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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

ts of $150.0 million related to the Phenomix and Pierre Fabre collaboration agreements. This compares to last fiscal year spending of $671.0 million, including development milestone expenses of $51.0 million and total license payments of $180.0 million related to Ironwood Pharmaceuticals and Novexel collaboration agreements. Excluding the impact of the license agreement payments, research and development expense increased 4.2%.

Income tax expense was $202.8 million, reflecting a full-year effective tax rate of 20.9%. Reported net income for the fiscal year ended March 31, 2009 decreased 20.7% to $767.7 million from net income of $968.0 million reported in the prior fiscal year. Reported diluted earnings per share for the fiscal year totaled $2.52 per share as compared to reported earnings per share of $3.06 in fiscal 2008. Excluding the licensing payments made to Phenomix and Pierre Fabre, the Azor termination fee and the charge taken related to the USAO investigation, adjusted non-GAAP net income and earnings per share for the fiscal year ended March 31, 2009 would be $1,052.4 million, or $3.46 per diluted share, compared to $1,124.1 million, or $3.56 per diluted share in the prior fiscal year. During fiscal year 2009 the Company repurchased approximately 10.2 million shares under its currently authorized repurchase program. There is authorization to repurchase an additional 5.7 million shares under this program which has no expiration date.

Fiscal 2010 Guidance

Regarding the fiscal year ending March 31, 2010, the Company expects that diluted earnings per share will be in a range of $3.45 to $3.55, including planned research and development milestone payments related to existing pipeline products but not including any licensing or milestone payments which may be made for additional product development transactions or acquisitions that may occur during the fiscal year.

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SOURCE Forest Laboratories, Inc.
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