Forest Laboratories reports first-quarter earnings

Forest Laboratories has announced the financial results for the first quarter of its 2009 fiscal year.

The company recorded revenues of $966.8 million (484.3 million pounds) for the quarter, a rise of 4.2 per cent on the same period last year.

Net sales increased by 6.1 per cent to $893.75 million, including a 5.6 per cent increase in sales of depression and anxiety treatment Lexapro (escitalopram oxalate) and a 14 per cent rise in sales of Alzheimer’s treatment Namenda (memantine HCL).

Net income for the quarter decreased by 9.4 per cent on last year’s figure to $242.92 million, with selling, general and administrative expenses increasing to 31.2 per cent to $342.96 million.

Fully-diluted earnings per share equalled $0.79 for the quarter, down from $0.83 recorded in the June 2007 quarter.

Howard Solomon, chairman and chief executive officer of Forest Laboratories, said: “We are pleased with the financial performance of the company reported this quarter.”

He said a balance had been struck between the giving of support and progressing a significant product pipeline, helping existing products and delivering a meaningful level of earnings per share.

Earlier this month, Forest Laboratories and Laboratorios Almirall announced the completion of patient treatment in the phase III Acclaim/COPD I and II studies.