Forest Labs' profit up 8% on AD drug sales

The USA's Forest Laboratories posted an 8% increase in profit for the fiscal second quarter ending September 30, 2008, compared to the same period of the year before, due to increased sales and cut-back R&D costs.

Net income was $244.1 million versus $225.2 million. Earnings per share rose 13%, to $0.80. R&D expenses were reduced by 14% to $146.4 million. Turnover advanced 8% to $992.5 million. The majority of the increase was due to rocketing sales of Alzheimer's disease treatment Namenda (memantine), which were up 28% to $246.1 million.

Forest updated its guidance for fiscal 2009, predicting EPS, excluding exceptional costs, of $3.30 to $3.40. The company also said that it had been notified by the US Food and Drug Administration that the action date for the firm's New Drug Application for milnacipran for the treatment of fibromyalgia would not be met. Forest and partner Cypress Bioscience still plan to launch the product next year.