Fiscal 2013 Guidance
The Company now expects that non-GAAP earnings per share for the fiscal year ending March 31, 2013 will be at the lower end of the previously guided range of $0.45 to $0.60. Total net revenue (includes product sales as well as the earnings contribution from Benicar, authorized generic sales of Lexapro, interest income and other income) is now expected to be between $3.1 billion and $3.2 billion.
Howard, Solomon, Chairman and Chief Executive Officer of Forest said: “In the third quarter of fiscal 2013, as expected, we incurred a loss resulting principally from sales lost following the expiration of Lexapro’s patent exclusivity in March 2012. The third quarter had lower sales of branded and generic Lexapro than the prior two quarters, as Lexapro declined in sales closer to its ultimately anticipated levels.
“More importantly, in the month of December 2012, we launched two major new products, Tudorza and Linzess. We believe sales of those products, and the seven products already launched and two products, levomilnacipran and cariprazine, which were filed with the FDA this year, and which we anticipate will be launched in our next fiscal year, will ultimately equal and exceed the sales lost following the expiration of Lexapro’s exclusivity and the potential loss in subsequent years of Namenda’s exclusivity. And, of course, there is always the potential for additional new products.“Our strategy for acquiring products has repeatedly been confirmed, in concept and in execution. Of course, the sales potential of each varies. A few, like Savella and Teflaro, will achieve more modest sales. But, for example, Bystolic, launched several years ago, with sales of $108 million this last quarter, an increase of 20.1% over the previous year, with its growth to be significantly augmented by the combination with valsartan, presently in Phase III, is likely to be another one of our largest products in coming years.