Forest Labs profit plunges as Lexapro loses patent
US drugmaker Forest Laboratories (NYSE: FRX) that reported earnings per share equaled $0.72 in the fourth quarter of fiscal 2012, down a sharp 36% from $1.12 in the like, year-earlier quarter. 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.
Revenues fell 7.3% to $1.06 billion from the year-earlier quarter, impacted by the arrival of generic versions of its best-selling anti-depressant Lexapro (escitalopram), which came to market during the reporting quarter.
Notwithstanding, Forest’s share rose 2.8% to $34.60 in morning trading yesterday, as analysts had anticipated the downturn due to Lexapro. Analysts polled by FactSet Research had expected the firm to earn $0.70 a share on revenue of $1.02 billion.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Today's issue
Company Spotlight
More Features in Pharmaceutical
Copyright © The Pharma Letter 2025 | Headless Content Management with Blaze