Forest Labs cuts FY 2013 earnings forecasts on Lexapro woes
Following the expiration of US drugmaker Forest Laboratories’ (NYSE: FRX) once best-selling anxiety drug Lexapro’s (escitalopram) patent exclusivity in March 2012, the company says rapidly evolving and unanticipated conditions in the escitalopram market necessitate revisions to its previous forecasts for both branded Lexapro sales and royalty income earned on sales of the escitalopram authorized generic, distributed by an independent third party. The combined impact is a reduction in projected earnings for the full fiscal year ending March 2012 of around $0.25 per share.
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