Forest Laboratories hails strong performance in Q3 2014

Forest Laboratories has announced its financial results for the third quarter of the 2014 fiscal year, during which it achieved strong year-on-year growth.

Its net sales total came to $846.8 million (510.32 million pounds), up by 24.9 percent on Q3 2013, while its reported diluted earnings per share equaled $0.07, compared to a loss of $0.58 per share at the same point last year.

The increase in sales was driven by the success of the company's next-generation products, which totaled $375.4 million – up by 59.4 percent year on year – thanks to demand for drugs such as Viibryd, Daliresp, Bystolic and Teflaro.

Additionally, the firm made progress with its Project Rejuvenate cost savings initiative, completed the acquisition of Saphris for $240 million and announced a $2.9 billion deal to purchase Aptalis.

Brent Saunders, chief executive officer and president of Forest Laboratories, said: "We just completed a highly productive quarter, led by significant growth in sales and earnings. In my first 100 days at Forest we have accomplished a great deal, challenging the conventional wisdom."

Mr Saunders took over leadership of the company in October 2013, succeeding the now-retired Howard Solomon, who had headed Forest since 1977.