logo
  Join        Login             Stock Quote

Forest Laboratories (FRX) Posts Q3 Loss As Lexapro Weighs, Sees FY EPS At Low End

 January 15, 2013 07:27 AM
 


(By Balachander S) Forest Laboratories Inc. (NYSE: FRX) slipped to a quarterly loss mainly due to sales lost after the expiration of Lexapro's patent exclusivity in March 2012, and the company expects 2013 results at the low end of its prior outlook.

The New York-based company said third-quarter sales of branded and generic Lexapro fell than the last two quarters, as Lexapro sales decreased closer to its "ultimately anticipated" levels.

On a non-GAAP basis, loss per share was 21 cents in the third quarter, compared with earnings per share (EPS) of $1.08 in the comparable period of last year.

[Related -Forest Laboratories, Inc. (NYSE:FRX): Should Astrazeneca Plc Buy Forest Labs?]

The company slipped to a net loss of $153.61 million from profit of $278.4 million in the third quarter of last year.

Net revenue dropped 40 percent to $722.7 million, versus consensus estimate of a decline of 37 percent to $762 million. Lexapro sales tumbled to $20.3 million from $593.0 million.

Costs and expenses increased 6.7 percent to $907 million.

Looking ahead for the fiscal year ending March 31, 2013, FRX now sees non-GAAP EPS in the lower end guidance range of $0.45 to $0.60. It currently projects total revenue of between $3.1 billion and $3.2 billion, versus prior view of $3.2 billion. Analysts expect EPS of $0.25 on revenue of $3.15 billion.

The company develops branded forms of ethical drug products. Its products portfolio include: Lexapro to treat major depressive disorder in adults and adolescents; Namenda for the treatment of moderate and severe Alzheimer's disease; Bystolic for the treatment of hypertension.

[Related -Forest Laboratories, Inc. (FRX): Will The Force Switch Of Namenda XR Be Successful?]

The stock, which has been trading between $30.90 and $38.45 over the past year, ended Monday's regular trading at $37.59.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageChipotle Mexican Grill, Inc. (CMG) Q2 Earnings Preview: Will Higher Traffic Offset Higher Costs the Key

Chipotle Mexican Grill, Inc. (NYSE:CMG) will host a conference call to discuss second quarter 2014 read on...

article imageNetflix, Inc. (NFLX) Q2 Earnings Preview: The Ruby Month for a Reason

Netflix, Inc. (NASDAQ:NFLX) will post its second-quarter 2014 financial results and business outlook on its read on...

article imageLadenburg Thalmann Financial Services (NYSEMKT:LTS): Heavy, Durable Insider Buying

Ahh, but any worries over price levels didn’t stop multiple insiders at Ladenburg Thalmann Financial read on...

article imageInternational Business Machines Corp. (IBM) Q2 Earnings Preview: Small Beat and Pop

International Business Machines Corp. (NYSE:IBM) will host a conference call Wednesday, Jul. 16, 2014 at read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.