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Forest Laboratories, Inc. Reports Fiscal Year 2013 Third Quarter Earnings

Stocks in this article: FRX

Forest Laboratories, Inc. (NYSE: FRX), an international pharmaceutical manufacturer and marketer, today reported a GAAP loss per share of $0.58 in the third quarter of fiscal 2013 compared with income of $1.04 in the third quarter of fiscal 2012. Included in the third quarter results were upfront/licensing agreement payments totaling $76.0 million, or $0.29 per share, net of tax. The non-GAAP loss per share was $0.21 in the third fiscal quarter of 2013 compared with income of $1.08 in the third quarter of fiscal 2012.

Net sales for the quarter decreased 41.6% to $678.0 million, from $1.2 billion in the year-ago period. Namenda® (memantine HCl), an NMDA receptor antagonist for the treatment of moderate and severe Alzheimer’s disease, recorded sales of $345.8 million during the quarter, an increase of 1.6% from last year’s fiscal third quarter. Namenda sales were negatively impacted by higher contract rebates, largely driven by the Medicare Part D Coverage Gap liability, which peak in the fiscal third quarter and are expected to return to normal levels in the fiscal fourth quarter.

Sales of Bystolic® (nebivolol), a beta-blocker for the treatment of hypertension, were $108.8 million, an increase of 20.1% over the year-ago period. Sales of Savella® (milnacipran HCl), a selective serotonin norepinephrine dual reuptake inhibitor (SNRI) for the management of fibromyalgia, were $25.6 million, a decrease of 2.7% from last year’s third quarter.

In August 2011 the Company launched Daliresp® and Viibryd®. Daliresp (roflumilast), a PDE4 enzyme inhibitor for the treatment to reduce the risk of exacerbations in patients with chronic obstructive pulmonary disease (COPD), recorded sales of $17.5 million. Sales of Daliresp in last year’s fiscal third quarter were $8.4 million. Daliresp sales were similarly impacted by contract rebates as described above. Viibryd (vilazodone HCl), an SSRI and a partial agonist at serotonergic 5-HT 1A receptors for the treatment of major depressive disorder (MDD) recorded sales of $40.6 million. Sales of Viibryd in last year’s fiscal third quarter were $18.9 million. Teflaro® (ceftaroline fosamil), a broad-spectrum bactericidal cephalosporin antibiotic for the treatment of adults with community-acquired bacterial pneumonia and with acute bacterial skin and skin structure infections, recorded sales of $11.5 million. Teflaro was launched in March 2011 and recorded sales of $6.5 million in last year’s third fiscal quarter.

The Company commercially launched two of its newest products, Tudorza® and Linzess® in December 2012. Tudorza (aclidinium bromide inhalation powder), an anticholinergic indicated for the long-term maintenance treatment of bronchospasm associated with COPD recorded initial trade stocking of $12.2 million. Linzess (linaclotide), a guanylate cyclase (GC-C) agonist for the treatment of both irritable bowel syndrome with constipation (IBS-C) and chronic idiopathic constipation (CIC) in adults recorded initial trade stocking of $19.2 million.

Sales of Lexapro® (escitalopram oxalate), a selective serotonin reuptake inhibitor (SSRI) for the initial and maintenance treatment of MDD in adults and adolescents and generalized anxiety disorder in adults were $20.3 million compared with $593.0 million in the year-ago period. The Lexapro patent expired on March 14, 2012.

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