US Forest Labs Q1 net income up 67% on 'Celexa' sales

17 July 2002 16:06  [Source: ICIS news]

HOUSTON (CNI)--US pharmaceutical manufacturer and marketer Forest Laboratories said Wednesday first quarter net income surged 67% to $123.8m (Euro122.6m) on strong sales of the company's antidepressant Celexa.

For the period ended 30 June, New York City-based Forest reported earnings/share (eps) of 67 cents, up from 40 cents in the year ago quarter.

Net sales for the period increased 33% to $467.2m of which $351.1m were Celexa sales - Forest's selective serotonin reuptake inhibitor (SSRI) depression treatment.

Howard Solomon, Forest chairman and chief executive officer, noted the company began its fiscal year with continued strength in Celexa and with a strong pipeline of potential new products.

He said: "We are awaiting approval for our new antidepressant Lexapro and looking forward to an upcoming submission of a new drug application (NDA) for memantine for the treatment of Alzheimer's disease."

He added that the company's recent launch of Benicar - an angiotensin receptor blocker for the treatment of hypertension - with Sankyo Pharma of Japan has been encouraging.

Said Solomon: "The company continues to make significant investment and progress in the development of several additional compounds."

By: Mike Sheridan
+1 713 525 2653

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