researchstock.com 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
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.
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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: FULL FRONTAL DISCLOSURE (In plain English) · We have not been compensated for this report, nor do we have any kind of relationship with the subject company. · The opinions expressed in this report are the true opinions of the analyst. · 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 Company's periodic report filings, including interim reports, with the Securities and Exchange Commission, By making these forward looking statements, researchstock.com, Inc. undertakes no obligation to update these statements for revisions or changes after the date of this report.
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