Forest Laboratories reports third quarter growth

Forest Laboratories has experienced a year-on-year growth in sales during the third quarter of its 2010-11 fiscal year.

According to the company's financial report for the three months ending on December 31st 2010, net sales for the quarter rose by 6.7 percent to $1.06 billion (666.3 million pounds), up from $997 million in Q3 2009-10.

Products which saw improved demand during the period include Lexapro, Namenda and Bystolic, while its newest drug Savella has also seen encouraging traction since its April 2009 debut.

Other key developments during the three months included the signing of a licensing agreement with Gruenenthal for the chronic pain therapy GRT 6005, while the firm also continued with the restructuring of its Long Island packaging facility.

Howard Solomon, chairman and chief executive officer of Forest, said: "We continue to focus on realising full potential from our currently promoted products as well as progressing and expanding our product development pipeline in order to assure future growth."

Earlier this month, Forest and development partner Almirall reported positive clinical trial data from a phase III study of the chronic obstructive pulmonary disease treatment aclidinium bromide.