Forest Laboratories to Exceed Fiscal 2005 Third Quarter Mean Earnings Per Share Estimate
January 04 2005 - 4:27PM
PR Newswire (US)
Forest Laboratories to Exceed Fiscal 2005 Third Quarter Mean
Earnings Per Share Estimate NEW YORK, Jan. 4 /PRNewswire-FirstCall/
-- Forest Laboratories, Inc. (NYSE:FRX), an international
pharmaceutical manufacturer and marketer, today announced that it
expects its performance for the fiscal 2005 third quarter ended
December 31, 2004 to exceed the current mean estimate. The Company
projects that diluted earnings per share will exceed the current
First Call mean estimate of $0.59 per share by approximately 15%.
In the third quarter of last fiscal year Forest earned $0.60 per
share. (Logo:
http://www.newscom.com/cgi-bin/prnh/20001011/FORESTLOGO ) The
Company indicated that the principal reason for the better than
anticipated performance in the quarter is strong net sales volume
of approximately $795 million. Sales of its antidepressant
Lexapro(R) were approximately $427 million. Sales of the
antidepressant Celexa(R) of approximately $130 million during the
quarter were negatively impacted due the introduction of generic
versions in November 2004. Sales of Namenda(R), an NMDA antagonist
for the treatment of moderate to severe Alzheimer's disease,
amounted to approximately $100 million. Branded and generic sales
of the antiviral Flumadine(R) totaled approximately $30 million as
the US Government placed a one-time order on behalf of the Centers
for Disease Control in response to a shortage of flu vaccine. Other
income for the quarter included co-promotion earnings from Sankyo
of approximately $22 million on the shared profits of Benicar(R)*.
Research and development expense in the quarter was approximately
$80 million and includes a payment to Gideon Richter Limited
pursuant to the collaboration agreement announced during the
quarter. Fully diluted shares outstanding for the quarter were
approximately 369 million, a reduction of approximately 6 million
shares from last quarter primarily due to the Company's previously
announced share repurchase program. Forest has cumulatively
repurchased 16 million of its shares since the program's inception.
Forest plans to issue its third quarter fiscal 2005 earnings on
Tuesday, January 18, 2005 and will hold an investor conference call
to discuss the results. About Forest Laboratories and Its Products
Forest Laboratories' growing line of products includes: Lexapro(R)
(escitalopram oxalate), an SSRI antidepressant indicated for the
initial and maintenance treatment of major depressive disorder and
for generalized anxiety disorder in adults; Namenda(R) (memantine
HCl), an N-methyl-D-aspartate (NMDA)-receptor antagonist indicated
for the treatment of moderate to severe Alzheimer's disease;
Celexa(R) (citalopram HBr), an antidepressant for adults;
Benicar(R)* (olmesartan medoxomil), an angiotensin receptor blocker
indicated for the treatment of hypertension; Benicar HCT(TM)
(olmesartan medoxomil hydrochlorothiazide), an angiotensin receptor
blocker and diuretic combination product indicated for the
second-line treatment of hypertension; Campral(R)* (acamprosate
calcium), a glutamate receptor modulator, indicated for the
maintenance of abstinence from alcohol in patients with alcohol
dependence who are abstinent at treatment initiation in combination
with psychosocial support; Combunox(TM) (Oxycodone HCl and
Ibuprofen) an opioid and NSAID combination indicated for the
short-term management of acute, moderate to severe pain expected to
be available in the U.S. early 2005. *Benicar(R) is a registered
trademark of Sankyo Pharma, Inc., Campral(R) is a registered
trademark under license from Merck Sante s.a.s., subsidiary of
Merck KGaA, Darmstadt, Germany. Except for the historical
information contained herein, this release contains
"forward-looking statements" within the meaning of the Private
Securities Reform Act of 1995. These statements are subject to
risks and uncertainties that affect our business, including risk
factors listed from time to time in the Company's SEC reports,
including the Company's Annual Report on Form 10-K for the fiscal
year ended March 31, 2004, and on form 10-Q for the period ended
June 30, and September 30, 2004. Actual results may differ
materially from those projected.
http://www.newscom.com/cgi-bin/prnh/20001011/FORESTLOGODATASOURCE:
Forest Laboratories, Inc. CONTACT: Charles E. Triano Vice President
- Investor Relations, Forest Laboratories, Inc., +1-212-224-6714 or
Web site: http://www.frx.com/
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