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Forest Laboratories Inc (38074) SEC Filing 10-K Annual report for the fiscal year ending Saturday, March 31, 2012

Forest Laboratories, Llc

CIK: 38074

FOREST LABORATORIES, INC. REPORTS
FISCAL YEAR FOURTH QUARTER 2012 EARNINGS PER SHARE OF $0.72
INCLUDING $0.06 PER SHARE OF ACQUISITION AMORTIZATION

Company Provides Fiscal Year 2013 EPS Guidance in the Range of $0.90-$1.05 Per Share
Excluding Acquisition Amortization EPS will be in the Range of $1.20-$1.35

NEW YORK, April 17, 2012 - Forest Laboratories, Inc. (NYSE: FRX), an international pharmaceutical manufacturer and marketer, today announced that reported earnings per share equaled $0.72 in the fourth quarter of fiscal 2012.  Reported earnings per share in the fourth quarter of fiscal 2011 were $1.12.  Excluding acquisition related amortization, non-GAAP EPS in the fourth fiscal quarter of 2012 equaled $0.78 as compared with $1.14 in the fourth quarter of fiscal 2011.

Net sales for the quarter decreased 8.7% to $996.9 million, from $1.1 billion in the year-ago period.  Namenda® (memantine HCl), an NMDA receptor antagonist for the treatment of moderate and severe Alzheimer’s disease, recorded sales of $393.1 million during the quarter, an increase of 19.5% from last year’s fourth quarter.  Sales of Bystolic® (nebivolol), a beta-blocker for the treatment of hypertension, were $96.9 million, an increase of 32.6% over the year-ago period.  Sales of Savella® (milnacipran HCl), a selective serotonin norepinephrine dual reuptake inhibitor (SNRI) for the management of fibromyalgia, were $25.3 million, an increase of 6.5% from last year’s fourth quarter.  The Company’s newest products, Daliresp® and Viibryd®, were formally launched in August 2011.  Daliresp (roflumilast), a PDE4 enzyme inhibitor for the treatment to reduce the risk of exacerbations in patients with chronic obstructive pulmonary disease (COPD) recorded sales of $13.1 million.  Viibryd (vilazodone HCl), an SSRI and a partial agonist at serotonergic 5-HT1A receptors for the treatment of adults with major depressive disorder (MDD) recorded sales of $24.9 million.  Teflaro® (ceftaroline fosamil), a broad-spectrum bactericidal cephalosporin antibiotic for the treatment of adults with community-acquired bacterial pneumonia and with acute bacterial skin and skin structure infections recorded sales of $7.9 million.  Teflaro was launched in March 2011.  Sales of Lexapro® (escitalopram oxalate), a selective serotonin reuptake inhibitor (SSRI) for the initial and maintenance treatment of MDD in adults and adolescents and generalized anxiety disorder in adults were $355.8 million compared with $594.8 million in the year-ago period.  Patent protection for Lexapro expired on March 14, 2012.
 
Contract revenue was $46.8 million in the current quarter compared to $36.9 million last year.  Benicar® (olmesartan medoxomil) co-promotion income totaled $29.6 million, a decrease of $4.4 million compared to $34.0 million in last year’s fourth quarter.  Per the agreement with Daiichi Sankyo, Forest’s active co-promotion of Benicar ended in the first quarter of fiscal 2009 and the Company receives a residual royalty until the end of March 2014.  Contract revenue also included $17.0 million of income from a distribution agreement with Mylan, Inc. wherein we have authorized Mylan to sell a generic version of Lexapro and we retain a portion of the profits from those sales.
 
Cost of sales as a percentage of sales was 21.8%, unchanged as compared with last year’s fourth quarter.  Selling, general and administrative expense for the current quarter was $410.5 million as compared to $351.7 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 and Viibryd.

Research and development spending for the current quarter was $213.9 million compared with $140.9 million in last year’s fourth quarter.  The current quarter includes product development milestone charges of $5.0 million.  The prior year quarter did not include any product development milestone expenses.

 
 

The following information was filed by Forest Laboratories, Llc on Tuesday, April 17, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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CIK: 38074
Form Type: 10-K Annual Report
Accession Number: 0000038074-12-000020
Submitted to the SEC: Fri May 25 2012 12:03:20 PM EST
Accepted by the SEC: Fri May 25 2012
Period: Saturday, March 31, 2012
Industry: Pharmaceutical Preparations

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