Forest Laboratories reports first quarter results

Forest Laboratories has presented its financial results for the first quarter of the 2008 fiscal year.

The firm generated net revenues of $928.3 million (455.9 million pounds) during the quarter, a rise of 14 per cent over the same period last year, on the back of an 11 per cent increase in net sales to $842.6 million.

Figures include $552.3 million of sales of selective serotonin reuptake inhibitor Lexapro (escitalopram oxalate) for the treatment of anxiety and depression in adults, a rise of nine per cent on the figure for the first quarter of 2006.

Net income for the quarter rose 34 per cent on the comparable figure for last year to $268.2, with fully diluted earnings per share of $0.83.

Howard Solomon, chairman and chief executive officer of Forest Laboratories, said: “We are pleased with the financial performance of the company reported this quarter which continues our meaningful level of earnings per share growth as well as development spending in support of a significant number of ongoing product development initiatives.”

He added that the firm would continue to devote a significant amount of funding to supporting its business development programmes, with the company having a number of development opportunities with other firms under review or being negotiated.

In April 2007, Forest Laboratories announced its financial results for the fiscal year ended March 2007, with the firm recording a 16 per cent rise in revenues to $3.44 billion.