Forest Laboratories Inc. (NYSE: FRX), an international pharmaceutical
manufacturer and marketer, today reported a GAAP loss per share of $0.58
in the third quarter of fiscal 2013 compared with income of $1.04 in the
third quarter of fiscal 2012. Included in the third quarter results were
upfront/licensing agreement payments totaling $76.0 million, or $0.29
per share, net of tax. The non-GAAP loss per share was $0.21 in the
third fiscal quarter of 2013 compared with income of $1.08 in the third
quarter of fiscal 2012.
Net sales for the quarter decreased 41.6% to $678.0 million, from $1.2 billion in the year-ago period. Namenda (memantine HCl), an NMDA receptor antagonist for the treatment of moderate and severe Alzheimer's disease, recorded sales of $345.8 million during the quarter, an increase of 1.6% from last year's fiscal third quarter. Namenda sales were negatively impacted by higher contract rebates, largely driven by the Medicare Part D Coverage Gap liability, which peak in the fiscal third quarter and are expected to return to normal levels in the fiscal fourth quarter.
Sales of Bystolic& (nebivolol), a beta-blocker for the treatment of hypertension, were $108.8 million, an increase of 20.1% over the year-ago period. Sales of Savella (milnacipran HCl), a selective serotonin norepinephrine dual reuptake inhibitor (SNRI) for the management of fibromyalgia, were $25.6 million, a decrease of 2.7% from last year's third quarter.
In August 2011 the Company launched Daliresp and Viibryd. Daliresp (roflumilast), a PDE4 enzyme inhibitor for the treatment to reduce the risk of exacerbations in patients with chronic obstructive pulmonary disease (COPD), recorded sales of $17.5 million. Sales of Daliresp in last year's fiscal third quarter were $8.4 million. Daliresp sales were similarly impacted by contract rebates as described above. Viibryd (vilazodone HCl), an SSRI and a partial agonist at serotonergic 5-HT1A receptors for the treatment of major depressive disorder (MDD) recorded sales of $40.6 million. Sales of Viibryd in last year's fiscal third quarter were $18.9 million. Teflaro (ceftaroline fosamil), a broad-spectrum bactericidal cephalosporin antibiotic for the treatment of adults with community-acquired bacterial pneumonia and with acute bacterial skin and skin structure infections, recorded sales of $11.5 million. Teflaro was launched in March 2011 and recorded sales of $6.5 million in last year's third fiscal quarter.
The Company commercially launched two of its newest products, Tudorza and Linzess in December 2012. Tudorza (aclidinium bromide inhalation powder), an anticholinergic indicated for the long-term maintenance treatment of bronchospasm associated with COPD recorded initial trade stocking of $12.2 million. Linzess (linaclotide), a guanylate cyclase (GC-C) agonist for the treatment of both irritable bowel syndrome with constipation (IBS-C) and chronic idiopathic constipation (CIC) in adults recorded initial trade stocking of $19.2 million.
Sales of Lexapro (escitalopram oxalate), a selective serotonin reuptake inhibitor (SSRI) for the initial and maintenance treatment of MDD in adults and adolescents and generalized anxiety disorder in adults were $20.3 million compared with $593.0 million in the year-ago period. The Lexapro patent expired on March 14, 2012.
Contract revenue was $38.3 million in the current quarter compared to
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