Forest Labs reports revenue increase on last year
22 Jul 2008
Forest Labs says its revenues for the second quarter were up by 4.2 per cent on the same period last year.
It reports that net sales increased by 6.1 per cent to approximately $894 million (£447 million), with research and development spending seeing an 18.1 per cent decrease on the figure for last year.
The company states that it repurchased around 6.6 million shares during the quarter, which leaves an additional 9.2 million shares available for repurchasing under the existing programme.
Chairman and chief executive officer Howard Solomon says the company is pleased with its financial performance for the quarter, "striking the balance between delivering a meaningful level of earnings-per-share and continuing to support and advancing a very significant product pipeline while also supporting our currently marketed products".
Meanwhile, Forest Labs recently said it had gained "positive" results from phase-three clinical trials of its ceftaroline drug in the treatment of complicated skin infections.
Howard Solomon referred to the findings as an "important step" in the advancement of the firm's pipeline and its commitment to developing a "robust antibiotic franchise".
