said Monday that it was cutting its fiscal year per-share earnings estimate by 20 cents due to the Food and Drug Administration's approval last week of generic versions of the antidepressant Celexa.
Forest cut its estimate for the fiscal year ending March 31 to $2.50 a share. On Oct. 18, Forest said it would produce fiscal-year EPS of "at least $2.70," which, at the time, was a penny below the Wall Street consensus. Since then, the average EPS estimate as tracked by Thomson First Call has dropped to $2.63.
Forest made its announcement after the markets had closed. In regular trading, the company's stock lost 50 cents, or 1.1%, to $44.10. But in after-hours trading, the stock was down another $1.10 to $43.
Three generic companies received FDA approval on Oct. 28 to begin marketing copycat versions of Celexa. In addition, Forest's generic division,
, also will begin marketing a generic version of the drug. The FDA's approval of generic Celexa came several months earlier than many analysts had expected.
Forest earned $295.3 million, or 79 cents a share, on revenue of $881.2 million for the three months ended Sept. 30, the second quarter of the company's fiscal year. For the same period last year, Forest earned $184.5 million, or 49 cents a share, on revenue of $625.5 million.