Forest Laboratories reports growth in latest quarter

Forest Laboratories has maintained its year-on-year growth performance in the second quarter of its 2012 financial year.

The pharmaceutical company generated $1.13 billion (717.72 million pounds), an increase of nine percent compared to the same period last year, while earnings per share rose to $0.91.

Growing sales were observed for drugs such as Bystolic, Savella, Lexapro and Namenda, while strong debuts were recorded for a number of therapies launched this year, including Teflaro, Daliresp and Viibryd.

For the six months of the fiscal year so far, the company's sales are tracking 7.7 percent ahead of last year's, meaning the company remains on track to meet its 2012 targets.

Howard Solomon, chairman and chief executive officer of Forest, said: "We have been working diligently … to build a solid product development pipeline that will more than replace the loss of Lexapro and Namenda following expiration of their marketing exclusivity."

Earlier this month, the company reported positive new trial data for cariprazine, a new therapy for bipolar I disorder it is developing alongside Gedeon Richter.