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Forest Laboratories, Inc. Reports Fiscal Year 2008 Fourth Quarter Reported EPS of $0.55 Including $0.35 Per Share Charge for Licensing Payment
Date:4/15/2008

COMPANY PROVIDES FY'09 EPS GUIDANCE OF APPROXIMATELY $3.10-$3.20 PER

DILUTED SHARE

NEW YORK, April 15 /PRNewswire-FirstCall/ -- Forest Laboratories, Inc. (NYSE: FRX), a U.S.-based pharmaceutical company, today announced that fully diluted earnings per share (EPS) for the fourth quarter of fiscal year 2008 were $0.55 per share. Reported earnings per share include a charge of $110,138,000, or $0.35 per share net of tax, for a licensing payment for development rights to NXL-104, a beta-lactamase inhibitor. The year-ago period reported earnings per share were a loss of ($0.75) and included a one-time in-process research and development (IPR&D) charge of $476,000,000, or $1.49 per share, net of tax, for the acquisition of Cerexa, Inc.

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Revenues for the quarter increased 12% to $990,853,000 from $885,441,000 in the prior fiscal year. Revenues were comprised of net sales of $898,703,000, an increase of 10% from $815,449,000 in March 2007, earnings contribution of $58,232,000 from the co-promotion of Benicar(R) (olmesartan medoxomil) and Benicar HCT(R), antihypertensive therapies, which increased 27% from $45,870,000 in last year's fourth quarter, interest income of $31,148,000 which increased 31% from $23,870,000 in the prior year and other contract and miscellaneous income of $2,770,000.

Sales of Lexapro(R) (escitalopram oxalate), an SSRI indicated for the initial and maintenance treatment of major depressive disorder and generalized anxiety disorder in adults, increased 9% in the quarter to $577,206,000 from $530,440,000 in the year-ago qu
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SOURCE Forest Laboratories, Inc.
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