Forest Laboratories reports revenue increase

Forest Laboratories has reported increased revenues for the last quarter, up 16 per cent on the same period last year.

The company said the total prescription volume had increased by approximately two per cent over the quarter and sales in its anti-depression and anxiety drug Lexarpro, although up by 16 per cent in comparison to last year’s figure, had decreased slightly in the last quarter. Research and development spending more than doubled during the quarter, which included license payments of almost $125 million (?70 million).

Howard Solomon, Forest’s chief executive officer and chairman, praised the results, saying that the increased market share of its drugs, higher prescription volumes and a busy product pipeline had all contributed to the company’s performance.

He said: “Forest’s ability to not only identify interesting and important development compounds but to also be viewed as a very desirable development and marketing partner, were two important factors which led to our success in the business development area during the year.”

Forest has two drugs awaiting final FDA approval ? nebivolol, a beta-blocker, and medoxomil, an antibiotic for upper respiratory and skin infections. In phase III clinical trials is the obstructive pulmonary disease drug, LAS34273.

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