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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

$898.7 million in the prior fiscal year. Sales of Lexapro (escitalopram oxalate), an SSRI indicated for the initial and maintenance treatment of major depressive disorder in adults and, most recently, adolescents and generalized anxiety disorder in adults were $548.5 million, a decline of 5.0% from the year-ago period. Sales of Namenda(R), an NMDA receptor antagonist for the treatment of moderate and severe Alzheimer's disease, totaled $243.8 million in the quarter, an increase of 7.7% from last year's fourth quarter. Sales of Bystolic(TM), a beta-blocker approved for the treatment of hypertension, launched in late January 2008, were $29.7 million, just under a twofold increase from the quarter a year ago. Contract revenue of $55.2 million declined 8.2%, principally from the Benicar(R) (olmesartan medoxomil) co-promotion income of $50.5 million, which declined 13.2% compared to last year. Per the agreement with Daiichi Sankyo, active co-promotion of Benicar ended in the first quarter of fiscal 2009 and the Company now receives a gradually reducing residual royalty until the end of March 2014. Interest income of $12.7 million decreased from $31.1 million reported in the prior year, due to lower interest rates earned on the Company's short duration portfolio. Other income was essentially unchanged at $0.8 million. Net revenues for the quarter, which includes net sales, contract revenue, interest and other income, were $965.5 million, a decrease of 2.6% from $990.9 million in the prior fiscal year.

Selling, general and administrative expenses during the quarter increased 57.3% to $515.1 million from $327.4 million last year and included a charge of $170.0 million related to the USAO investigation as well as significant expenses associated with the launch of Bystolic and pre-launch spending for Savella(TM), a selective serotonin norepinephrine dual reuptake inhibitor (SNRI) indicated for the management of fibromyalgia that was approved in Januar
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SOURCE Forest Laboratories, Inc.
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