtB Objectives 2013
• Step up out-licensing
and target new markets
• Reinforce development
of “Generics-Plus”
• Protect profitability
TM Objectives 2013
• Prepare for launch of the customer
contraceptive patch
• Intensify acquisition efforts
for additional custom projects
• Optimize portfolio mix
Acino is set for growth and performance improvements
The integration of the acquired businesses and the professional market development have
been a mainstay of the company’s activities in the year 2012. After this transition year, in
which the Group has paved the way for growth, the “new Acino” is ready to move forward
and grasp promising opportunities:
• BtC taking “Acino Switzerland” global. Acino intends to grow its BtC business through
additional product launches (from own development and in-licensing) and by expanding
the geographic reach.
In numerous markets, local registration of new Acino products and preparations for
market entry are progressing. In the MENA region, several products have already been
registered and are set to be launched shortly. Launches are also underway in Africa with
Kenya, Mauritius and Nigeria preparing to introduce fentanyl, clopidogrel, metoprolol
and the goserelin implant in 2013. In Asia, Thailand and Vietnam are in the lead with
2013 launches of fentanyl and clopidogrel.
The geographic expansion went one step further with the new cooperation between
Acino and Medial D&P Ltd. covering several countries in the CIS region. Under the newly
concluded agreement, Medial will provide registration, logistics as well as marketing
and promotion services in selected target markets including Kazakhstan, Turkmenistan,
Mongolia, Georgia, Azerbaijan, Armenia, and Uzbekistan.
• BtB emphasizing measures to protect profitability. The BtB business encounters fierce
competition and strong price pressure in many markets. New market entries of
competing oxycodone manufacturers, for example, will have a substantial effect on the
product profitability going forward. License agreements with potential partners for
additional markets where the patent only expired in November 2012 are under
negotiation and could partly compensate for lost sales.
In the attempt to fuel future growth and to escape price pressure in the European
markets, the out-licensing activities have been stepped up to cover all regions worldwide.
A cooperation agreement with a Japanese company and licensing deals with partners in
China and India are in negotiation. Furthermore, Acino has initiated the planning for an
implant product targeted at the US market. These efforts also benefit from Acino’s
global market presence and network with the BtC business.
The core element of the BtB business strategy remains the focus on products with a
“plus” which can be translated into a competitive advantage. Such value-added products
allow the company to approach and select business partners with marketing concepts
other than low price strategies.
• Technology Marketing targeting value-added customer projects. The strategic focus of
this business is on providing a broad spectrum of fully integrated and specialized
services – from development to manufacturing – to pharmaceutical companies. The
most advanced customer project is a contraceptive patch. In September 2012, Acino’s
Partner Bayer HealthCare announced that it has submitted an application for marketing
authorization in the European Union for its new transparent low dose contraceptive
patch (ethinylestradiol/gestodene). Acino will be manufacturing Bayer HealthCare’s
patch at its new pharmaceutical manufacturing plant for transdermal therapeutic
systems at the company site in Miesbach (Germany).
Coupledwiththereputationearnedinsuchaprestigiousproject,thebroadtechnological
skill base and the expertise in difficult-to-make products are expected to bolster Acino’s
technology marketing business and will facilitate additional project acquisitions.
In the mid to longer term, the profitability of the Operating Segment Technology
Marketing is expected to recover as new customer products, with higher margins, will
be manufactured by Acino and the orders from Teva/Mepha are likely to slowly regress.

• Synergies enhancing EBITDA. The business combination not only increased the top-line
but also unlocked earnings enhancing synergies. Starting in 2013, synergies from the
business combination will start to materialize and will contribute to the projected
operating margin improvements. These synergies, and the resulting recurring cost
savings, will be derived from: the move of the R&D and central functions to the new
Aesch site (resulting in annual rental cost savings); the transfer of the Mepha warehouse
activities to Acino; the combination of the technical operations structures; the new and
integrated R&D structure (including regulatory functions); and the synchronization of
market intelligence. From 2014 onwards, the annual cost savings will increase further as
additional synergies can be realized in engineering (through the roll-out of internal
engineering and the reduction of external services) and in finance, human resources
and IT systems.
Outlook 2013
Acino is in a prime position to achieve further growth in sales and profits. Based on the
volume of orders at hand, Acino reconfirms its positive sales outlook and expects to generate
revenues in 2013 beyond the EUR 300 million mark. The integration of the acquired business
has been largely completed and important cost saving measures have already been
implemented in 2012. These efforts should start to bear fruit in 2013 and will contribute
to a marked recovery of the EBITDA-margin compared with 2012. A continued weakness
of the Swiss franc against the Euro could further improve profitability since about two
thirds of labor costs incurred are in Swiss francs.
ACINO | PERFORMANCE REPORT
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ACINO | OUR BUSINESSES

ACINO | OUR BUSINESSES
Acino – Technology expertise translated
into innovative medicines, for partners and
patients, worldwide
Acino, a leader in advanced and refined drug delivery technologies, develops, manufactures
and internationally markets well-proven and innovative pharmaceuticals in novel drug
delivery forms. In 2011, complementing its traditional institutional business focused on
BtB out-licensing and R&D cooperations, Acino has begun to market its product portfolio
under the own brand “Acino Switzerland” in up and coming economies. With the recent
acquisition of Mepha GmbH, the direct marketing business (BtC) has become the strongest
segment of the company in terms of sales. In the market, Acino operates with the three
independent businesses BtC, BtB, and Technology Marketing:
Business to Consumer (BtC)
The BtC segment comprises all direct marketing activities. Under the company’s “Acino
Switzerland” brand, and with the promise of Swiss quality, the company sells its products
in emerging markets around the globe. This reporting segment includes the business purchased
from Mepha/Cephalon in the Middle East, Africa, Latin America and Asia.
Business to Business (BtB)
The BtB segment comprises Acino’s business with its internally developed products, for
which the company also owns the intellectual property rights. Acino develops and produces
high-quality medicines with proven active ingredients and modern drug delivery systems
and grants licenses for them to leading pharmaceutical and generic pharmaceutical companies
worldwide.
Technology Marketing (TM)
The technology marketing segment comprises a broad spectrum of fully integrated contract
services, including procurement, contract development, production and packaging
for companies in the life sciences industry. On behalf of these customers, Acino develops
a comprehensive product pipeline on the basis of its special technological know-how. This
includes both new types of medicines as well as projects with innovative drug delivery
systems for established active ingredients.
Production (Prod)
The production segment is responsible for the manufacturing of products and the supply
of the other three segments, and generates turnover through the reimbursement of its
services. The manufacturing costs of products are credited to the production segment at
standard prices along with remuneration in the form of a mark-up for materials and production
costs.
ACINO | OUR BUSINESSES
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ACINO | OUR BUSINESSES
Financial performance
(in EUR million)
Sales Cont. margin
1.0 100.4 0.7 17.7
2011 2012 2011 2012
BtC share of Group results
39% of
sales
Top 5 countries/regions
• Iraq
• Saudi Arabia
• French-speaking Africa
• United Arab Emirates
• Ecuador
Top 5 products
• Olfen (pain management)
• Gasec (gastro-intestinal)
• Spasfon (gastro-intestinal)
• Neurorubine (pain)
• Mesporin (antiinfective)
37% of
contribution margin
BtC: Taking “Acino Switzerland” global
what we do
Acino markets medicines under its own brand “Acino Switzerland” in up and coming economies
around the globe, supporting healthcare professionals in their mission to treat
patients in the best possible way.
Market opportunity
Pharma growth in emerging markets will continue to be robust as governments are striving
to expand access to healthcare on the back of favorable economic developments. In addition,
growing awareness of quality in the middle and upper classes of society increases the
demand for more value-added products, preferably of Swiss/EU origin. As a Swiss company
and with a product portfolio of excellent pharmaceuticals, Acino is optimally positioned to
seize this business opportunity.
Broad product portfolio
At present, Acino markets a portfolio of 42 pharmaceuticals (including brands acquired
from Mepha/Cephalon) in the therapeutic areas of pain, urology, oncology, antimycotics,
cardiovascular, neurology (CNS), infectious disease, rheumatology, gastroenterology, as
well as in the field of malaria in over 80 countries. Complementing the well-established
drug portfolio, products from own development and selected in-licensings are gradually
being registered and rolled out.
“Acino Switzerland” – worldwide
Four regional representative offices – in Manila for Asia, in Nairobi for Subsahara Africa, in
Malta/Paris for the Middle East and North Africa (MENA), and Acino Latino-Americana S.A.
in Panama for LATAM – oversee the country-specific marketing and registration activities
managed by local partners. On our behalf, these partners handle product registrations and
deploy a dedicated sales force to promote Acino’s product range. In all regions, we have
built relationships with important players and established a reputation as a reliable provider
of Swiss quality pharmaceuticals.
Quality wins
Committed to highest Swiss quality standards, our effective and safe medications are a
valuable addition to the therapeutic armamentarium of healthcare professionals worldwide.
Welcome to Acino Switzerland – Ensuring Effective Relief.

BtB: Out-licensing innovative products
what we do
Acino develops and manufactures high-quality medicinal products with established active
ingredients in advanced and refined drug delivery systems for out-licensing to pharmaceutical
business partners around the globe.
Market opportunity
By 2016, the loss of patent exclusivity will impact numerous top-selling drugs. Furthermore,
government measures to contain healthcare costs are putting additional pressure
on drug prices. Among the beneficiaries of these developments, the generic manufacturers,
competition is fierce and has led to an accelerated industry consolidation. Acino competes
at the high-end, providing added value products. Because quality wins.
Acino focuses on innovative “Generic-Plus”
Innovation in drug delivery differentiates Acino from classic generics companies. Convinced
that the API (active pharmaceutical ingredient) is only half the medicine, the company
deploys its expertise to develop and manufacture exceptional drugs with well-proven active
ingredients in complex drug delivery systems. Tailored to specific patient and therapy needs,
researchers at Acino identify differentiating features and address them during development
to create more value-added products which support patient convenience and compliance.
BtB customers looking for value
BtB partners are often local specialist companies, e.g. pain companies suitable to Acino’s
pain portfolio, with branded product strategies. Drug makers who aim at diversifying
product brands in view of forthcoming patent expiries are another important target
group. Acino can support them with the development of line extensions or with access to
markets in the developing world.
Our success is the confirmation of our strategy
Significant investments in technology and innovation create products with a longer and
sustainable product life cycle in the markets. Essential success factors remain our excellency
in product innovation, a short time to market and the adherence to highest quality
standards.
Financial performance
(in EUR million)
Sales Cont. margin
90.9 87.2 20.0 26.2
2011 2012 2011 2012
BtB share of Group results
34% of
sales
ACINO | OUR BUSINESSES
55% of
contribution margin
Top 5 products
• Oxycodone (pain management)
• Metoprolol (cardiology)
• Alfuzosin (urology)
• Doxazosin (urology/cardiology)
• Clopidogrel (cardiology)
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ACINO | OUR BUSINESSES
Financial performance
(in EUR million)
Sales Cont. margin
40.3 67.6 7.6 4.0
2011 2012 2011 2012
TM share of Group results
26% of
sales
8% of
contribution margin
Top products
• Fentanyl (pain)
• Diclofenac
(nonsteroidal anti-inflammatory)
• Amoxiclav (antibiotic)
In development
• Contraception patch
(customer project)
Technology Marketing:
Full-service from a single partner, from us
what we do
As a partner of pharmaceutical companies worldwide, Acino provides customized onestop
solutions from product development and registration to contract manufacturing,
packaging and logistics.
Market opportunity
The need to boost innovation and protect the leading brands creates a challenge for many
pharmaceutical companies. The primary focus of research-driven pharmaceutical companies
is often on the discovery of new chemical entities and clinical development. Acino fills
the gap by offering a vast range of specialized contract services, all from a single source.
Customized one-stop solutions for pharmaceutical partners
At Acino, we go beyond innovative technologies. We offer fully integrated services from
sourcing of active ingredients and excipients, to development of the formulation, registration,
commercial scale manufacturing and packaging. In close cooperation with our pharmaceutical
partner companies, we customize every step in the value chain, delivering
high-quality products and services at every stage. Everything from a single source – from
us, from Acino.
Key customer-project nearing market readiness
Acino’s Partner Bayer HealthCare announced that it has submitted an application for marketing
authorization in the European Union for a new transparent low dose contraceptive
patch (ethinylestradiol/gestodene). Acino will be manufacturing the patch at its new
pharmaceutical manufacturing plant for transdermal therapeutic systems at the company
site in Miesbach (Germany).

Expanding the business scope – worldwide
In the course of the last decade, Acino developed its business from a Central European
pharmaceutical supplier into a fully fletched pharmaceutical company with a differentiated
portfolio of products and services, distinct customer groups, and worldwide operations.
The technology platforms have continuously been broadened and the new direct marketing
approach has enabled Acino to further exploit the potential of its in-house innovation.
Also as part of the de-risking strategy, the market entry in up and coming economies is
expected to drive sales growth and support profit improvements.
Acino’s global commercial activities
■ BtC: “Acino Switzerland”
direct marketing
■ BtB: Out-licensing partnerships
■ Agreements/partnerships
in advanced evaluation
Perspectives to advance the business
The organic and acquisitory growth initiatives continue to be centered around the company’s
core competence in advanced drug delivery as a pivotal value driver of the Group. Increasing
the geographic footprint of the BtC business in emerging markets through acquisitions
remains a high priority.
ACINO | OUR BUSINESSES
Sites worldwide
• Basle (Switzerland)
• Aesch (Canton Baselland, Switzerland)
• Liesberg (Switzerland)
• Miesbach (Germany)
• Alfortville-Paris (France)
• Panama City (Republic of Panama)
• Bridgewater, New Jersey (USA)
workforce
• 836 employees from over 40 nations
(December 31, 2012)
Marketing partnerships
• In over 130 countries
(BtC in over 80 countries plus BtB
in an additional 50 countries)
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ACINO | OUR TECHNOLOGIES

ACINO | OUR TECHNOLOGIES
Acino – Delivering Health, in many ways
An active ingredient alone does not constitute yet an effective therapy. The molecule, the
disease and the human body dictate where and when a drug must be delivered to unfold
the best possible efficacy and safety. This is where Acino’s expertise comes into play.
The depth and breadth of Acino’s skill base and core technologies offer numerous and
flexible possibilities to achieve the desired delivery profile by releasing a drug at the right
time, or over a period of time, in the right amount and at the right place.
The benefit for customers is evident: they have a wider choice to select the optimal galenical
form for a given molecule, and can rely on Acino from development through to the production
of commercial product quantities. Everything from a single source.
Front-runner in pellet technology
Acino is a top player for pellet technologies
in Europe with an unparalleled range
of solid dosage forms.
Formulations
• Pellets
• MUPS
(Multiple Unit Particulate Systems)
• Microtablets
• Matrix tablets
• Film­coated tablets (all types)
• Capsules (all types)
• Effervescents
• Oral dispersible films/tablets
(ODF/ODT)
Number 2 in Europe for TDS
Acino is the second largest manufacturer
of transdermal therapeutic systems (TDS)
in Europe.
Formulations
• Transdermal therapeutic patches
(systemic effect)
• Topical patches (local action)
ACINO | OUR TECHNOLOGIES
Ultra-modern factory for implants
Acino possesses the most modern
European facilities for extended release
parenterals.
Formulations
• Biodegradable subcutaneous drug
implants
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ACINO | OUR TECHNOLOGIES
Technologies
• Suspension/solution layering
• Extrusion/spheronization
• In addition all common process
technologies
Key products
• Oxycodone MUPS
• Hydromorphone capsules
• Omeprazol
• Isosorbitdinitrat (ISDN)
• Artequin
Selected development projects
• Oxycodone matrix
• Ferrous sulfate
R&D focus (pellets)
• Optimization of the pellet shape
• Improvement of the hardness
• Better filling performance and
flowability
R&D and manufacturing sites
• Aesch BL, Switzerland
• Liesberg, Switzerland
Acino offers a unique range of
solid oral formulations
Acino is a top player when it comes to pellet technologies. With expertise in a multitude
of technology platforms, Acino offers an unparalleled range of solid dosage forms:
Pellets with modified release of the active ingredient are the basis of a variety of oral drug
formulations. They can be compressed to form MUPS (Multiple Unit Particulate Systems)
or filled into capsules or stick packs. MUPS display a superimposed drug release profile:
after intake they dissolve into a multitude of subunits which are ultimately responsible for
the release of the active ingredient in a second step. Acino’s particular strength is its
expertise in developing and manufacturing MUPS with a high drug content. Pellets composed
of different active ingredients and/or release rates can also easily be blended
offering a nearly unlimited flexibility to tailor a drug regimen.
Microtablets, prepared from powder or granulates, are an excellent addition to the pelletbased
product range. Filled into capsules or stick packs, they allow for an exact and flexible
dosage titration, are easy to handle and countable per unit. The option to mix microtablets
of different active ingredients (without substance interference) further increases the flexibility
to create customized medicines.
Oral dispersible films/tablets are loaded with an active ingredient and are suitable for
application to the oral cavity. The active ingredient is dissolved or suspended in the polymer
matrix. Oral dispersibles can be easily administered without liquids. Patients benefit
from a rapid onset of action thanks to a quick dissolution of the films/tablets. The buccal
absorption may increase bioavailability of active ingredients with a high first pass effect.
A multitude of coating and packaging technologies provides additional possibilities to
enhance the product profile. Coatings in various forms can be applied to modify the
release of the active ingredient, facilitate swallowability, mask odor and taste, or improve
the visual appearance.
Even the best formulations can still be improved. Acino is continuously enhancing its technologies
to provide even higher product quality, distinctly shorter processing times and
cost savings.

Acino – Europe’s No. 2 for
transdermal therapeutic systems
In Europe, Acino is the second largest manufacturer of patches and the largest producer of
opioid­containing transdermal therapeutic systems prescribed to combat pain.
Transdermal therapeutic systems are drug­loaded adhesive patches. Placed on the skin, the
patch delivers a defined dose of medication through the skin over a specified time. Tailored
drug release profiles (rate and duration of action) can be designed through variation of the
patch technology, materials (films, polymers), components (adhesive, adjuvant) and size.
The transdermal drug delivery route has numerous benefits over other pharmaceutical
forms, especially in chronic therapy. A key advantage is the potentially higher bioavailability
since the active ingredient permeates through the skin, thus escaping the first passage
through the gastrointestinal tract and the liver metabolism. In turn, this also limits irritations
of the digestive tract. If necessary, the drug input is easily interrupted by removal of
the patch. The application is free of pain and simple onto the skin which significantly
improves patient compliance, especially in elderly persons.
Patches may be composed of a number of layers, including a backing film, one or more
layers incorporating the drug and forming the adhesive system, and a release liner, which
is removed before application.
Leadership is stimulation to excel. Acino’s development efforts successfully focus on innovative
formulations with low drug load which is essential for patches containing narcotics
to avoid abuse. One example is the transdermal pain therapy with fentanyl low load, a line
extension to the top­selling patch product.
Technology
• Matrix systems
Key products
• Fentanyl
• Buprenorphine
ACINO | OUR TECHNOLOGIES
Selected development projects
• Rivastigmine TDS
• Fentanyl low load
R&D focus
• Control of drug delivery rate
(extent and duration) by specific
formulation approaches
• Optimization of patient comfort
and compliance with therapy
(good skin adhesion, convenient size
and appearance)
R&D and manufacturing site
• Miesbach, Germany
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ACINO | OUR TECHNOLOGIES
Technology
• Melt extrusion (monolithic implants)
Development projects
• Goserelin 1­ & 3­month
• Leuprorelin 1­ & 3­month
R&D focus
• Control of drug release over a period
of 1 to 6 months by specific polymers
and formulation technology
• Ready­to­use for subcutaneous
administration with an applicator
• Optimization of therapy and
patient compliance by continuous
medication over several months
R&D site
• Aesch BL, Switzerland
Manufacturing site
• Miesbach, Germany
Acino possesses Europe’s most modern facilities
for extended release parenterals
Acino’s biodegradable subcutaneous drug implants are monolithic rods (length of 1 – 2 cm
and diameter of 1 – 2 mm) containing the active ingredient embedded into a biodegradable
polymer matrix (poly­lactide­co­glycolide) as a carrier substance. Physicians apply
them under the skin (subcutaneous) with a commercially available standard syringe.
Removal is not necessary since the implants dissolve after their useful life.
Long dosing intervals and continuous and steady drug release over a defined time period
(several months) make this drug delivery form unique. Patients are continuously medicated
as prescribed and with the assurance of a high treatment compliance.
Acino possesses the most modern facilities for extended release parenterals in Europe.
Aesch (BL, Switzerland) is home to development and Miesbach (Germany) to manufacturing
of drug implants. Lead projects are goserelin and leuprorelin, each in a 1­ and 3­month
formulation, to treat prostate cancer. In Europe, where first approvals are expected in early
2015, goserelin is likely to be the first generic implant on the market. Approval of leuprorelin,
the follow­up implant product, is projected for early 2016 in Europe and late 2016 in the
USA. Implants may have potential advantages compared to the commonly used microparticle
formulations such as the easy preparation of the injection (no reconstitution), less painful
application, less burst effect (i.e. sudden and dangerous release of a large drug volume),
and easier removal in case of adverse reactions.

Turning technologies into innovative products
The large variety of drug delivery forms requires broad­based technological know­how, high
manufacturing competence and dedicated productions sites. Continuous and substantial
investments in people, R&D, and manufacturing allow Acino to maintain its technological
competitive edge.
Pipeline with new impetus from Mepha skills and projects
The pipeline focuses on technologically challenging products for international markets
(BtC) and for out­licensing to pharmaceutical companies (BtB). In 2012, new projects
acquired from Mepha were added. Stepping up development for global markets, products
for the US will follow in the near future and developments for Japan are in discussion. Key
development projects were further advanced and are nearing market readiness:
• The R&D highlight was the successful completion of the rivastigmine TDS
development with filings in the EU, US and Switzerland. This filing was the first ANDA
submission of an Acino product to the US FDA. The transdermal system for daily
application is indicated for the symptomatic treatment of mild to moderate Alzheimer
dementia.
• The EU­submission of the oxycodone matrix tablet took place in occurred in the
third quarter 2012, well on track to support the switch of customers from the current
pellet to the improved matrix formulation. Acino will be offering a wide dosage range
allowing physicians to better align the therapeutic regimen.
• All activities are on track for a mid­year regulatory submission of ferrous sulfate,
formulated as microtablets in a capsule. The product is intended for the treatment of
patients with iron deficiency and will be an excellent addition to Acino’s in­licensed
injectable iron product.
• Pivotal clinical trials are planned for the low-loaded fentanyl patch in 2013 and could
lead to regulatory submissions by 2014. This follow­up product for US and EU markets
is a monolayer transdermal system which delivers the active ingredient over a
period of three days. A smaller drug load and a nearly complete release of the drug (i.e.
minimal residual drug in used patches) are significant advantages compared to
the originator product and limit drug abuse of this powerful opioid analgesic for the
treatment of severe pain.
• The necessity for additional clinical trials in support of the European filing of Acino’s
lead implant projects, goserelin and leuprorelin, entailed a lengthy delay and first
approvals in the EU are expected in 2015. The palliative treatment of prostate cancer,
a leading cause of cancer­related death in men, is the primary indication for both
implant products.
This represents only a selection of the pipeline projects. Major milestones have been
achieved in the development of other unique products (with own intellectual property
rights and key USPs). These projects include a weekly pain patch with constant release over
7 days and an innovative 7­day patch as Life Cycle Management for a major CNS indication.
ACINO | OUR TECHNOLOGIES
Core competencies
• Advanced drug delivery
• Fully integrated services from
development and registration
to large­scale manufacturing
How we are different
• Focus on niche technologies with
distinct USPs
• Broad equipment park
• Expertise for difficult­to­develop and
­make products
• Swiss high quality standards
• Strong know­how to support customers
R&D highlights in 2012
• Filing of oxycodone matrix
• Filing of rivastigmine transdermal patch
• Several projects based on microtablets
targeted for submission in 2013
• Key results for various innovative
transdermal projects with great
potential as Life Cycle Management
Latest investments in property and plant
• Aesch – acquisition of sophisticated
R&D units and an FDA approved
manufacturing site
• Miesbach – new factory for
transdermals including the
contraception patch from Bayer
HealthCare
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ACINO | OUR TECHNOLOGIES
Special know-how
• Broad equipment range (pellets)
• Fluid bed technologies (Wurster/Ventilus)
• Different extrusion technologies
• Explosion protection
• Scale­up from 5 kg to 800 kg
Special know-how
• Coating and granulating including
solvent recovery (Ventilus)
• Aqueous/organic fast coating processes
(Aircoater)
• Equipment for hot melt granulation
Expertise in difficult-to-make products with
Swiss quality standards
Acino possesses a strong know­how in difficult­to­make formulations applying the highest
quality standards. Its manufacturing sites are fully fitted with state­ and top­of­theart
tools and equipment. Processes and capacities are optimized and allow for flexibility
in time­to­volume while assuring a high service level. Many of its customers develop longterm
relationships with Acino since they can count on a full service and close interaction
including intelligent problem solving.
Aesch, Dornacherstrasse (Switzerland)
Home to a sophisticated R&D unit focused on oral drug delivery forms and biodegradable
implants as well as FDA­compliant state­of­the­art manufacturing facilities specialized in
complex pharmaceutical dosage forms with controlled release. The Aesch site is one of the
top manufacturing sites for pellets.
Liesberg (Switzerland)
The manufacturing site at Liesberg in the Jura Mountains near Basle is a traditional
production site specialized in a variety of solid oral dosage, primarily for larger volume
business­to­business customers.

Aesch, Pfeffingerring (Switzerland)
The logistics site with primary and secondary packaging is located in close proximity to the
main manufacturing facilities. On about 3 000 square meters the site features a fully automated
high­bay warehouse with 8 000 pallet racks and manages the logistics of numerous
customers.
Miesbach (Germany)
R&D and manufacturing facilities for transdermal patches and manufacturing of implants
are located in Miesbach. As a specialty, the site is also licensed to handle controlled substances.
In view of several product launches coming up in the near­term, capacities are
constantly being expanded. In 2012, a new factory for transdermals was completed.
ACINO | OUR TECHNOLOGIES
Special know-how
• Broad spectrum of secondary
packaging technologies
Special know-how
• Coating methods for organic solutions
• Kiss­cut and rotary punching
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ACINO | CORPORATE GOVERNANCE

ACINO | CORPORATE GOVERNANCE
Governance
The Board of Directors is Acino’s highest corporate body. It is in charge of the company
strategy and the overall management of the Acino Group. Furthermore, it holds the highest
decision­making authority and sets the strategic, organizational and financial guidelines to
be followed by the Acino Group.
The Board has committed itself to abiding to the highest standards of integrity and transparency
in its governance of the company. The cornerstones of good corporate governance
are part of Acino’s business principles and are in line with the Swiss Code of Best Practice.
We take our cor porate responsibilities seriously whether involving customers, employees,
or other stakeholders.
The Boards focus in 2012
Apart from the ongoing overall supervision of the business progress and its responsibilities
vis­à­vis the company’s shareholders, the Board put particular emphasis in 2012 on the
following topics:
• Integration of the international business (in the Middle East, Africa, Latin America and
Asia) from Mepha/Cephalon and the site in Aesch (with production and R&D) from
Mepha.
• Human resource development and strengthening of the leadership team.
• Refinement of the Group and Operating Segment strategies including target setting.
• Group­wide optimization of processes and implementation of mechanisms to
promote efficiency and improve profitability.
• Quality assurance of products and services as well as effectiveness and efficiency of
new product development.
• Optimizing the resource allocation (especially with regards to technology platforms,
development pipeline, technical operations) and securing sufficient funding to
support growth.
• Evaluation of novel strategies and opportunities (including further acquisitions in the
BtC business) to advance the Group.
Shareholders of Acino Holding AG
At year­end, Acino Holding AG had 2 154 registered shareholders. 12% were insti tutional
shareholders holding 62% of the shares; accordingly, private shareholders made up 88%
and held 38% of the shares. Approximately 21% of the shares were held by foreigners
(179 shareholders).
ACINO | CORPORATE GOVERNANCE
Our Corporate Governance guides us
with regard to control and transparency
while encouraging efficient decisionmaking
processes and entrepreneurship
in all our company’s affairs.
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ACINO | CORPORATE GOVERNANCE
Board of Directors of Acino Holding AG
The Board Members are non­executive directors and independent
of the Acino Group. Their main duties include:
• strategic focus and management of the Acino Group
• definition of the accounting system, financial control and financial planning
• appointment and compensation of the Members of the Group Management
• supervision of the business
• preparation of the Annual Report and General Meeting of Shareholders and
implemen tation of its decisions
Audit Committee
The Audit Committee assesses
the Group’s financial statements,
the audit results, the quality
of the risk mana gement
and the compliance with legal
regulations.
Pharmaceutical Compliance &
Quality Committee
The Pharmaceutical Compliance
& Quality Committee examines
the adherence to pharmaceutical
compliance and the quality
control system and assesses its
adequacy and effectiveness.
Chairman of the Board of Directors
The Chairman supervises the management of the Group and informs the Board
of Directors about the course of the business.
Chief Executive Officer
The CEO manages the business as a corporate entity and is the spokesperson
of the Group. His duties and scope of authority explicitly include:
• implementation of the strategic objectives, the definition of the operational
focus and priorities as well as the appropriation of the necessary resources
• development of the Group’s strategic plans, one­year operational plans and
budgets
• leadership and supervision of the Members of Group Management
• responsibility for safety and environmental protection in all sites of the Group
Group Management
The individual Group Management Members are responsible in their function/
business for:
• achieving the defined strategic, operational and quantitative objectives
including budgets
• establishment and supervision of an appropriate management and
organizational structure
• supervision of the Group­wide business performance and issuance of the
necessary directives and guidelines (also with regard to legal compliance)
• regular reporting on the business progress to the CEO and/or the Chairman

ACINO
Leadership Team
Board of Directors
• Luzi Andreas von Bidder
(Chairman)
• Hans Peter Hasler
(Vice Chairman until April 4, 2013)
• Dr. Andreas Rummelt
(Vice Chairman from April 4, 2013)
• Dr. Anders Härfstrand
• Jürg Michel
Group Management
• Peter Burema
(Chief Executive Officer)
• Walter Saladin
(Chief Financial Officer
until March 31, 2013,
and succeeded by Martin Gertsch
from April 1, 2013)
• Dr. Jean­Daniel Bonny
(Head R&D Acino Group)
• Ruud van Anraat
(Chief Commercial Officer)
• Dr. Jürgen Betzing
(Chief Operations Officer)
• Jörg Gebhardt
(Head HR & IT Acino Group)
• Daniel Hossli
(Group General Counsel)
• Dr. Ulf­Hergen Westphal
(Head Quality Acino Group
until December 31, 2012,
and succeeded by Dr. Stefan Bier
from April 1, 2013)
ACINO | CORPORATE GOVERNANCE
35

36
ACINO GROUP | FINANCIAL REPORT

ACINO GROUP
Financial Report
Financial Report (abbreviated) 37
Consolidated income statement 38
Consolidated statement of comprehensive income 39
Consolidated statement of changes in equity 39
Consolidated balance sheet 40
Consolidated cash flow statement 41
Extract from notes to the consolidated financial statement 42
Acino Holding AG, income statement 45
Acino Holding AG, balance sheet 46
Appropriations of retained earnings of Acino Holding AG
proposed by the Board of Directors 47
ACINO | INvEsTOR INFORmATION
Acino’s Annual Report 2012 comprises the
Business Review and the Finance & Corporate
Governance Report. On the following pages
of this Business Review the condensed financial
statements and abbreviated notes are
presented. The full Financial Report including
Notes to the Financial statements can be
found in the Finance & Corporate Governance
Report of the Annual Report 2012.
37

38
ACINO GROUP | FINANCIAL REPORT
ACINO GROUP
Consolidated income statement
2012 2011
in EUR 1 000
Revenue 257 100 134 940
Change in inventories 2 599 3 405
Work performed by the entity and capitalized 5 202 5 179
Goods and services purchased (97 878) (51 666)
Employee benefits (70 937) (41 361)
Other operating expenses (67 681) (26 665)
Other operating income 8 357 1 840
Operating profit before depreciation, amortization, net financial result and taxes 36 762 25 672
Depreciation (15 035) (8 379)
Amortization (12 838) (10 613)
Operating profit 8 889 6 680
Financial income 6 836 5 288
Financial expense (9 352) (4 559)
Net financial result (2 516) 729
Result from associated companies 145 (430)
Net profit before tax 6 518 6 979
Income tax 2 918 (1 248)
Net profit 9 436 5 731
Earnings per share in EUR
– undiluted 2.76 1.81
– diluted 2.76 1.80

ACINO GROUP
Consolidated statement of comprehensive income
ACINO GROUP | FINANCIAL REPORT
2012 2011
in EUR 1 000
Recognized amounts for pension schemes outside the income statement (7 557) 6 345
Actuarial losses (6 773) (1 472)
Impact of limits according to article IAs 19.58b (784) 7 817
Fair value adjustments to financial assets through other comprehensive income 6 (90)
Tax effect 1 585 (1 344)
Net effect of currency translations 15 (254)
Other comprehensive expense/income (5 951) 4 657
Net profit 9 436 5 731
Total comprehensive income 3 485 10 388
ACINO GROUP
Consolidated statement of changes in equity
in EUR 1 000
Share
capital
Share
premium
Treasury
shares Reserves Total
Balance as of January 1, 2011 823 16 315 (2 298) 237 744 252 585
Net profit – – – 5 731 5 731
Other comprehensive income – – – 4 657 4 657
Change in treasury shares – – 751 (831) (80)
Employee stock plan – – – 632 632
Dividends – – – (6 118) (6 118)
Balance as of December 31, 2011 823 16 315 (1 547) 241 816 257 407
Net profit – – – 9 436 9 436
Other comprehensive income – – – (5 951) (5 951)
Change in treasury shares – – 870 (596) 274
Employee stock plan – – – 1 007 1 007
Dividends – – – (2 851) (2 851)
Authorized issue of share capital 89 20 051 – – 20 140
Balance as of December 31, 2012 912 36 366 (677) 242 861 279 462
39

40
ACINO GROUP | FINANCIAL REPORT
ACINO GROUP
Consolidated balance sheet
in EUR 1 000
Assets
31.12.2012 31.12.2011
Property, plant and equipment 159 365 102 494
Intangible assets 175 061 150 922
Pension schemes 749 4 237
Investments in associated companies 3 299 2 195
Financial Investments 4 052 4 053
Deferred tax assets 12 517 6 159
Other non-current assets 1 723 2 107
Total non-current assets 356 766 272 167
Inventories and work in progress 61 899 23 972
Trade receivables 57 938 21 064
Tax assets 964 1 301
Other current assets 10 532 7 531
Cash and cash equivalents 17 716 4 371
Total current assets 149 049 58 239
Total assets 505 815 330 406
Liabilities and shareholders’ equity
share capital 912 823
share premium 36 366 16 315
Treasury shares (677) (1 547)
Reserves 242 861 241 816
Total shareholders’ equity 279 462 257 407
Non-current financial liabilities 99 311 –
Pension schemes 10 333 –
Deferred tax liabilities 25 090 13 304
Deferred revenue, non-current portion 3 515 4 051
Long-term provisions 3 548 –
Total non-current liabilities 141 797 17 355
Trade and other payables 31 749 15 259
Current financial liabilities 18 551 13 000
Deferred revenue, current portion 10 531 16 429
Current tax 436 82
Current provisions 4 525 2 065
Other current liabilities 18 764 8 809
Total current liabilities 84 556 55 644
Total liabilities 226 353 72 999
Total liabilities and shareholders’ equity 505 815 330 406

ACINO GROUP
Consolidated cash flow statement
ACINO GROUP | FINANCIAL REPORT
2012 2011
in EUR 1 000
Net profit 9 436 5 731
Adjustments for non-cash items 10 098 (17 217)
Depreciation & amortization 27 873 18 992
Change in deferred taxes (3 853) (256)
Change in deferred revenue (6 434) (7 026)
Change in provisions and other non-current liabilities 1 295 (29 385)
Other cash flow from operating activities (1 597) 458
Bargain purchase (7 186) –
Change in trade receivables (3 531) 19 608
Change in other current assets 6 642 (5 149)
Change in trade and other payables 5 094 5 388
Change in other current liabilities (3 716) 211
Change in other non-current assets 384 365
Cash flow from operating activities 24 407 8 937
Investment in property, plant and equipment (15 289) (20 498)
Proceeds from disposals of property, plant and equipment 223 27
Investment in intangible assets (12 617) (11 185)
Investment in associated companies (1 000) –
Investment in subsidiaries (90 181) –
Other cash flow from investing activities 8 –
Cash flow from investing activities (118 856) (31 656)
Dividends paid (2 851) (6 118)
Other cash flow from financing activities 110 134 12 701
Cash flow from financing activities 107 283 6 583
Effect of currency exchange rate fluctuations on liquid funds 512 (3)
Net change in cash 13 345 (16 139)
Cash and cash equivalents beginning of the period 4 371 20 510
Cash and cash equivalents at the end of the period 17 716 4 371
41

42
ACINO GROUP | FINANCIAL REPORT
ACINO GROUP
Extract from notes to the consolidated financial statement
The complete notes to the consolidated financial statement are shown in the separate Finance & Corporate Governance Report 2012. Only some
material points are shown on the following lines.
1 General Information
The Group’s parent company, Acino Holding AG, is a swiss joint-stock corporation headquartered in Basle. Its shares are listed on the sIX swiss
Exchange.
These consolidated financial statements were approved for publication by the Board of Directors on February 25, 2013.
2 Summary of significant accounting and valuation policies
Acino Group’s consolidated financial statement has been prepared in Euro (EUR) on, unless otherwise stated in the following description of
accounting policies, the historical cost basis and are consistent with the Inter national Financial Reporting standards (IFRs), as issued by the
International Accounting standards Board (IAsB), and comply with swiss statutory requirements. The following accounting policies have been
consistently applied to all the accounting periods reported in these financial statements.
The preparation of financial statements requires estimates and assumptions to be made by Group management which can influence the
amounts of recognized and contingent assets and liabilities assets at the balance sheet date as well as expenses and earnings recognized
during the reporting period. It is possible for actual results to be at variance with such estimates.
– Property, plant and equipment are recognized at their historical purchase/manufacturing cost, less accumulated depreciation. Purchase
and manufacturing costs include directly attributable acquisition costs.
– Goodwill is the amount by which the acquisition cost of a company exceeds the fair value of the Group’s share of the acquired
company’s net assets on the date of acquisition. Goodwill is subject to annual impairment testing and is recognized at acquisition cost
less accumulated impairment losses.
– Costs incurred within the scope of development projects (in connection with the registration of new products) are recognized as
intangible assets to the extent that it is considered probable that such projects will be commercially successful, are technically feasible
and the costs can be reliably determined. Development costs capitalized in connection with work performed by the entity are separately
reported in the income statement. Development projects acquired as part of a business combination are separately measured and
recognized at fair value as part of the allocation of acquisition costs, and correspondingly listed as assets. Capitalized development costs,
with limited useful lives, are amortized over their expected useful lives (5 to 10 years) commencing at the onset of commercial
production.
– sales revenues are recognized on the transfer of goods by a Group company to a buyer, when the buyer has accepted the goods and the
collectability of the resultant receivable is believed to be sufficiently assured. The Group has signed contracts with several customers
for several products, according to which a portion of the compensation for the supplied goods depends on the sales volumes and sale prices
achieved by the customer. In such cases, the revenues from the sales of goods are recognized on an accruals basis in accordance with
the provisions of the relevant underlying agreement. In the event that the licensee’s financial statements have not been finalized by the
balance sheet date, sales revenues are estimated based upon past amounts and forecasts, and then recognized in profit or loss prior
to collection. Any advance payments already received for sales that have not yet been realized will be listed in the balance as deferred
revenue.
– Revenues from licensing (Royalties) are recognized on an accruals basis in accordance with the provisions of the relevant underlying
agreement. Revenues from licensing can be determined with reference to the licensee’s revenues. In the event that the licensee’s
financial statements have not been finalized by the balance sheet date, royalties are estimated based upon past amounts and forecasts,
and recognized under profit or loss prior to collection. If royalties are collected in association with goods supplied, then these are listed
under sales of goods.
– Revenues derived from the rendering of development services, based upon corresponding development, production and supply contracts,
are recognized over the term of the production and supply contract, subject to the completion of the development period. Invoiced
milestone payments for these development services are reported as deferred revenue until the commencement of production. Any
development and service revenues unsupported by long-term contracts are normally recognized as revenue upon completion of the full
rendering of the service.
– Provisions are created to the extent that the Group has a legal or de facto obligation arising from past events, the settlement of which
will result in a reduction in assets, while the amount of the provision can be reliably assessed.

3 Exchange rates for the most important currencies
The following exchange rates were used for the most important currencies:
ACINO GROUP | FINANCIAL REPORT
Currency Year-end rate Average rate
2012 2011 2012 2011
EUR/CHF 1.21 1.22 1.21 1.23
EUR/UsD 1.32 1.29 1.29 1.40
4 Segment results (abbreviated)
The segment results for the 2012 and 2011 business years are listed below:
2012 2011
in EUR 1 000
BtC segment
Total revenues 100 373 1 018
Contribution margin 17 726 663
BtB segment
Total revenues 87 196 90 892
Contribution margin 26 224 19 992
Technology marketing segment
Total revenues 67 621 40 336
Contribution margin 3 964 7 593
Production segment
Total revenues 1 910 2 693
Contribution margin (10 285) (77)
Segments total
Total revenues 257 100 134 940
Contribution margin 37 627 28 171
Transfer to net profit before tax
Not contained in the contribution margin per segment:
Work performed by the entity and capitalized and other operating income 13 435 6 854
Employee benefits (23 664) (16 706)
material overheads 244 (14)
Other operating expenses (16 016) (9 965)
Depreciation and amortization (2 737) (1 660)
Operating profit 8 889 6 680
Net financial result, Result from associated companies (2 371) 299
Net profit before tax 6 518 6 979
43

44
ACINO GROUP | FINANCIAL REPORT
5 Share capital/Treasury shares
On February 2, 2012, the capital was increased out of authorized capital totaling CHF 107 200 by 268 000, par value CHF 0.40 shares.
As of December 31, 2012, share capital amounted to CHF 1 384 million/EUR 0.9 million (as of December 31, 2011: CHF 1 277 million/
EUR 0.8 million) consisting of 3 460 000 (as of December 31, 2011: 3 192 000) registered, par value CHF 0.40 shares.
As of December 31, 2012, 22 133 treasury shares were held by Acino Holding AG. A portion of the treasury shares are intended for transfer
within the scope of the employee stock plan. There are no redemption obligations or contingent liabilities pertaining to the company’s shares.
6 Significant subsidiaries and affiliated companies
Consolidated subsidiaries:
Functional
currency
Par value of
capital
(in EUR 1 000)
Direct
equity
interest
Indirect
equity
interest
As of December 31, 2012
Switzerland
Acino Pharma AG, Liesberg EUR 2 323 100.0%
Acino supply AG, Aesch
Germany
EUR 65 100.0%
Acino AG, miesbach EUR 210 100.0%
mepha Pharma GmbH, Lörrach
France
EUR 52 100.0%
Acino France sAs, Alfortville
USA
EUR 10 100.0%
Acino Pharma Inc., Bridgewater (New Jersey)
Panama
EUR – 100.0%
Acino Latino-Americana s.A., Panama City EUR – 100.0%
Equity method on consolidated investments:
Functional
currency
Par value of
capital
(in EUR 1 000)
Direct
equity
interest
Indirect
equity
interest
As of December 31, 2012
India
Glochem Industries Ltd. INR 605 – 24.5%

ACINO HOLDING AG
Income statement
ACINO HOLDING AG | FINANCIAL REPORT
2012 2011
in CHF
Financial income 13 626 484 5 974 950
Income from the translation of the financial statement from foreign currency – 734 446
Non-operating income – 495 757
Total revenue 13 626 484 7 205 153
staff & administration expenses 2 068 471 1 897 808
Financial expenses 7 644 256 1 276 957
Expense from the translation of the financial statement from foreign currency 534 762 –
Tax 149 723 251 247
Total expenses 10 397 212 3 426 012
Net profit 3 229 272 3 779 141
45

46
ACINO HOLDING AG | FINANCIAL REPORT
ACINO HOLDING AG
Balance sheet
in CHF
Assets
31.12.2012 31.12.2011
Cash and cash equivalents & marketable securities 18 508 279 5 058 794
short-term loans to Group companies 30 355 405 20 768 506
Receivables 140 049 125 444
Total current assets 49 003 733 25 952 744
Long-term loans to Group companies 30 192 500 19 502 400
Financial investments in subsidiaries 394 342 918 267 955 541
Financial investments/minority shareholdings 2 489 007 2 489 007
Property, plant and equipment 1 1
Total non-current assets 427 024 426 289 946 949
Total assets 476 028 159 315 899 693
Liabilities and shareholders’ equity
short-term bank debts 12 077 086 15 845 700
Financial liabilities 6 364 701 –
Other liabilities & accrued expenses & provisions 1 233 514 570 998
short-term loans from Group companies 13 338 323 –
Total current liabilities 33 013 623 16 416 698
Other non-current liabilities 10 438 853 –
Non-current liabilities 108 693 000 –
Total non-current liabilities 119 131 853 –
share capital 1 384 000 1 276 800
General reserve 38 320 089 17 256 874
– thereof reserves from capital contributions 35 320 089 14 256 874
Free reserve & reserve for treasury shares 280 949 322 277 170 180
Net profit 3 229 272 3 779 141
Total shareholders’ equity 323 882 683 299 482 995
Total liabilities and shareholders’ equity 476 028 159 315 899 693

ACINO HOLDING AG
Appropriations of retained earnings of Acino Holding AG
proposed by the Board of Directors
The Board of Directors proposes to attribute the Balance sheet profit as follows:
ACINO HOLDING AG | FINANCIAL REPORT
in CHF
Net profit 3 229 272
Balance sheet profit 3 229 272
Allocation to free reserve (3 229 272)
Carried forward –
On behalf of the Board of Directors
Acino Holding AG
Chairman: Luzi Andreas von Bidder
47

48
ACINO | INvEsTOR INFORmATION

ACINO
Investor information
Strategy and perspectives
Acino Pharma AG, a swiss-based pharmaceutical company, develops, manufactures and
internationally markets well-proven and innovative pharmaceuticals in novel drug delivery
forms.
Acino intends to pursue sustainable growth along the following strategic dimensions:
• BtC. The Group takes its product portfolio under its own brand “Acino switzerland” into
new selected emerging markets in the middle East, Africa, Latin America and Asia which
have a demand for excellent swiss-quality pharmaceuticals and sophisticated therapies.
Acino intends to grow its BtC business with selective acquisitions.
• BtB. Acino supplies leading pharmaceutical companies worldwide with in-house developed
pharmaceutical specialties and generics. Building on its established business-tobusiness
(B2B) activities, the company intends to grow sales by providing a steady flow
of innovative new products from own development, by expanding the existing customer
base and by accessing new markets.
• Technology marketing. Acino’s sustainable technology leadership in drug delivery provides
a competitive advantage and is the result of substantial investments in research
and development. The company intends to strengthen its technology competence and
aims at intensifying its partnerships with the research-driven pharmaceutical industry.
On this basis, Acino expects to further enlarge its pipeline of own and original customer
products.
The further strengthening of the Acino Group as a leading provider of pharmaceutical
specialties remains the strategic focus of the company. On this basis, Acino also continues
to evaluate both opportunities for organic growth and acquisitions at a strategic and
operational level, so as to advance its market position.
Payout and dividends
Acino intends to allow the shareholders to participate in the free cash flow generated with
regular dividend payments. To be able to take advantage of growth options, however, the
Group considers it necessary to have sufficient financial resources at hand at all times,
both by assuming additional financial liabilities and through the creation of additional
shareholders’ equity.
Despite the positive 2012 net result, the Board of Directors proposes to the Annual General
meeting of shareholders of April 4, 2013, the waiving of a dividend distribution. The Board
of Directors views this as an exceptional measure to reduce debt levels (following the
acquisition) and to fuel the growth of the company.
ACINO | INvEsTOR INFORmATION
Stock exchange listing & segment
• sIX swiss Exchange
• mid & small Caps swiss shares
Index membership
• sPI swiss Performance Index
• sPI Extra
• sXI Life sciences
Share capital
(as of December 31, 2012)
• 3 460 000 registered shares with full
voting and dividend rights
• Nominal value CHF 0.40 per share
Ticker symbols
• Telekurs/Bloomberg ACIN
• Reuters ACIN.s
Identification numbers
• valor number 2119090
• IsIN number CH0021190902
49

50
ACINO | INvEsTOR INFORmATION
Share register
Contact for changes in the share register:
Aktienregister Acino Holding AG
c/o Nimbus AG
Ziegelbrückstrasse 82
CH-8866 Ziegelbrücke
Phone +41 55 617 37 37
Fax +41 55 617 37 38
nimbus@nimbus.ch
Contact for investors
Acino Holding AG
Robert schmid, Head Investor Relations
Erlenstrasse 1
CH-4058 Basle
Phone +41 61 338 61 15
Fax +41 61 338 60 06
robert.schmid@acino-pharma.com
www.acino-pharma.com
Trading data, volume, and free float
As of December 31, 2012, the free float, i.e. the number of shares in free circulation at the
end of the reporting period, amounted to 92%, equivalent to a market capitalization of
CHF 351.4 million. The cumulative trading volume was CHF 155.0 million in the reporting
period. The free float turnover was approximately 0.44 times. At the end of the reporting
period, the stock’s weighting in the sPI (swiss Performance Index) was 0.03%.
Shareholder base
(as of December 31) 2012 2011
Registered shareholders 2 154 2 362
significant shareholders:
marianne schär, Dr. Hans-Peter schär, Basle 7.6% 8.2%
schroders, London > 3% < 3%
Pictet Funds sA, Genève > 5% > 5%
Held in fiduciary custody by
Chase Nominees Ltd., London 6.1% 5.7%
share capital pending registration of transfer 29.2% 29.7%
shareholdings by management and Board of Directors 21 542 18 854
Employee share ownership program
In November 2006, the Group introduced an employee stock plan, which makes it possible
for members of senior management (including the members of Group management) to
draw part of their annual variable salary component in shares. In December 2012, the stock
plan was broadened to better reward future success and outstanding achievements as
well as staff loyalty.
Additional information: Corporate Governance report (5.1.2 stock participation programs).
Communication
simultaneously for all stakeholders, Acino publishes current information about the Group
on the website www.acino-pharma.com. Besides the Annual Report the company publishes
a Half-year Report and news releases on the latest developments. Interested parties
are invited to sign up for the newsletter to receive the newest company information by
email. members of Group management and Investor Relations regularly meet with shareholders,
the financial community and the press. Presentations used in these meetings are
also available on the company’s website.
Direct access links:
www.acino-pharma.com/adhocE News
www.acino-pharma.com/newsletterE Newsletter subscription
www.acino-pharma.com/financialsE Financial reports
www.acino-pharma.com/agmE General meeting of shareholders
www.acino-pharma.com/calendarE Calendar of events
www.acino-pharma.com/statuten Articles of Association of Acino Holding AG
Calendar
April 4, 2013 General meeting of shareholders
July 30, 2013 Half-year Report as of June 30, 2013

ACINO
5-year review
ACINO | INvestOr INfOrmAtION
2012 2011 2010 2009 2008
revenues eUr million 257.1 134.9 127.5 158.2 147.2
year-on-year change % 90.6% 5.8% (19.4%) 7.5% 33.9%
eBItDA eUr million 36.8 25.7 18.0 64.8 50.4
in % of revenue % 14.3% 19.0% 14.1% 41.0% 34.3%
year-on-year change % 43.2% 42.9% (72.2%) 28.5% 59.5%
Operating profit (eBIt) eUr million 8.9 6.7 (9.0) 40.4 29.3
in % of revenue % 3.5% 5.0% (7.1%) 25.5% 19.9%
year-on-year change % 32.8% (174.1%) (122.3%) 37.7% 116.0%
Net profit eUr million 9.4 5.7 4.5 33.5 21.0
in % of revenue % 3.7% 4.2% 3.5% 21.2% 14.2%
year-on-year change % 64.9% 26.8% (86.6%) 59.9% 38.2%
Cash flow from operating activities eUr million 24.4 8.9 20.4 50.3 46.6
in % of revenue % 9.5% 6.6% 16.0% 31.8% 31.7%
year-on-year change % 174.2% (56.3%) (59.3%) 7.9% 85.3%
Depreciation/Amortizaion eUr million 27.8 19.0 27.0 24.4 21.1
Investments (tangible and intangible assets) eUr million 30.5 32.6 24.5 31.5 32.5
Headcount (fte) 836 495 443 419 384
Balance sheet total eUr million 505.8 330.4 344.8 329.3 309.9
shareholders’ equity eUr million 279.5 257.4 252.6 256.0 226.3
in % of balance sheet total % 55.3% 77.9% 73.3% 77.7% 73.0%
return on equity % 3.5% 2.2% 1.8% 14.1% 10.1%
Dividends 2012 2011 2010 2009 2008
total amount of dividends eUr million 0.0 1 2.9 6.1 5.3 5.1
Undiluted earnings per share eUr 2.8 1.8 1.4 10.6 6.6
Dividends per share CHf 0.00 1 1.00 2.50 2.50 2.50
Market data 2012 2011 2010 2009 2008
stock quotations
High CHf 124.3 102.9 185.8 240.0 254.0
Low CHf 97.5 63.3 81.6 128.0 130.0
Year-end CHf 109.9 100.6 89.3 161.0 230.0
Gross rate of return per share % 11.7% 15.5% (43.0%) (28.9%) 41.6%
market capitalization (31.12.) CHf million 380.3 321.1 284.9 513.9 734.2
market capitalization in % of equity (31.12.) % 113% 102% 90% 135% 219%
Price-earnings-ratio (31.12.) 32.5 45.9 50.2 10.1 23.5
1 Proposal of the Board of Directors to the General meeting of shareholders of April 4, 2013.
51

52
ACINO | ADDREssEs
ACINO
Addresses
Acino Holding AG
Erlenstrasse 1
CH-4058 Basle
Phone +41 61 338 60 00
Fax +41 61 338 60 80
Acino Pharma AG
Dornacherstrasse 114
CH-4147 Aesch BL
Phone +41 61 338 60 00
Fax +41 61 338 60 80
Acino Pharma AG
Birsweg 2
CH-4253 Liesberg
Phone +41 61 775 80 00
Fax +41 61 775 80 01
Acino Pharma AG
Pfeffingerring 205
CH-4147 Aesch BL
Phone +41 61 756 40 00
Fax +41 61 756 40 90
Acino Supply AG
Pfeffingerring 205
CH-4147 Aesch BL
Phone +41 61 756 40 00
Fax +41 61 756 40 96
Acino AG
Am Windfeld 35
D-83714 miesbach
Phone +49 8025 2867-0
Fax +49 8025 2867-28
Acino France SAS
5. rue Charles de Gaulle
F-94140 Alfortville
Phone +33 1 58 73 09 70
Acino Latino-Americana S.A.
Apdo. WTC 0424
Royal Center, marbella,
Tower A, sección B, floor 14
Panamá
Rep. de Panamá
Phone +507 2 14 2532
Fax +507 2 14 6963
Acino Pharma, Inc.
380 Foothill Road
Bridgewater, New Jersey 08807-0483
UsA
Email addresses
firstname.name@acino-pharma.com
Internet
www.acino-pharma.com

Acino | imPRinT
Editorial: Acino Holding AG, Basle
concept and realization: Eva Kalias, Weber-Thedy AG, Corporate & Financial Communications, Zurich
Publishing system: Multimedia Solutions AG, Zurich
Print: Schwabe AG, Muttenz
The Annual Report which comprises the Business Review and the Finance & corporate Governance Report
is published in German and English. The German version is binding in all matters of interpretation.
53

Acino
Investor & Media Relations
Acino Holding AG
Robert Schmid, Head investor Relations
Erlenstrasse 1
cH-4058 Basle
Phone +41 61 338 61 15
Fax +41 61 338 60 06
robert.schmid@acino-pharma.com
www.acino-pharma.com