Forest misses Street

FRX reported third quarter fiscal 2006 EPS of $0.57, missing the Street estimate by $0.05 and down 19% from $0.70 in the same period last year. The EPS figure included a $0.05 per share payment to Gedeon Richter (Budapest:RICHTER) for U.S. and Canadian rights to pain compound RGH-896. FRX said the Street estimate did not account for the payment, which was not included in prior guidance.

Third quarter sales fell 10% to $714.9 million from $795 million in the third quarter of fiscal 2005. Sales of antidepressant Celexa continued to suffer from generic competition, falling 96% to $4.8 million in the third quarter from $129.8 million in the same period last year. Sales of antidepressant Lexapro were $480.7 million, and sales of Alzheimer's disease (AD) drug Namenda were $124 million. ...