Forest targets rebounding growth as it fends off Icahn
July 24 |
July 24 (Reuters) - Forest Laboratories Inc, which is seeking to fend off activist investor Carl Icahn in a proxy battle, said on Tuesday it was targeting a strong rebound in earnings and sales growth after facing patent expirations for its top products.
The New York-based drugmaker said it was targeting compound annual growth of about 50 percent for adjusted earnings per share through its 2018 fiscal year. It set a goal of compound annual sales growth of about 15 percent over that time.
Forest is banking on a series of new medicines to propel sales after losing patent protection on its top-selling Lexapro antidepressant earlier this year, and the expected loss of Alzheimer's drug Namenda in 2015.
Forest won approval on Monday for one of those medicines, a treatment called Tudorza Pressair for symptoms of chronic obstructive pulmonary disease.
Forest released its financial targets as part of an investor presentation designed to shore up support ahead of its Aug. 15 annual shareholder meeting.
Icahn, Forest's second-largest shareholder, is seeking to place four members on Forest's board, after failing to win any representation in his bid a year ago.
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