Forest meets Street

FRX reported fourth quarter 2005 EPS of $0.40, meeting the Street's estimate and up 5% from $0.38 in the same period in 2004. Fourth quarter numbers exclude a one-time tax charge of $91 million, or $0.25 per share. The charge relates to the repatriation of $1.2 billion in foreign cash.

Fourth quarter sales fell 15% to $618.3 million from $725.1 million in the same period last year. The company said the decrease resulted from generic competition for antidepressant Celexa. Fourth quarter sales of Celexa dropped 97% to $6.2 million from $245.7 million in 2004. Fourth quarter sales of antidepressant Lexapro were $399.4 million, up 14% from $351.8 million in 2004. Namenda sales increased 174% to $93.9 million from $34.3 million for the same period last year. The Alzheimer's disease (AD) drug was launched in January 2004. ...