Robertson Stephens Reiterates Buy Rating on FRX.

Business Editors

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.

The foregoing synopses are qualified in their entirety by the more detailed information contained in the full research reports, including the discussion of certain risks associated with an investment in the above-mentioned securities contained in "Investment Risks."

The information contained herein is not a complete analysis of every material fact respecting any company, industry or security. Although opinions and estimates expressed herein reflect the current judgment of FleetBoston Robertson Stephens Inc., the information upon which such opinions and estimates are based is not necessarily updated on a regular basis; when it is, the date of the change in estimate will be noted. In addition, opinions and estimates are subject to change without notice. This Report contains forward-looking statements, which involve risks and uncertainties. Actual results may differ significantly from the results described in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in "Investment Risks." FleetBoston Robertson Stephens Inc. from time to time performs corporate finance or other services for some companies described herein and may occasionally possess material, nonpublic information regarding such companies. This information is not used in the preparation of the opinions and estimates herein. While the information contained in this Report and the opinions contained herein are based on sources believed to be reliable, FleetBoston Robertson Stephens Inc. has not independently verified the facts, assumptions and estimates contained in this Report. Accordingly, no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions contained in this Report. FleetBoston Robertson Stephens Inc., its managing directors, its affiliates, and/or its employees may have an interest in the securities of the issue(s) described and may make purchases or sales while this report is in circulation. FleetBoston Robertson Stephens International Ltd. is regulated by the Securities and Futures Authority in the United Kingdom. This publication is not meant for private customers. The securities discussed herein are not FDIC insured, are not deposits or other obligations or guarantees of Fleet Bank or BankBoston N.A., and are subject to investment risk, including possible loss of any principal amount invested.