Forest Labs FY 4th-qtr beats forecasts; in-licenses antiarrhythmic

21 April 2011

US drugmaker Forest Laboratories (NYSE: FRX) reported that, for its fiscal fourth quarter ended March 31, reported net income was $322.5 million, or earnings per share of $1.12. Net sales for the quarter increased 9.7% to $1,091.9 million, from $995.6 million in the year-ago period. Analysts expected a profit of $1.06 per share and $1.11 billion in revenue, according to FactSet.

Reported EPS in the fourth quarter of fiscal 2010 were $0.07 after a one-time charge of $229.0 million or $0.76 per share net of tax, related to Forest’s agreement with AstraZeneca to acquire full, royalty and milestone-free rights to NXL104 and royalty-free commercialization rights to ceftazidime/104 in the USA and Canada and royalty-free worldwide rights to NXL104 combined with ceftaroline. The company provided its FY 2012 EPS guidance in the range of $3.60-$3.70 per share and FY 2013 EPS guidance of not less than $1.20 per share.

Product sales

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