Forest Laboratories Inc Revises FY 2013 EPS Guidance

Forest Laboratories Inc revised fiscal 2013 earnings guidance. Following the expiration of Lexapro's patent exclusivity in March 2012, rapidly evolving and unanticipated conditions in the Lexapro / escitalopram market necessitate revisions to the Company's previous forecasts for both branded Lexapro sales and royalty income earned on sales of the escitalopram authorized generic, distributed by an independent third party. The combined impact is a reduction in projected fiscal 2013 earnings of approximately $0.25 per share for fiscal 2013. The Company's actively promoted products are collectively on plan. The Company now expects reported fully diluted earnings per share (EPS) for fiscal 2013 to be in the range of $0.65 to $0.80 per share and non-GAAP fully diluted earnings per share (which excludes acquisition related amortization) of $0.95 to $1.10.