No one expected Forest Laboratories to post quarterly sales growth. How could it? The company's flagship drug, Lexapro, lost patent protection just as last year's fiscal fourth quarter drew to a close. So, this time around, Forest's sales were destined to drop.
After losing patent protection last year on the blockbuster antidepressant Lexapro, Danish drugmaker Lundbeck hopes to regain a least a bit of that vaporized revenue as it launches its anti-binge drinking drug Selincro in some European countries.
Sundance Diagnostics is pursuing a novel path for companion diagnostics development--blood tests that will gauge a patient's risk for suicide while taking certain antidepressant drugs. The new twist: The blood tests will be paired with prescription drugs already on the market.
Forest Laboratories is in dire need of a Bloody Mary for its still-severe Lexapro hangover. The U.S.-based drugmaker fell short of low expectations for the third quarter, thanks to a 41% drop in sales, largely because of generic competition for the blockbuster antidepressant. And the company ratcheted back predictions for its full-year results.
There was a glimmer of good news today for Lundbeck, which has been slashing its payroll and its earnings projections as it wrestles with the patent loss of blockbuster Lexapro.
With revenue numbers sliding now that Lexapro is getting battered by generic competition, Lundbeck has been refining its late-stage R&D game, and top execs want the world to know that it has a comeback strategy.
Danish drugmaker Lundbeck, whose Lexapro sales have been depressed by generics, managed to maintain a flat operating profit in its third quarter as it works on a potential new blockbuster in hopes of better days to come.
Brazil's Moksha8 may be saying goodbye to Watson Pharmaceuticals ($WPI) as a minority owner. But it's saying hello to new business from the U.S. generics company--and a brand new partnership with Forest Laboratories. The latter not only wins Moksha8 up to $125 million in financing over the next two years; it also gives Forest the option to buy the Brazilian firm in 2014.
We're wondering whether Forest Laboratories shareholders wish they could recast their proxy votes. The company's third-quarter sales tanked because of Lexapro's cut-rate generic competition, and it cut its outlook, both for revenue and earnings.
Generics have hit the antidepressant market hard. With patents on some key drugs either expired or near expiration, analysts figure the $12.3 billion field will lose more than $2 billion in value by 2021. Finding new drugs could turn the numbers around, but these days, fewer drugmakers are even looking.