For Immediate Release
Chicago, IL – January 20, 2010 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Forest Laboratories, Inc. (FRX), Cypress Biosciences (CYPB), AstraZeneca (AZN), Boeing Company (BA) and Honeywell International Inc. (HON).
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Here are highlights from Tuesday’s Analyst Blog:
Forest Labs Beats Expectations
This morning, Forest Laboratories, Inc. (FRX), reported earnings per share of 97 cents for the third quarter of fiscal 2010, well above the Zacks Consensus Estimate of 86 cents. Total revenues increased 6.7% to $1.06 billion with product revenues increasing 8.4% to $997 million.
Although Lexapro sales declined 0.5% to $582.6 million, Namenda, which is approved for the treatment of moderate and severe Alzheimer’s disease, delivered sales of $282.5 million, recording a growth of 17.3% from the year-ago period. Improved patient access and increased promotional efforts should help keep Namenda sales strong.
Bystolic, Forest’s beta-blocker for the treatment of hypertension, posted sales of $47.5 million. This was significantly higher than the year-ago sales of $21 million. Contract revenue, consisting primarily of Benicar co-promotion income, increased 6.5% to $55.8 million.
Forest’s most recent product launch, Savella, which is approved for the management of fibromyalgia, posted sales of $15.4 million. The product, which has been developed in collaboration with Cypress Biosciences (CYPB), was launched in late April 2009. We believe Savella may have multi-hundred million dollar potential.
Selling, general and administrative expense was $307 million, reflecting the company’s promotional activities in support of its currently marketed products, especially Savella. Research and development spending increased 22.9% during the quarter, excluding licensing payments.
Forest also provided an update on its pipeline and recent in-licensing activities. The company recently filed for US Food and Drug Administration (FDA) approval of ceftaroline, which is being developed for the treatment of patients suffering from complicated skin structure and skin infections (cSSSI), community acquired bacterial pneumonia (CABP) and for patients infected with methicillin-resistant Staphylococcus aureus (MRSA).
Forest also reported positive top-line results on three pipeline candidates: linaclotide (for chronic constipation), cariprazine (for the treatment of acute exacerbation of schizophrenia) and aclidinium (for the treatment of chronic obstructive pulmonary disease). Besides, the company is also pursuing in-licensing deals to expand its pipeline and recently announced two deals, including one with AstraZeneca (AZN).
Boeing’s Bio-Fuel Initiative
Boeing Company (BA) along with the Masdar Institute of Science and Technology, Etihad Airways and Honeywell International Inc.’s (HON) subsidiary UOP LLC will establish a research institute and demonstration project in Abu Dhabi dedicated to sustainable energy solutions. The Sustainable Bioenergy Research Project (SBRP) will use integrated saltwater agricultural systems to support the development and commercialization of bio-fuel sources for aviation and co-products.
SBRP will undertake research projects that combine the arid, saline-rich environment of Abu Dhabi with innovative saltwater farming practices. The Masdar Institute will host the SBRP and provide laboratory and demonstration facilities both within and outside Masdar City, which aims to be the world’s first zero-carbon city.
The institute will use saltwater to create an aquaculture-based seafood farming system parallel to the growth of mangrove forests and salicornia, a plant that thrives in saline conditions. Sustainable bio-fuel development is a key element of Boeing’s aviation business growth strategy by reducing carbon emissions.
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