UPDATE 1-Actelion Q2 profit falls 19 pct, raises forecast

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ZURICH, July 22 (Reuters) - Swiss biotechnology company Actelion Ltd (ATLN.VX) posted a 19 percent drop in second-quarter net profit on Tuesday, hit by higher research costs and the weak dollar, and raised its full-year forecast.

Actelion, which last week concluded a licensing deal worth up to $3.3 billion for an insomnia drug with GlaxoSmithKline (GSK.L), said net profit fell to 79 million Swiss francs ($77.45 million), just ahead of forecasts.

The company raised its full-year forecast, saying it now expected sales to increase by 15 percent on a like-for-like basis.

Actelion had been expected to post a net profit of 77 million francs and sales of 351 million in the second quarter, according to a Reuters poll.

The company is trying to cut its dependence on key drug Tracleer, used for treating a rare lung and heart condition, by using the medicine against more diseases and developing new compounds that could add significant sales.

Second-quarter sales rose 6 percent to 354 million francs, helped by Tracleer revenue, which was 605 million for the first half.

Actelion trades at nearly 20 times forecast 2009 earnings, according to Reuters data, at a premium to large drugmakers like Roche Holding AG (ROG.VX) and Novartis AG (NOVN.VX) due to its promising new medicines, and in line with Belgian biotech UCB SA (UCB.BR). (Reporting by Sam Cage; Editing by Erica Billingham)