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

“The portfolio of our nine new products will cover six major therapeutic areas – anti-infective, cardiovascular, central nervous system, gastrointestinal, respiratory and pain. Several of these products are already being developed in logical combination with other drugs, i.e. Bystolic and valsartan, Namenda XR and donepezil, Tudorza and formoterol, and Teflaro with avibactam. And there will be more to come as we continue to execute our business development strategy to find new product opportunities.

“We believe that we are well on our way to realizing the fruits of success from our new product portfolio that could ultimately generate significant levels of sales and earnings to more than replace the expiring products and secure long-term growth for our Company.”

Use of Non-GAAP Financial Information

Non-GAAP earnings per share information adjusted to exclude certain costs, expenses and other specified items are summarized in the table below. This information is intended to enhance an investor’s overall understanding of the Company’s past financial performance and prospects for the future. This information is not intended to be considered in isolation or as a substitute for earnings per share prepared in accordance with GAAP.

       

FOREST LABORATORIES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL INFORMATION

 
THREE MONTHS NINE MONTHS
ENDED ENDED
DECEMBER 31, DECEMBER 31,

2012

 

2011

2012

 

2011

Reported Diluted earnings/(loss) per share: $ (0.58 ) $ 1.04 $ (0.29 ) $ 2.85
Per share impact of specified items net of tax:
Amortization arising from business combinations and acquisitions of product rights
Recorded in Cost of sales 0.04 0.02 0.10 0.05
Recorded in Selling, general and administrative 0.04 0.02 0.12 0.06
Upfront licensing/agreement payments 0.28 -- 0.28 0.14
Rounding   0.01     --   0.01     --
Adjusted Non-GAAP earnings/(loss) per share: $ (0.21 ) $ 1.08 $ 0.22   $ 3.10
 

Forest will host a conference call at 10:00 AM EST today to discuss the results. The conference call will be webcast live beginning at 10:00 AM EST on the Company’s website at www.frx.com and also on the website www.streetevents.com. Please log on to either website at least fifteen minutes prior to the conference call as it may be necessary to download software to access the call. A replay of the conference call will be available until February 14, 2013 at both websites and also by dialing (855) 859-2056 (US or Canada) or +1 (404) 537-3406 (international), Conference ID: 78714269.

About Forest Laboratories and Its Products

Forest Laboratories’ (NYSE: FRX) longstanding global partnerships and track record developing and marketing pharmaceutical products in the United States have yielded its well-established central nervous system and cardiovascular franchises and innovations in anti-infective, respiratory gastrointestinal, and pain management medicine. The Company’s pipeline, the most robust in its history, includes product candidates in all stages of development across a wide range of therapeutic areas. The Company is headquartered in New York, NY. To learn more, visit www.FRX.com.

Except for the historical information contained herein, this release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks and uncertainties, including the difficulty of predicting FDA approvals, the acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, the timely development and launch of new products, and the risk factors listed from time to time in Forest Laboratories’ Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any subsequent SEC filings. Forest assumes no obligation to update forward-looking statements contained in this release to reflect new information or future events or developments.

       
FOREST LABORATORIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
THREE MONTHS NINE MONTHS
ENDED

DECEMBER 31,

ENDED

DECEMBER 31,

(In thousands, except per share amounts)
2012   2011 2012   2011
Revenues:
Net sales $ 677,967 $ 1,161,254 $ 2,121,750 $ 3,395,639
Contract revenue 38,314 34,149 158,426 108,367
Other income   6,409     13,918   24,278     26,325
Net revenues   722,690     1,209,321   2,304,454     3,530,331
 
Costs and expenses:
Cost of goods sold 153,311 262,732 471,257 780,513
Selling, general and administrative 428,380 396,054 1,185,578 1,142,788
Research and development   325,290     191,269   723,295     583,043
  906,981     850,055   2,380,130     2,506,344
 
Income (loss) before income tax expense

(184,291

) 359,266

(75,676

) 1,023,987
Income tax expense (benefit)   (30,683 )   80,830   1,870     237,601
Net income (loss)   ($153,608 ) $ 278,436   ($ 77,546 ) $ 786,386
 
Net income (loss) per share:
Basic ($0.58 ) $ 1.04 ($0.29 ) $ 2.86
Diluted ($0.58 ) $ 1.04 ($0.29 ) $ 2.85
 
Weighted average number of shares outstanding:
Basic 266,018 267,397 266,967 275,400
Diluted 266,018 267,604 266,967 275,867
 




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