Forest Labs surprises with strong Celexa sales. (Life Sciences).(Brief Article)(Statistical Data Included)

Chemical Market Reporter, October, 2002 by Krause, Carey

FOREST LABORATORIES Inc. surprised on the upside for fiscal second quarter 2003 earnings last week, sent shares of the specialty pharmaceuticals company up $7.84, to $89.85. Forest Labs projects earnings per share (EPS) to be above the consensus estimate of 57 cents per share by at least 30 percent, versus 43 cents per share in the year-ago period.

Sales at $530 million were led by Celexa (citalopram) at $388 million, ahead of Banc of America Securities and JPMorgan estimates by $13 million and $34 million, respectively. Lexapro (escitalopram oxalate), a long-acting reformulation of Celexa, recorded sales of $22 million.

Selling, general and administrative expenses are estimated at a low $180 million on Lexapro's late September launch.

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