Robertson Stephens Reiterates Buy Rating on FRX.
SAN FRANCISCO--(BUSINESS WIRE)--Jan. 19, 2000
Robertson Stephens Managing Director and Senior Specialty Pharmaceuticals Analyst Donald B. Ellis today reiterated his Buy rating on Forest Laboratories (NYSE:FRX), after the company reported strong third quarter earnings. Forest develops and markets branded, generic and non-prescription drugs in the United States and Western and Eastern Europe.
"We are reiterating our Buy rating and $65 target price on Forest, after the company reported better-than-expected third quarter 2000 earnings," said Ellis. "Forest reported earnings-per-share of $0.36, compared to $0.25 for the third quarter of 1999 and versus our estimates of $0.34. Revenues came in at $241 million, a 56 percent increase over last year and 14 percent above our estimates of $212 million."
"In addition, Celexa sales in the third quarter were $118 million, up 21 percent sequentially from the second quarter, and 10 percent above our estimate of $107 million," said Ellis. "As a result, we are increasing our fourth quarter 2000 sales estimate to $123 million."
"Forest enjoys one of the highest organic growth rates in the specialty pharma industry, which we believe will continue to drive growth through fiscal 2001," said Ellis.
Clients interested in receiving more information should contact their salesperson at 415/781-9700.
Robertson Stephens (www.rsco.com) is the leading full-services investment bank focused exclusively on growth companies. In 1999, the firm completed over 230 public offerings and over 40 private offerings, raising more than $40 billion in capital for clients. In addition, the firm advised on over 80 M&A transactions in 1999 with an aggregate value in excess of $50 billion. The firm's 47 equity research analysts cover nearly 700 companies. Founded in 1978, Robertson Stephens (Legal name: FleetBoston Robertson Stephens Inc.) is a section 20 subsidiary of FleetBoston Financial Corporation (NYSE:FBF) and a member of the NASD and all major exchanges. Together, Robertson Stephens, FleetBoston Robertson Stephens International Ltd., and Robertson Stephens Evergreen Securities Ltd. employ over 1,000 employees worldwide with offices in Boston, San Francisco, New York, Menlo Park, Chicago, London, and Tel Aviv.
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|Date:||Jan 19, 2000|
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