Q4 2012 Earnings Call Transcript

Transcript Call Date 04/17/2012

Operator: At this time, I would like to welcome everyone to the Forest Laboratories Fiscal 2012 Fourth Quarter Earnings Call of Forest Laboratories. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you.

Mr. Frank Murdolo, sir you may begin your conference.

Frank J. Murdolo - VP, IR: Thank you for joining us today for this fourth quarter fiscal 2012 conference call. Joining me today is Elaine Hochberg, our Executive Vice President of Sales and Marketing and Chief Commercial Officer; Franc Perier, our Executive Vice President of Finance and Administration and Chief Financial Officer; and Marco Taglietti, our Senior Vice President, Research & Development and President of the Forest Research Institute.

By now, each of you should have seen the earnings release that we issued around 8 o'clock this morning. This release is also available at our website, By way of safe harbor statement, let me add that various remarks that we may make about future expectations, plans and prospects for the Company constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and actual results may vary.

Let me now turn the call over to Elaine, who will comment on the business during the quarter.

Elaine Hochberg - EVP and Chief Commercial Officer: Thank you, Frank and good morning everyone. It's my pleasure to update you on how our commercial portfolio of new and existing products is performing. Fiscal year 2012 was an important year for Forest, since, as I mentioned in the last quarter, it was a year in which we actively promoted six products for the first time in our history; Viibryd for depression, Daliresp for severe COPD were both launched together last August. Teflaro our household based anti-infective was launched in March of 2011. Our remaining promoted products by Bystolic hypertension, Namenda for moderate to severe Alzheimer's disease and Savella for fibromyalgia round out the product portfolio that was supported by our multiple field forces in fiscal 2012.

These six products are also important because they signified the beginning on our effort to build sustainable multiproduct therapeutic franchises such as CNS, Cardiovascular, Respiratory and Anti-Infective. Our ability to unlock the value of each franchise will be dependent on the product offerings in each and more importantly the power will be in the mix in our ability to exploit synergies.

So, let's start with our newest launches Daliresp and Viibryd. Daliresp has gained momentum in both pulmonology and primary care. Sales for the quarter were $13.1 million, up 56% increase over the December 2011 quarter. Daliresp is participating in the COPD market that's totally valued at approximately $5.7 billion with over 26 million prescriptions written annually. This Daliresp is indicated for severe COPD patients. We plan to deeply penetrate this segment of the market in which both the unmet medical and educational needs are high.

We are pleased with the early prescription data and trends for Daliresp. As of the week ended March 30, there have been over 135,000 prescriptions written. Overall, total prescription volume in the March quarter increased almost 40% over the December quarter after having doubled in the fiscal third quarter over the second. New prescriptions share of the total market was 1.49% for the week ending March 30 versus 1% for the last week of December, while TRx share was 1.15% versus 0.75% for the same period.

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