Forest Labs' profit slumps 76% on Lexapro patent loss
US drugmaker Forest Laboratories (NYSE: FRX) posted fiscal fourth-quarter (ended March 31, 2013) profit of $45.4 million, or $0.17 a share, down from $192.7 million, or $0.72 a share, a year-on-year decline of almost 76%. Excluding acquisition-related impacts and other items, adjusted earnings were down at $0.25 from $0.77. Revenue slumped 21.4% to $783.2 million. Analysts polled by Thomson Reuters most recently projected earnings of $0.14 on revenue of $805 million.
For the new fiscal year, the company projected per-share earnings of $0.80 to $1.00 on revenue of about $3.5 billion. Analysts polled by Thomson Reuters recently expected $1 and $3.5 billion, respectively.
Product sales performance
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