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Forest's net income down for Q3

Forest Laboratories has reported a decrease in net income of 10.5 per cent to $249m in its financial results for the third quarter of 2011 with R&D and administration costs both increasing

Forest Laboratories has reported a decrease in net income of 10.5 per cent to $249m in its financial results for the third quarter of 2011.

The company did, however, have improved revenue performance for the period, recording a net revenue increase of 9 per cent to $1.13m.

Net profit was affected by selling, general and administrative expenses, which were $388.7 m in 2011 compared to $316.4m in the same quarter in 2010, and R&D spending, which was $197.3m compared with $154.5m in last year's third quarter.

The current quarter also includes product development milestone charges of $30.0m compared to $3.0m in 2010.

The company's strong sales results were boosted by a good performance from beta-blocker Bystolic (nebivolol), which made $82.3m during the period - an increase of 29.2 per cent over 2010.

Sales of Savella (milnacipran HCl), a selective serotonin norepinephrine dual reuptake inhibitor (SNRI) for the management of fibromyalgia, were $25.5m, an increase of 19.1 per cent from last year's third quarter.

Howard Solomon, chairman and CEO of Forest, commented on how coping with upcoming patent losses was key to Forest's future.

He said: "We have been working diligently for the past seven years to build a solid product development pipeline that will more than replace the loss of Lexapro and Namenda following expiration of their marketing exclusivity over the next three years. We successfully introduced Bystolic in 2008 and Savella in 2009 and are currently in the process of launching Teflaro, Daliresp and Viibryd.

"With these five launches in hand plus the completed filings for aclidinium and linaclotide, along with the potential filings for levomilnacipran and cariprazine in 2012, we are on track with our business strategy to succeed well into the future."

19th October 2011

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