Forest Laboratories Inc. (Active Pharmaceutical Ingredient Watch).(stock price, net income data)(Brief Article)

Chemical Market Reporter, April, 2003

FOREST Laboratories Inc.'s stock fell 6 percent to $49.40 last week on fiscal fourth quarter 2003 earnings. Net income, while up 87 percent to $181 million, or 48 cents per share, fell short of Wall Street consensus by 1 cent, in part due to higher sales and marketing costs. Net sales rose 42 percent to $621 million led by serotonin reuptake inhibitors Celexa (citalopram) at $343 million and Lexapro (escitalopram) at $141 million.

SG Cowen analyst Ian Sanderson raised his full-year fiscal 2004 estimate for the Celexa/Lexapro franchise by $60 million to S2. 1 billion.