Pharmaceutical Processing World

  • Home
  • Regulatory
    • Recalls
  • Pharmaceutical Processing
  • Facility
  • Supply Chain
  • Equipment and Materials
  • Contract Manufacturing
  • Resources
    • Voices
  • Advertise
  • SUBSCRIBE

Forest Labs First Quarter Net Income Falls on Loan Charge

By Pharmaceutical Processing | July 23, 2013

Forest Laboratories Inc. said Tuesday that its net income fell 58 percent in the fiscal first quarter after it wrote off a loan to another drug company. Its earnings excluding the write-off beat Wall Street estimates.

The company said its revenue edged up 1 percent as sales of its Alzheimer’s disease treatment Namenda improved, partly because it started selling a longer-lasting version of the drug. Forest also reported greater sales of its high blood pressure treatment Bystolic and newer products like its depression drug Viibryd.

The company said its net income dropped to $23.3 million, or 9 cents per share, from $55.3 million, or 21 cents per share.

Forest took a one-time charge of $26.2 million after writing off a loan to Nabriva Therapeutics. If one-time items like the loan write-off are excluded, Forest said it earned 28 cents per share. Analysts surveyed by FactSet expected 8 cents per share.

Revenue increased to $832.9 million from $821.1 million. Analysts expected revenue of $796.4 million.

Forest said Namenda sales rose 8 percent to $397.5 million. That included $14 million in revenue from Namenda XR, a once-per-day version Forest started selling during the quarter. Bystolic revenue rose 17 percent to $126 million and sales of Viibryd grew 23 percent to $46.1 million. The company said sales of its lung disease drug Daliresp climbed 35 percent to $24 million, and sales of another lung disease treatment, Tudorza, totaled $15.9 million.

Sales of Forest’s depression and anxiety drug Lexapro, which lost patent protection in early 2012, tumbled to $28.2 million from $110 million.

Forest Labs shares slipped 5 cents to $43.70 in morning trading Tuesday. On July 16 the stock rose to $44.04, its highest price in almost six years.

In June, Forest seated a new board member selected by activist investor Carl Icahn, averting a fight over control of the pharmaceutical company. Over the last few years Icahn tried to get more control of Forest, criticizing the company’s management and asking about its plans to replace longtime Chairman and CEO Howard Solomon, 85. Forest said in May that Solomon will step down as president and CEO at the end of 2013 and will leave the board of directors in 2014, although it has not named a replacement.

Related Articles Read More >

This is a screenshot from a Varda Space Industries promotional video showing a space capsule with the company's logo docking onto a satellite.
Varda raises $187M Series C for drug manufacturing in space
This is the logo of Hikma.
Hikma to spend another $1B on US manufacturing, R&D
Great Point Partners logo.
Great Point Partners acquires majority stake in Eutecma to fuel sustainable cold chain growth
Driving success in fast-paced high-tech pharma construction projects
“ppw
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest news, technologies, and developments in Pharmaceutical Processing.

DeviceTalks Tuesdays

DeviceTalks Tuesdays

MEDTECH 100 INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
Pharmaceutical Processing World
  • Subscribe to our E-Newsletter
  • Contact Us
  • About Us
  • R&D World
  • Drug Delivery Business News
  • Drug Discovery & Development
  • DeviceTalks
  • MassDevice
  • Medical Design & Outsourcing
  • MEDICAL TUBING + EXTRUSION
  • Medical Design Sourcing
  • Medtech100 Index
  • R&D 100 Awards

Copyright © 2025 WTWH Media LLC. All Rights Reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media
Privacy Policy | Advertising | About Us

Search Pharmaceutical Processing World

  • Home
  • Regulatory
    • Recalls
  • Pharmaceutical Processing
  • Facility
  • Supply Chain
  • Equipment and Materials
  • Contract Manufacturing
  • Resources
    • Voices
  • Advertise
  • SUBSCRIBE