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Forest Laboratories, Inc. Reports Q3'09 Diluted Earnings Per Share of $0.62, Including $0.41 Per Share Charge for New Product Licensing Fees
Date:1/20/2009

NEW YORK, Jan. 20, 2009 /PRNewswire-FirstCall/ -- Forest Laboratories, Inc. (NYSE: FRX), a U.S. based pharmaceutical company, today announced that reported diluted earnings per share equaled $0.62 in the third quarter of fiscal year 2009. Reported earnings per share include charges for new product licensing fees of $150,000,000, or $0.41 per share net of tax, related to the previously announced product collaboration agreements with Phenomix Corporation (Phenomix) for dutogliptin for the treatment of diabetes and Pierre Fabre Medicament (Pierre Fabre) for F2695 for the treatment of depression. Reported diluted earnings per share in the third quarter of fiscal 2008 were $0.96. Excluding the net of tax impact of the two licensing charges, diluted net income per share for the current quarter was $1.03.

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Revenues for the quarter were $997,955,000, compared with $998,242,000 in the year-ago period. Revenues were comprised of net sales of $920,013,000, versus $918,146,000 in the year-ago period. Sales in the quarter included $585,473,000 of Lexapro(R) (escitalopram oxalate), an SSRI indicated for the initial and maintenance treatment of major depressive disorder and generalized anxiety disorder in adults. Lexapro sales declined 3.0% from the year-ago period primarily resulting from a decrease in market share in the anti-depressant market. Sales of Namenda(R), an NMDA receptor antagonist for the treatment of moderate and severe Alzheimer's disease, totaled $240,851,000 in the quarter, growth of 10.1% from reported sales of $218,734,000 in last year's third quarter. The Company's newest product, Bystolic(TM), a beta-blocker for the treatment of hypertension, which was launched in late Jan
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