Forest Laboratories Files Investor Presentation
July 24 2012 - 8:00AM
Business Wire
Forest Laboratories, Inc. (NYSE: FRX) (“Forest”) today announced
that the Company has filed a presentation with the Securities and
Exchange Commission (“SEC”) in connection with its Annual Meeting
of Shareholders to be held on August 15, 2012. The presentation is
available at www.FRX2012annualmeeting.com and on the SEC’s website,
www.sec.gov.
The presentation outlines important facts for shareholders to
consider in connection with the upcoming director elections at the
Annual Meeting. Forest has:
- Continued to advance its product
pipeline and made strong R&D progress over the last year.
- In 2012, Forest has obtained one New
Drug Application (NDA) approval (TUDORZA) and completed positive
Phase III programs for levomilnacipran and cariprazine, for which
it expects to file NDAs later this year. Forest also expects to
obtain another NDA approval in the next two months
(linaclotide).
- Grown its marketed products through
effective promotion and prudent investment.
- Forest applies proven expertise in
building multiple blockbusters to newly launched products.
- Its franchises in therapeutic areas
most frequently treated by primary care physicians create operating
leverage from cross-promoting multiple products.
- Developed a diversified and balanced
product portfolio to drive long-term growth and build sustainable
value for shareholders.
- New products will significantly
diversify Forest’s revenue mix and generate a return to growth post
the FY2012 loss of exclusivity of Lexapro.
- Forest is targeting top-line sales
growth of approximately 15% CAGR (’13 -’18); adjusted EPS growth of
approximately 50% CAGR (’13 -’18)
- Responsibly deployed shareholder
capital through judicious use of cash reserves to facilitate the
growth of the business and return of capital to shareholders.
- Forest has returned $1.4 billion to
shareholders since 2010, including $850 million in 2011 through two
share repurchase programs.
- Further enhanced its corporate
governance and compensation programs.
- The Board engaged a leading authority
in corporate law and corporate governance to review the Company's
governance practices and advise on best practices.
- Forest implemented new stock ownership
guidelines and further aligned its compensation policies with
shareholder interests.
- A committee consisting of the new
independent Directors and the presiding Director is leading the CEO
succession process with the assistance of Spencer Stuart, which
includes the evaluation of both internal and external
candidates.
Forest’s nominees, which include five new independent directors
elected in the last six years, have diverse and complementary
backgrounds spanning a wide range of disciplines, including
medicine, law, business, accounting and finance. With an effective
balance of leadership continuity and fresh perspectives, the
Company is confident that its Board possesses the right skills and
expertise to sustain the momentum behind its late-stage pipeline
and promising new products to ensure they reach their maximum
potential.
Forest urges shareholders to vote the WHITE card they have
received from Forest and to vote “FOR ALL” 10 of Forest’s nominees
to its Board of Directors. Shareholders can vote by telephone,
Internet or by signing, dating and returning the Company’s WHITE
proxy card. Forest urges shareholders NOT to sign any proxy card
sent to them by the Icahn Group. Even a withhold vote for Icahn’s
nominees on Mr. Icahn’s proxy card will cancel any previous proxy
submitted by shareholders that voted “FOR ALL” the Company’s
nominees.
Forward-Looking Information
Except for the historical information contained herein, this
document contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements involve a number of risks and uncertainties, including
the difficulty of predicting FDA approvals, the acceptance and
demand for new pharmaceutical products, the impact of competitive
products and pricing, the timely development and launch of new
products, and the risk factors listed from time to time in Forest
Laboratories’ Annual Report on Form 10-K, Quarterly Reports on Form
10-Q and any subsequent SEC filings.
Important Additional Information
Non-GAAP disclosures can be found in Slide 39 of Forest’s July
24, 2012 Investor Presentation.
Forest Laboratories, its directors, director nominees and
certain of its executive officers may be deemed to be participants
in the solicitation of proxies from Forest shareholders in
connection with the matters to be considered at Forest
Laboratories’ 2012 Annual Meeting. Forest Laboratories has filed
its definitive proxy statement (as it may be amended, the “Proxy
Statement”) with the U.S. Securities and Exchange Commission (the
“SEC”) in connection with such solicitation of proxies from Forest
shareholders. FOREST SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ
THE PROXY STATEMENT AND ACCOMPANYING PROXY CARD AS THEY CONTAIN
IMPORTANT INFORMATION. Information regarding the ownership of
Forest's directors and executive officers in Forest stock,
restricted stock and options is included in their SEC filings on
Forms 3, 4 and 5, which can be found at the Company's website
(www.frx.com) in the section "Investors." More detailed information
regarding the identity of potential participants, and their direct
or indirect interests, by security holdings or otherwise, is set
forth in the Proxy Statement and other materials to be filed with
the SEC in connection with Forest Laboratories' 2012 Annual
Meeting. Information can also be found in Forest's Annual Report on
Form 10-K for the year ended March 31, 2012, filed with the SEC on
May 25, 2012. Shareholders can obtain the Proxy Statement, any
amendments or supplements to the Proxy Statement and other
documents filed by Forest Laboratories with the SEC for no charge
at the SEC's website at www.sec.gov. Copies are also available at
no charge at Forest Laboratories' website at www.frx.com or by
writing to Forest Laboratories at 909 Third Avenue, New York, New
York 10022.
If you have any questions, require assistance
with voting your WHITE proxy card,or need additional copies of the
proxy materials, please contact:
MACKENZIEPARTNERS, INC.
105 Madison AvenueNew York, NY 10016
frxproxy@mackenziepartners.com
(212) 929-5500 (Call Collect)OrTOLL-FREE (800)
322-2885
About Forest Laboratories
Forest Laboratories' (NYSE: FRX) longstanding global
partnerships and track record developing and marketing
pharmaceutical products in the United States have yielded its
well-established central nervous system and cardiovascular
franchises and innovations in anti-infective, respiratory,
gastrointestinal and pain management medicine. Forest’s pipeline,
the most robust in its history, includes product candidates in all
stages of development across a wide range of therapeutic areas. The
Company is headquartered in New York, NY. To learn more, visit
www.FRX.com.
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