Net income for the quarter ended Sept. 30 rose to $241.1 million, or 75 cents a share, from $204.9 million, or 59 cents, a year earlier, reflecting sales of the Lexapro antidepressant and Namenda for Alzheimer's disease, New York-based
Sales jumped 12 percent for Lexapro and 26 percent for Namenda, and the two drugs accounted for 80 percent of
``The issue for Forest is, can the company sustain this kind of growth?'' said Timothy Chiang, an analyst at FTN Midwest Securities Corp. in
Second-quarter revenue for
“Forest won a federal court ruling in July protecting Lexapro, which it started selling in 2002, from generic competition from Teva Pharmaceutical Industries Ltd., based in
While Teva can't copy Lexapro before 2012, Teva has started selling a generic form of Zoloft, an antidepressant made by New York-based Pfizer Inc., and some drug-industry analysts have said the generic might cut into how many new patients buy Lexapro.
``We have not seen any meaningful change in prescribing patterns for Lexapro at this point,'' Goodman said.
Forest licensed Lexapro from Copenhagen-based H. Lundbeck A/S and acquired rights to Namenda from the Merz Group, based in
``Around 2011, 2012, the company could be dealing with a cliff, falling off a cliff, in terms of its revenue base,'' Chiang said. ``They're working hard to put together a late-stage pipeline.''
Hey, how about making another SSRI? There are just not enough of those on the market. Or, better yet, try a dual norepinephrine/serotonin reuptake inhibitor and market it very aggressively. That apparently worked for Cymbalta – just ask Lilly. It seems like
Link to Bloomberg post here.