Q2 2013 Earnings Call Transcript

Transcript Call Date 10/16/2012

Operator: Good morning. My name is Keisha, and I will be your conference operator today. At this time, I would like to welcome everyone to the Forest Laboratories' Fiscal Second Quarter Earnings Conference Call. 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. Murdolo, you may begin your conference, sir.

Frank J. Murdolo - VP, IR: Thank you, Keisha, and good morning, everyone. Thank you for joining us today for this second quarter fiscal 2013 conference call. Joining me this morning is Frank Perier, our Executive Vice President of Finance, 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 this morning. The release is also available at our website, By way of a Safe Harbor statement, let me add that various remarks that we may make about future expectations, plans and prospects for the Company constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and actual results may vary. These remarks involve a number of risks and uncertainties, including the difficulty of predicting FDA approvals, the acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, the timely development and launch of new products, and the risk factors listed from time to time in Forest Laboratories’ Annual Report and quarterly reports.

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

Francis I. Perier, Jr. - EVP - Finance and Administration and CFO: Thank you, Frank, and good morning, everyone. We had a very busy quarter. In July we and our partner Almirall announced the approval of Tudorza. And at the end of August we and our partner Ironwood Pharmaceuticals announce the approval of Linzess. Elaine will provide some additional background on these two important upcoming launches. We and our partner Pierre Fabre also announced the filing of levomilnacipran, so three very important milestones as we continue to move forward with our (indiscernible) strategy.

On the business development front we completed two transactions with our partner Almirall. The first was a co-promotion agreement for the aclidinium franchise in Canada where we have established a wholly owned subsidiary. In the second agreement we granted Almirall exclusive commercialization rights for linaclotide in Mexico.

So overall a very productive quarter.

Elaine, I'll now turn it over to you to review our sales performance for the quarter.

Elaine Hochberg - EVP and CCO: Thank you, Frank, and good morning, everyone. We are indeed very excited about our two recent product approvals, and in a few minutes I'll be pleased to speak with you about the launch plans for Tudorza and Linzess, but first I would like to update you this morning on how our commercial portfolio of existing products is performing.

Let's start with our products for office-based primary care physicians and specialists and then we'll talk about our hospital business. Daliresp; the use of Daliresp continues to increase in both home pulmonology and primary care. Sales for the quarter were $19.5 million. Our ongoing and focused efforts to educate and inform physicians about how, when and where to use Daliresp for COPD are yielding good results, and we anticipate a positive seasonal effect on demand for Daliresp as we enter the winter month and start second half of the year.

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