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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

y. Excluding the USAO investigation charge, SG&A expense increased 5.4% versus the prior year. Research and development spending for the quarter was $123.8 million as compared to $255.1 million in the year-ago period. Research and development spending in the prior year included a charge of $110.1 million for an upfront license payment to Novexel for the development rights to NXL-104 in the United States.

Income tax expense for the quarter was $26.2 million, reflecting a quarterly effective tax rate of 22.0%. Reported net income for the quarter ended March 31, 2009 was $92.8 million compared to $172.8 million in the prior year.

Diluted shares outstanding for the fourth quarter were 302,123,000, a reduction of 10,511,000 shares from the year-ago period due mainly to the Company's share repurchase program. There were no share repurchases during the current quarter.

Twelve-month Results

Net revenue for the fiscal year ended March 31, 2009 increased 2.3% to $3,922.8 million from $3,836.3 million in the prior fiscal year. Lexapro sales increased 0.4% to $2,300.9 million from $2,292.0 million last fiscal year. Sales of Namenda increased 14.4% to $949.3 million from $829.7 million and sales of Bystolic reached $69.2 million in its first full year on the market, while the earnings contribution from Benicar decreased 7.8% to $195.6 million from $212.1 million.

Selling, general and administrative expense increased 27.7% to $1,474.3 million from $1,154.8 million, and included one-time charges of $44.1 million related to the termination of the Azor co-promotion agreement and $170.0 million related to the USAO investigation. Excluding the impact of the one-time charges, selling, general and administrative expense increased 9.1%. Research and development spending decreased 1.4% to $661.3 million, including development milestone expenses of $59.5 million and total licensing paymen
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SOURCE Forest Laboratories, Inc.
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