Forest Laboratories Expects 2010 Profit Boost
Tue, 04/21/2009 - 7:39am
NEW YORK (AP) — Drug developer Forest Laboratories Inc. said Tuesday it expects a profit boost in fiscal 2010, driven by sales of the Alzheimer's disease drug Namenda, while sales of the antidepressant Lexapro remain flat. The company expects profit between $3.45 and $3.55 per share on revenue of about $4.1 billion. In fiscal 2009, the company earned $2.52 per share on revenue of $3.92 billion. The fiscal year ends March 31. Analysts polled by Thomson Reuters expect profit of $3.47 on revenue of $4.18 billion in fiscal 2010. Forest Laboratories said it expects Lexapro sales to remain flat at about $2.3 billion and Namenda sales to rise 12 percent to $949.3 million. The drug developer also reported fourth-quarter profit plunged on a hefty charge for reserve funds related to federal allegations that it bribed doctors to prescribe antidepressants and pushed for their use in children.