WASHINGTON (dpa-AFX) - Forest Laboratories Inc. (FRX) posted a GAAP net loss of $153.61 million, or $0.58 per share in the third quarter of fiscal 2013, versus a $278.44 million, or $1.04 per share profit last year. Recent quarter results included upfront/licensing agreement payments of $76.0 million, or $0.29 per share, net of tax, the company said.
On a non-GAAP basis, quarterly loss per share was $0.21, as against an income of $1.08 a year ago. On average, 18 analysts polled by Thomson Reuters expected loss per share of $0.14 for the quarter. Analysts' estimates typically exclude one-time items.
Three-month net sales fell 41.6% to $678.0 million, from $1.2 billion in the year-ago period. Analysts estimated revenues of $761.95 million for the quarter. Namenda, an NMDA receptor antagonist for the treatment of moderate and severe Alzheimer's disease, generated $345.8 million in sales for the quarter, up 1.6% from the prior year.
For fiscal 2013, the company now sees non-GAAP earnings per share to be at the lower end of its prior guided range of $0.45 - $0.60. Annual total net revenue, including product sales and the earnings contribution from Benicar, authorized generic sales of Lexapro, interest income and other income, is currently projected to range between $3.1 billion and $3.2 billion. Analysts estimate full-year earnings of $0.25 per share on $3.15 billion revenue.
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