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Forest Laboratories, Inc. Reports Fiscal Year 2009 Fourth Quarter Reported EPS of $0.31 Including $0.45 Per Share Charge Related to the Ongoing United States Attorney's Office Investigation
Date:4/21/2009

Company Provides Fiscal Year 2010 EPS Guidance in the Range of $3.45-$3.55 Per Share

NEW YORK, April 21 /PRNewswire-FirstCall/ -- Forest Laboratories, Inc. (NYSE: FRX), a U.S.-based pharmaceutical company, today announced that earnings per share for the fourth quarter of fiscal year 2009 were $0.31 per share. Excluding the one-time USAO charge described below, non-GAAP earnings per share for the fourth fiscal quarter equaled $0.76. This compares to last year's reported earnings per share of $0.55, including a licensing payment to Novexel, S.A. of $110.1 million, or $0.35 per share and non-GAAP earnings per share of $0.90.

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The Company has provided a $170 million pretax reserve, or $0.45 per share, in connection with ongoing discussions with the United States Department of Justice (DOJ) arising out of the investigations led by the U. S. Attorney's Office for the District of Massachusetts (USAO) into marketing, promotional and other activities primarily in connection with Lexapro(R), Celexa(R) and Levothroid(R). These discussions with the DOJ have not yet concluded, and there can be no assurance as to when they will conclude or whether they will lead to a resolution, or the amount of any settlement that may be reached. Accordingly, until the investigation is resolved, there can be no assurance that the amount reserved by the Company will be sufficient and that a larger material amount will not be required. The Company continues to cooperate with these investigations.

Net sales for the quarter ended March 31, 2009 were $896.7 million, essentially unchanged from
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SOURCE Forest Laboratories, Inc.
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