Forest Laboratories reports year-on-year growth in first quarter

Forest Laboratories has published its financial report for the first quarter of its 2011-12 fiscal year, during which it saw year-on-year business growth.

During the three months ending on June 30th 2011, the company generated net sales of $1.1 billion (682.6 million pounds), up by 8.2 percent on the corresponding period of last year.

The majority of this total could be accounted for by strengthening sales of its antidepressant therapy Lexapro, while contract revenue rose and the relative cost of sales fell during the quarter.

Howard Solomon, chairman and chief executive officer of Forest, said the company was satisfied with its first-quarter results, particularly in terms of the performance of products such as Bystolic, Savella and Teflaro.

"This is a very exciting and successful time for our company and I am confident that our corporate strategy is sound and we are in a great position to succeed well into the future," he added.

Earlier this month, the firm published positive data from a new clinical study of levomilnacipran, the new treatment for major depressive disorder it is developing alongside Pierre Fabre Medicament.