Forest Laboratories Inc. (NYSE: FRX) reported Tuesday that its profit grew 12 percent in the fiscal third quarter, citing stronger sales of its Alzheimer's disease treatment Namenda as well as newer drugs, according to Associated Press.
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The company’s profit rose to $210.2 million, or 69 cents per share, from $188 million, or 62 cents per share, in the three months ended Dec. 31. Excluding one-time expenses, Forest said its profit fell to 97 cents per share from $1.03 per share.
Revenue, which includes product sales, contract revenue and interest income, grew 7 percent to $1.06 billion from $998 million.
Analysts polled by Thomson Reuters were expecting a profit of 86 cents per share and $1.04 billion in revenue. Analyst estimates usually leave out one-time items.
In December, Forest licensed a chronic lung disease and asthma drug called LAS100977 from Spanish pharmaceutical company Almirall SA, which amounted to $75 million, or 25 cents per share. Forest also posted a restructuring charge of 3 cents per share.
Quarterly sales of its antidepressant Lexapro slipped less than 1 percent to $582.6 million. Namenda sales grew 17 percent to $282.5 million. Sales of its high blood pressure drug Bystolic, which was launched in early 2008, more than doubled to $47.5 million. Revenue from the fibromyalgia drug Savella, launched in April, was $15.4 million.
Forest said its contract revenue edged up 6 percent, $55.8 million from $52.4 million, and its interest income dropped to $7.3 million from $24.2 million. Other income grew to $4.6 million from $1.3 million.
In afternoon trading, Forest rose $1.01, or 3.2 percent, to $31.67.
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