Forest Laboratories sees double-digit growth in Q2 2014

Forest Laboratories has expressed satisfaction with its financial performance in the second quarter of its 2014 business year, during which it experienced double-digit year-on-year growth.

The company's net sales for the quarter increased 17.3 percent to $811.4 million (501.28 million pounds), driven by sales of its next-generation products, which rose by 49.9 percent to $303 million.

Among the products that saw double-digit sales increases during the period were the Namenda franchise, Viibryd, Daliresp, Bystolic and Teflaro, all of which helped Forest to achieve a $1.69 billion six-month sales total for the year to date.

According to the company, the development and launch of several new products will help to drive further growth in the months to come.

Brent Saunders, chief executive officer and president of Forest, said: "To make Forest more relevant to all of our key stakeholders – customers and patients, owners, partners and colleagues – we are conducting a thorough review of our business operations and evaluating changes to our strategy."

Mr Saunders took over as leader of the business at the beginning of this month, succeeding long-time chief executive Howard Solomon.