Forest Laboratories announced Tuesday that first-quarter net income
more than doubled to $258.1 million versus the year-ago period when the
company recorded a charge of $148.4 million related to a settlement with the US Department of Justice over the marketing of several drugs.
In the three-month period ended June 30, the drugmaker said that
revenue grew 8.2 percent compared with the prior year to $1.15 billion,
coming in above analysts forecasts of $1.13 billion. Sales of Lexapro
rose 3.6 percent to $585.7 million, while revenue from Namenda increased
3.9 percent to $319.9 million.
In the quarter, the company also garnered US approval
of chronic obstructive pulmonary disease drug Daliresp. Solomon noted
that the drug, along with depression treatment Viibryd, which was gained
through Forest’s $1.2-billion acquisition of Clinical Data, “became available to patients in June” and “will be formally launched to the medical community next month.”