Forest Labs EPS beat consensus forecasts

18 January 2012

US drugmaker Forest Laboratories (NYSE: FRX) has reported earnings per share of $1.04 for its third fiscal quarter ended December 2011. The figure came in above Wall Street analysts’ forecasts of EPS at $1.01 and revenue of $1.18 billion, which in fact reached $1.2 billion, up 9.2% on the like, year-earlier quarter. Forest’s share gained 2.6% to $31.71 by mid-morning trading yesterday.

Reported earnings per share in the third quarter of fiscal 2011 were $1.11 after a charge for a new product licensing fee of $66.1 million, or $0.23 per share net of tax, related to a licensing agreement with Germany’s Grunenthal for GRT 6005 and its follow-on compound GRT 6006, for the treatment of moderate to severe chronic pain (The Pharma Letter December 8, 2010). The company now expects that diluted earnings per share for the fiscal year ending March 31, 2012 will be in the range of $3.65 to $3.75, up $0.05 on previous projections.

Product sales developments

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