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FOREST LABORATORIES
April 10, 2003
Current Data
3Q03 Review: FootNote Focus Published
FOREST LABORATORIES (FRX)
Apr 09, 2003 . 52.82
Valuation
2,998,300
May Jul Sep Nov 02 Mar May Jul Sep Nov 03 Mar
Operating Data
This Qtr Annual Results (FY-Mar.)
12/31/01
12/31/02
18.8% Sales
99.7% Gr Margin
LTD/Cap.
Times Int
Company Description
Forest Laboratories, Inc. develops, manufactures and sells both branded and generic forms of prescription drug products,
as well as non-prescription pharmaceutical products sold over-the-counter. Its products include Celexa, a SSRI for the
treatment of depression; the respiratory products Aerobid and Aerochamber; Tiazac, a once-daily diltiazem for the
treatment of hypertension and angina; and Infasurf, a lung surfactant for the treatment and prevention of respiratory
distress syndrome in premature infants. In the US, the company markets its products through its domestic sales forces,
Forest Pharmaceuticals, Forest Therapeutics, Forest Healthcare and Forest Specialty Sales. In the UK, the company's
Forest Laboratories UK subsidiary's sales force markets its products directly.
Operating Data-LTM
Gross EBITDA
Sales(MM)
/Share Total Cap
FOREST LABORATOR FRX
Selected Peers
SCHERING-PLOUGH
Valuation Data
Pr/Sales
Price/Bk
FOREST LABORATOR FRX
Selected Peers
SCHERING-PLOUGH
*Peer Group includes the 11 companies in S&P's Major Ehtical Pharm group.
Source: Baseline See important disclaimers on last page.
3Q03 Results
Diluted EPS increased 96% to $0.47 as sales growth (+46%, thanks to sales of anti-depressants) outpaced
increases in SG&A (+16%) and R&D (+26%) spending.
Sales increased 46% to $586,804,000. Sales in the quarter included $452,194,000 for Forest's antidepressant franchise which was comprised of $371,207,000 of Celexa(TM) (citalopram HBr), a selective serotonin reuptake inhibitor (SSRI) and $80,987,000 of Lexapro(TM) (escitalopram oxalate), Forest's recently introduced SSRI. Antidepressant sales in last year's third quarter were $280,502,000. Net income almost doubled to $174,581,000. Nine-month results
· Net sales increased 40% to $1,585,592,000. Antidepressant sales rose 56.3% to $1,2 billion.
· Net income rose 83% to $441.2 million
· Diluted EPS increased 82% to $1.18 vs.$.65 in last year's nine months.
Howard Solomon, Chairman and Chief Executive Officer of Forest, said: "Growth in our antidepressant franchise was principally responsible for our strong financial performance during the quarter. We are optimistic about the prospects for continued strong growth in our antidepressant franchise as well as steady growth in sales of Benicar(TM)*, an angiotensin receptor blocker for the treatment of hypertension, which is co-promoted with Sankyo. This last quarter we re-filed the New Drug Application for memantine for the treatment of moderate to severe Alzheimer's disease and supplemented the application this week with data from the recent clinical study which examined the use of memantine in combination with Aricept(R)*. We also filed a supplemental New Drug Application for generalized anxiety disorder for Lexapro." Guidance
Management expects 4Q03 EPS to be comparable to 3Q’s $0.47, which represents a80.8% increase from the
$0.27 posted in 4Q02.
FootNote Focus Report
We posted a report analyzing the company’s investment risk (by examining the footnotes in SEC filings) that
can be accessed (for a fee) at www.researchstock.com.
-Rick Wayman, CFA rwayman@researchstock.com FOREST LABORATORIES(FRX)
FOREST LABORATORIES(FRX)
Revenues - 4 Quarter Moving Average
Earnings - 4 Quarter Moving Average
$ Millions
5 Yr Hist Gr Rate: 63 % (LT Future: 25 %)
5 Year Growth Rate: 35 %
FOREST LABORATORIES(FRX)
FOREST LABORATORIES(FRX)
Price to Book
P/E Range
P/E BASED ON ESTIMATED EPS:
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· We have not been compensated for this report, nor do we have any kind of relationship with the subject company.
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· Any “forward looking statements” are our estimates and are based upon information that is publicly available and that
we believe to be correct, but we have not independently verified its truthfulness.
· Our forecasts are based upon our analysis of information gathered from the Subject Company, peer groups, and other
data sources. We believe that these information resources are reliable, but we have not independently verified such
information and thus do not guarantee that it is accurate or complete.
· Our forecasts may turn out to be wrong.
· Neither researchstock.com not the analysts own any form of investment in the subject company.
· We do not make a market in the shares of the subject company.
(Legalese)
This report contains "forward looking" statements within the meaning of U.S. federal securities laws. Forward-looking
statements regarding the Company's performance inherently involve risks and uncertainties that could cause actual
results to differ from such forward-looking statements. Factors that would cause or contribute to such differences
include, but are not limited to, continued acceptance of the Company's products/services in the marketplace;
acceptance in the marketplace of the Company's new product lines/services; competitive factors; new product/service
introductions by others; technological changes; dependence upon third party vendors; and other risks discussed in the
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ABOUT RESEARCHSTOCK.COMresearchstock.com, Inc. is an independent research firm that publishes research reports on companies that may, or maynot be clients. researchstock.com, Inc. derives most of its compensation from investment research and financial advisory services, and has not been compensated for the preparation of this report. (researchstock.com, Inc.'s annual retainer is $25,000.) Researchstock.com does not accept any form of equity as compensation, nor does it have any “performance” incentives. This information is solely for informative purposes and is not solicitation or an offer to buy or sell any security. It is not intended as being a complete description of the securities, markets or developments referred to in the material. The information contained herein is subject to change without notice, and we assume no responsibilityto update the information in this report. Any sales or earnings forecasts contained in this report were independently prepared by researchstock.com, Inc., unless otherwise stated, and are not endorsed by the management of the company which is the subject of this report. All expressions of opinion are subject to change without notice. The information contained herein was obtained from sources, which we consider reliable, but we have not independently verified such information and thus do not guarantee that it is accurate or complete. Additional information is available upon request. researchstock.com, Inc. and/or its officers and directors, stockholders, and employees, and/or members of their families may have a long/short position in the securities mentioned in this report and may make purchases and or sales for their own account of those securities as principal or agent in the open market or otherwise. researchstock.com, Inc. or one of its affiliates may from time to time perform investment banking or other services for, or solicits investment banking or other business from, any company mentioned in this report. This report does not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should obtain individual financial advice based on their own particular circumstances before making investment decisions on the basis of this report.

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