Forest Labs pleased with financial performance

Forest Laboratories has said it is happy with the company’s financial performance, following the announcement of its earnings of the third quarter of the fiscal year 2009.

The US pharmaceuticals manufacturer stated its diluted earnings per share were equal to $0.62 (0.45 pounds) during the period, compared to $0.96 per share in the third quarter of the last fiscal year.

However, 2009’s figures included a charge of $150 million, (108.88 million pounds) for new product licensing fees, which, when excluded, bring the net income per share for this quarter to $1.03 (0.75 pounds).

Chairman and chief executive officer of Forest Howard Solomon commented: “We are very pleased with the strong financial performance of the company in the just completed quarter.”

He added the company was also satisfied with the market performance of its Bystolic product and with the marketing approval of its new fibromyalgia treatment Savella.

Forest Laboratories was founded in 1954.