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08:20 ET Forest Labs the subject of negative Barron's article (FRX) 47.28: Barron's out with a negative article on FRX suggesting the co still faces serious issues ahead. The antidepressants Celexa and Lexapro account for 80% of the co's revenues. The article points to several cheaper generic versions of Celexa probably will hit the market next year and LLY is also expected to introduce a competitive antidepressant. Robert Hazlett, an analyst at SunTrust Robinson Humphrey states, "The days where this stock commands a premium multiple and Forest has explosive growth are over." In addition, Banc of America Securities analyst David Maris contends its pipeline of new drugs has "vaporized in the past year."
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Forest Labs Down On Revised View >FRX
Forest Laboratories Inc. (FRX) reported a 29% rise in fiscal second-quarter earnings, but news that it modified estimates for fiscal 2004 caused the stock to slip during before-the-bell trading.
The company's shares recently declined about 2%, or 83 cents, to $46.45, according to Instinet.
The New York drug maker said it earned 49 cents a share during the latest quarter, meeting the Thomson First Call average analyst estimate.
But the company is gearing up to launch a sales initiative of its drug Namenda in March 2004, an expensive effort which prompted the company to revise its earnings estimates to between 50 cents and 55 cents a share for the December-ending quarter and between 35 cents and 40 cents for the period ending in March 2004. The revision, the company said in a press release, should result in fiscal 2004 earnings of between $1.82 and $1.92 a share. Analysts were looking for profits totaling $1.99, according to the latest Thomson First Call consensus estimate.
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8:27 ET Forest Labs reports in line, guides lower on accelerated drug launch (FRX) 47.28: Reports Q2 (Sep) earnings of $0.49 per share, in line with the Reuters Research consensus of $0.49; revenues rose 16.5% year/year to $619.2 mln vs the $622.7 mln consensus. Company announces last month's positive F.D.A. advisory panel vote on Nanmenda, a drug treating Azheimer's, has caused company to push up plans for a launch of the drug in Q1 04 (Mar). FRX will hire 500 sales reps, is beginning spending on pre-launch, this will cut into FY04 (Mar) EPS, company modifies guidance, now sees Q3 (Dec) EPS of $0.50-0.55 vs consensus of $0.50, for Q4 sees $0.35-0.40, consensus $0.50, for FY04 sees $1.82-1.92 vs consensus $1.99.
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