Forest Labs. Q2 Profit Soars; Revises FY14 Adj. EPS View - Quick Facts

(RTTNews) - Drug maker Forest Laboratories, Inc. (FRX) posted sharply higher second-quarter net income of $70 million, or $0.26 per share, versus the prior year's $20.78 million, or $0.08 per share. Excluding acquisition related amortization and specified items, non-GAAP earnings per share for the recent quarter equaled $0.36. On average, 22 analysts polled by Thomson Reuters expected earnings per share of $0.15 for the quarter. Analysts' estimates typically exclude one-time items.

Net sales for the quarter improved 17.3% to $811.4 million, from $692.0 million in the prior-year quarter, helped by the sales of its next generation products which totaled $303.0 million, up 49.9% compared with the second quarter of fiscal 2013. Three-month net revenues climbed to $855.26 million, from $760.64 million reported a year before, while 15 analysts estimated revenues of $840.96 million for the quarter.

For fiscal 2014, the company now expects non-GAAP earnings per share in the range of $0.95 - $1.15. Analysts project annual earnings of $0.96 per share.