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

Stocks in this article: FRX

Contract revenue was $38.3 million in the current quarter compared to $34.1 million last year. Benicar® (olmesartan medoxomil) co-promotion income increased to $36.0 million, compared to $31.4 million in last year’s third quarter.

Cost of sales as a percentage of sales was 22.6% in both the current and prior year third quarters. Selling, general and administrative expense for the current quarter was $428.4 million as compared to $396.1 million in the year-ago quarter. The current level of spending reflects the resources and activities required to support our currently marketed products, particularly our newest products: Teflaro, Daliresp, Viibryd, Tudorza and Linzess.

Research and development (R&D) spending for the current quarter was $325.3 million compared with $191.3 million in last year’s third quarter. The current quarter includes upfront licensing/agreement payments of $76.0 million and milestone payments of $44.5 million compared to $24.6 million of milestone payments in the prior year’s quarter.

Income tax benefit for the quarter was $30.7 million, reflecting a quarterly effective tax rate of -16.6%. For the quarter ended December 31, 2012 a net loss of $153.6 million or loss of $0.58 per share was reported compared to net income of $278.4 million or income of $1.04 per share reported for last year’s third quarter.

Nine Month Results

Revenues for the nine months ended December 31, 2012 decreased 34.7% to $2.3 billion from $3.5 billion in the prior year.

Net income for the nine months ended December 31, 2012, the Company reported decreased to a net loss of $77.5 million compared to net income of $786.4 million reported in the nine months of the prior year. Reported earnings per share decreased to a loss of $0.29 per share in the current year’s nine months as compared to earnings per share of $2.85 in last year’s nine months.

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