Forest Laboratories announces results for 3rd quarter of 2010

Forest Laboratories has published its financial results for the third fiscal quarter of 2010.

Net sales for the quarter rose by 8.4 per cent to $997 million (613 million pounds), an increase from the $920 million reported for the same quarter of the previous year.

The NMDA receptor antagonist for the treatment of moderate and severe Alzheimer’s disease, Namenda, recorded sales of $282.5 million during the timeframe – an increase of 17.3 per cent year-on-year.

Additionally, the firm’s contract revenue rose by 6.5 per cent to $55.8 million, something it attributes largely to Benicar (olmesartan medoxomil), which generated an income of $51.6 million.

This represents a rise of 9.1 per cent compared to last year’s third quarter.

Chairman and chief executive officer of Forest Howard Solomon said: “We are pleased with the financial performance of the company reported for the quarter, particularly with the growth of our newest products, Bystolic and Savella.”

In other news, along with its partner Almirall, Forest announced that a phase III trial into the chronic obstructive pulmonary disease (COPD) therapy aclidinium bromide BID yielded positive results earlier this month.