Forest Laboratories, Inc. (NYSE:FRX) released the results from its most recently completed quarter before opening bell this morning, posting non-GAAP earnings of 87 cents per share on $1 billion, a 33.8% increase, in revenue. Analysts had been expecting the drug maker to report earnings of 43 cents per share on revenue of $959 million.
Charges included in GAAP results
GAAP earnings per share were 20 cents. Items included in the GAAP results for the fourth fiscal quarter include a charge of $109.1 million in connection with Forest Laboratories, Inc. (NYSE:FRX)’s Project Rejuvenate and a $41 million charge in connection with the acquisition of Aptalis.
“We have accomplished a great deal in a short amount of time,” said President and CEO Brent Saunders in a statement. “The strategic actions we have taken have reshaped Forest, including acquiring products, like Saphris, reducing our cost base through Project Rejuvenate, raising $3 billion through new bond offerings, acquiring Aptalis for $2.9 billion, and announcing plans to acquire Furiex for $1.1 billion. We accomplished a lot but I am most proud of the way our teams responded to the challenges.”
Breaking down Forest Laboratories’ results
Forest Laboratories, Inc. (NYSE:FRX) said the main driver of its sales increase was its next generation products. Sales of those rose 69.9% to $431.1 million year over year. The company also said sales of products from the Saphris and Aptalis acquisitions added to the sales increase, totaling $136.3 million during the quarter.
Forest Laboratories updates drug applications
Forest Laboratories, Inc. (NYSE:FRX) said it submitted two new drug applications to the U.S. Food and Drug Administration during the quarter. In a partnership with Adamas Pharmaceuticals, Inc., the drug maker also filed a third applications. Forest Laboratories and its partner Gedeon Richter, Plc reported positive topline results from two clinical trials for an antipsychotic drug.
The drug maker also reminded that it had entered into an agreement to be acquired by Actavis plc and another agreement to acquire Furiex Pharmaceuticals, Inc.