Forest Laboratories (NYSE:FRX) announced on Tuesday that it earned $20.8 million during its second fiscal quarter, down 91% from $249.8 million in the same period last year. Adjusted EPS came in at 15 cents, which beat analysts, who had anticipated a loss of 1 cent per share, Reuters noted.
The pharmaceutical maker recorded sales of $692 million in the quarter, down 39% from last year. That also fell well short of the $770.3 million in sales that Wall Street was expecting.
Shares of Forest Laboratories fell more than 2% in mid-day Tuesday trading.
Company officials predicted a full-year adjusted profit of between 45 cents and 60 cents a share. That missed analysts’ who had estimated a 66 cents per share profit for this fiscal year. Revenue for the year was estimated at $3.4 billion, $200 million lower than prior company forecasts.
The loss of patent protection for its antidepressant drug, Lexapro, caused its sales to plunge 93% from last year, down to $44.7 million, as generic versions hit the market.
The company also cut its sales outlook for four other drug and said that research and development costs had increased by $50 million to $900 million for the current fiscal year.