Forest Labs sales top analysts’ forecasts

29 April 2014

US drugmaker Forest Laboratories (NYSE: FRX), currently the subject of a takeover by Actavis (NYSE: ACT), has reported diluted earnings per share of $0.20 in the fourth quarter of fiscal 2014, compared to $0.17 in the fourth quarter of fiscal 2013.

Excluding acquisition related amortization and specified items, non-GAAP EPS for the fourth quarter of fiscal 2014 equaled $0.87 compared to $0.25 per share for the fourth quarter of fiscal 2013.

Net sales for the quarter increased 33.8% to $1.09 billion, topping analysts’ forecasts of $956.2 million. The increase in sales was driven by the company’s next generation products which increased $176.8 million or 69.6% to $431.1 million compared with the fourth quarter of fiscal 2013, as well as sales of products acquired with the purchase of Saphris and the acquisition of Aptalis which totaled $136.3 million in the quarter.

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