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.
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