Forest Laboratories 2Q Profit Doubles On Fewer Charges, Costs

Date : 07/19/2011 @ 9:01AM
Source : Dow Jones News
Stock : Forest Laboratories Inc. (FRX)
Quote : 99.0  0.0 (0.00%) @ 2:05AM

Forest Laboratories 2Q Profit Doubles On Fewer Charges, Costs

Forest Laboratories Inc.'s (FRX) second-quarter earnings more than doubled on fewer charges and lower expenses.

Like many drug makers, Forest Labs has sought to partner with drug developers to bolster its pipeline. Patent protection for its main money maker, the depression treatment Lexapro, expires in March 2012. The company acquired Clinical Data Inc. in April for $1.2 billion in a bet that the antidepressant Viibryd can help offset the looming loss of patent protection for Lexapro and its No. 2 drug, Namenda, which treats Alzheimer's and dementia.

Sales of Lexapro have slowed in the past year amid competition but rose 3.6% in the quarter to $585.7 million while Namenda sales increased 3.9% to $319.9 million.

Forest Labs reported a profit of $258.1 million, or 90 cents a share, up from $117.5 million, or 39 cents a share, a year earlier. Excluding items, earnings rose to $1.04 from 95 cents. The most-recent quarter included a 14-cent charge on a licensing payment to Blue Ash for azimilide, while the year-earlier quarter included charges related to Department of Justice investigations and a licensing payment to TransTech for glucose-lowering agents.

Revenue jumped 8% to $1.15 billion. Analysts polled by Thomson Reuters had most recently forecast earnings of 97 cents on revenue of $1.13 billion.

The company's costs and expenses fell 10% to $806.3 million

Shares closed Monday at $37.95 and were inactive premarket. The stock has risen 34% over the past year.

 
   -By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com 


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.