Net income up 33% at Forest Labs.

Forest Laboratories of the USA says that net sales for the thirdquarter ended December 31, 2001, increased 30% to $403.1 million, thanks principally to strong growth of the antidepressant Celexa (citalopram), licensed from Denmark's Lundbeck. US turnover of the drug was $280.5 million.

Net income increased 33% to $87.4 million, while diluted earnings per share rose 31% to $0.47. Selling, general and administrative expenses were up 21% to $152.5 million and R&D costs climbed 56% to just over $41 million.

Howard Solomon, Forest's chief executive, noted that the firm has made significant progress in its pipeline development. It filed New Drug Applications in the USA for lercanidipine, a calcium channel blocker discovered and developed by Italy's Recordati (Marketletter October 8, 2001), and its novel combination of oxycodone and ibuprofen for moderately-severe to severe pain.