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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 9/10

vs
industry
vs
history
Cash to Debt 2.52
FRX's Cash to Debt is ranked higher than
68% of the 750 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 2.39 vs. FRX: 2.52 )
FRX' s 10-Year Cash to Debt Range
Min: 2.52   Max: No Debt
Current: 2.52

Equity to Asset 0.66
FRX's Equity to Asset is ranked higher than
71% of the 712 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 0.60 vs. FRX: 0.66 )
FRX' s 10-Year Equity to Asset Range
Min: 0.66   Max: 0.92
Current: 0.66

0.66
0.92
Interest Coverage No Debt
FRX's Interest Coverage is ranked higher than
84% of the 462 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 90.51 vs. FRX: No Debt )
FRX' s 10-Year Interest Coverage Range
Min: 9999.99   Max: 9999.99
Current: No Debt

F-Score: 6
Z-Score: 6.89
M-Score: -3.03
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 7/10

vs
industry
vs
history
Operating margin (%) -1.43
FRX's Operating margin (%) is ranked higher than
54% of the 713 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 9.34 vs. FRX: -1.43 )
FRX' s 10-Year Operating margin (%) Range
Min: -23.98   Max: 37.5
Current: -1.43

-23.98
37.5
Net-margin (%) -1.03
FRX's Net-margin (%) is ranked higher than
54% of the 713 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 7.50 vs. FRX: -1.03 )
FRX' s 10-Year Net-margin (%) Range
Min: -8.41   Max: 27.7
Current: -1.03

-8.41
27.7
ROE (%) -0.56
FRX's ROE (%) is ranked higher than
54% of the 716 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 7.00 vs. FRX: -0.56 )
FRX' s 10-Year ROE (%) Range
Min: -3.77   Max: 26.78
Current: -0.56

-3.77
26.78
ROA (%) -0.42
FRX's ROA (%) is ranked higher than
56% of the 745 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 3.95 vs. FRX: -0.42 )
FRX' s 10-Year ROA (%) Range
Min: -3.37   Max: 22.71
Current: -0.42

-3.37
22.71
ROC (Joel Greenblatt) (%) -6.88
FRX's ROC (Joel Greenblatt) (%) is ranked higher than
54% of the 735 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 14.63 vs. FRX: -6.88 )
FRX' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -32.58   Max: 199.83
Current: -6.88

-32.58
199.83
Revenue Growth (%) -5.30
FRX's Revenue Growth (%) is ranked higher than
53% of the 549 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 5.10 vs. FRX: -5.30 )
FRX' s 10-Year Revenue Growth (%) Range
Min: -5.3   Max: 44.6
Current: -5.3

-5.3
44.6
EBITDA Growth (%) -51.90
FRX's EBITDA Growth (%) is ranked lower than
57% of the 504 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 1.00 vs. FRX: -51.90 )
FRX' s 10-Year EBITDA Growth (%) Range
Min: -51.9   Max: 71
Current: -51.9

-51.9
71
» FRX's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q1 2013

FRX Guru Trades in Q1 2013

Louis Moore Bacon 150,000 sh (New)
Bill Nygren 3,000,000 sh (New)
Paul Tudor Jones 156,600 sh (+1857.5%)
Steven Cohen 361,442 sh (+337.3%)
Diamond Hill Capital 601,971 sh (+62.24%)
Vanguard Health Care Fund 26,360,524 sh (+1.77%)
Carl Icahn 30,662,005 sh (unchged)
Bernard Horn 62,200 sh (unchged)
Richard Pzena 907,850 sh (unchged)
Carl Icahn Sold Out
Jeremy Grantham 231,732 sh (-15.74%)
Jim Simons 958,200 sh (-50.01%)
Joel Greenblatt 5,611 sh (-92.16%)
» More
Q2 2013

FRX Guru Trades in Q2 2013

Paul Tudor Jones 400,000 sh (+155.43%)
Bill Nygren 4,950,000 sh (+65%)
Diamond Hill Capital 730,293 sh (+21.32%)
Richard Pzena 925,100 sh (+1.9%)
Vanguard Health Care Fund 26,666,866 sh (+1.16%)
Carl Icahn 30,662,005 sh (unchged)
Louis Moore Bacon 100,000 sh (unchged)
Bernard Horn 62,200 sh (unchged)
Joel Greenblatt Sold Out
Louis Moore Bacon Sold Out
Jeremy Grantham 129,498 sh (-44.12%)
Jim Simons 304,700 sh (-68.2%)
Steven Cohen 17,384 sh (-95.19%)
» More
Q3 2013

FRX Guru Trades in Q3 2013

Jean-Marie Eveillard 648,160 sh (New)
Dodge & Cox 3,441,441 sh (New)
Murray Stahl 7,616 sh (New)
Steven Cohen 46,257 sh (+166.09%)
Diamond Hill Capital 841,118 sh (+15.18%)
Carl Icahn 30,662,005 sh (unchged)
Bill Nygren 4,950,000 sh (unchged)
Vanguard Health Care Fund 26,666,866 sh (unchged)
Bernard Horn 62,200 sh (unchged)
Paul Tudor Jones Sold Out
Jim Simons 127,200 sh (-58.25%)
Jeremy Grantham 18,518 sh (-85.7%)
Richard Pzena 13,075 sh (-98.59%)
» More
Q4 2013

FRX Guru Trades in Q4 2013

Paul Tudor Jones 16,758 sh (New)
Ray Dalio 201,461 sh (New)
Dodge & Cox 7,647,837 sh (+122.23%)
Jean-Marie Eveillard 964,630 sh (+48.83%)
Murray Stahl 9,185 sh (+20.6%)
Vanguard Health Care Fund 26,666,866 sh (unchged)
Carl Icahn 30,662,005 sh (unchged)
Bernard Horn 62,200 sh (unchged)
Bill Nygren 4,950,000 sh (unchged)
Richard Pzena Sold Out
Jim Simons Sold Out
Jeremy Grantham 13,948 sh (-24.68%)
Diamond Hill Capital 413,694 sh (-50.82%)
Steven Cohen 8,344 sh (-81.96%)
» More
» Details

Insider Trades

Latest Guru Trades with FRX

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Dodge & Cox 2013-12-31 Add 122.23%0.26%$42.65 - $60.19 $ 89.5878%7647837
Ray Dalio 2013-12-31 New Buy0.1%$42.65 - $60.19 $ 89.5878%201461
Jean-Marie Eveillard 2013-12-31 Add 48.83%0.05%$42.65 - $60.19 $ 89.5878%964630
Dodge & Cox 2013-09-30 New Buy0.17%$41.71 - $44.78 $ 89.58106%3441441
Jean-Marie Eveillard 2013-09-30 New Buy0.08%$41.71 - $44.78 $ 89.58106%648160
Joel Greenblatt 2013-06-30 Sold Out 0.01%$35.44 - $41.84 $ 89.58132%0
Joel Greenblatt 2013-03-31 Reduce -92.16%0.14%$35.32 - $38.15 $ 89.58143%5611
Joel Greenblatt 2012-12-31 Reduce -44.7%0.14%$32.07 - $37.42 $ 89.58157%71567
Carl Icahn 2012-09-30 Add 16.31%1.37%$32.64 - $36.13 $ 89.58158%30662005
Joel Greenblatt 2012-09-30 Reduce -65.92%0.65%$32.64 - $36.13 $ 89.58158%129420
John Hussman 2012-09-30 Sold Out 0.23%$32.64 - $36.13 $ 89.58158%0
Joel Greenblatt 2012-03-31 Add 34.89%0.28%$30.43 - $34.87 $ 89.58195%362627
John Hussman 2012-03-31 Reduce -30%0.07%$30.43 - $34.87 $ 89.58195%350000
Joel Greenblatt 2011-12-31 Add 21.42%0.17%$28.55 - $32.56 $ 89.58195%268827
David Dreman 2011-12-31 Sold Out 0.06%$28.55 - $32.56 $ 89.58195%0
Carl Icahn 2011-09-30 Add 1478.52%6.75%$30.71 - $39.92 $ 89.58156%26083088
Joel Greenblatt 2011-09-30 Add 23.11%0.21%$30.71 - $39.92 $ 89.58156%221406
Joel Greenblatt 2011-06-30 Add 186.61%0.64%$32.27 - $40.15 $ 89.58152%179847
John Hussman 2011-06-30 Add 233.33%0.22%$32.27 - $40.15 $ 89.58152%500000
Jean-Marie Eveillard 2011-06-30 Sold Out $32.27 - $40.15 $ 89.58152%0
Joel Greenblatt 2011-03-31 Reduce -61.39%0.97%$30.32 - $34.33 $ 89.58178%62750
Carl Icahn 2011-03-31 Add 36.21%0.23%$30.32 - $34.33 $ 89.58178%1652372
Jean-Marie Eveillard 2011-03-31 New Buy0.02%$30.32 - $34.33 $ 89.58178%95580
George Soros 2011-03-31 Sold Out $30.32 - $34.33 $ 89.58178%0
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Guru Investment Theses on Forest Laboratories, Inc.

Bill Nygren Comments on Forest Laboratories - Apr 14, 2014

After returning 40% last quarter, Forest (FRX) returned another 52% in the first quarter as the company agreed to be acquired by Actavis for both cash and stock. We believe the acquisition price was full and fair. While our investment thesis – that Forest’s new drug launches would be successful and leverage the company’s expenses – did not have the chance to transpire, we are more than pleased that the stock price reached our estimated value in short order. It’s not uncommon for the management of companies in transition to resist being acquired before their strategies to create value are fully realized. We applaud the leaders at Forest for their willingness to pull forward this value, even if it denied them the personal satisfaction of seeing their efforts realized in the coming years. We believe this could serve as a lesson for the leadership of other public companies. If someone wants to pay a fair price on a risk-adjusted basis for ‘what could be’ in your business, you owe it to your shareholders to realize this value so that they can recycle their capital into other attractively valued investments.

From Bill Nygren (Trades, Portfolio)'s Oakmark Select Fund first quarter 2014 investor letter.

Check out Bill Nygren latest stock trades

Bill Nygren Comments on Forest Laboratories - Apr 10, 2014

The best performing stock in the quarter was Forest Laboratories (Forest), up 54%. Forest has been an incredibly successful investment for the Oakmark Fund, and we offer our congratulations to the company’s board and management team for maximizing per-share value for shareholders. It has only been one year since we first wrote about our purchase of Forest, and since then, the share price has increased 149%. Please refer to the Oakmark Select commentary for a more detailed description of our tax-efficient sale strategy for Forest.

From Bill Nygren (Trades, Portfolio)'s Oakmark Fund first quarter 2014 commentary.

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Diamond Hill Capital Comments on Forest Laboratories Inc. - Mar 07, 2014

Drug manufacturer Forest Laboratories, Inc. (FRX) announced results for the most recent quarter that surpassed expectations. More importantly, the company's new CEO announced aggressive cost cutting targets and a $1 billion share buyback plan.

From Diamond Hill Capital (Trades, Portfolio)'s Select Fund Commentary for fourth quarter 2013.

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Bill Nygren Comments on Forest Labs - Jan 09, 2014

As value investors with a long-term horizon, we are happy to patiently wait for undervalued securities to appreciate toward our estimates of intrinsic value.  Occasionally, we are pleased to see the value gap close more rapidly, which is what has happened with Forest Labs over the past three quarters.  Forest Labs appointed a new CEO, who quickly introduced a substantial cost-cutting program and a more shareholder-friendly capital allocation strategy.  These measures helped Forest Labs enjoy a 60% increase in stock price since January 2013.

 

From Bill Nygren (Trades, Portfolio)'s fourth quarter 2013 commentary.

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Bill Nygren Comments on Forest Laboratories - Oct 08, 2013

In the past fiscal year, we purchased Forest Laboratories, Kennametal, and Oracle, which were all discussed in prior letters. Forest (FRX)’s many new drug launches remain on track with our original estimates and we look forward to this value being demonstrated in the income statement as sales ramp relative to expenses over the next several years.

From Bill Nygren's Oakmark Select Fund third quarter 2013 commentary.
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Bill Nygren Comments on Forest Laboratories - Apr 23, 2013

During the quarter we added Forest Laboratories (FRX)(FRX - $37) to the portfolio. Forest doesn't have the high yield or low P/E that has attracted investors to other pharmaceutical stocks, but it does have a collection of newly introduced drugs that we believe is worth significantly more than the stock price. A more complete explanation of our interest in Forest is available in the Oakmark Fund quarterly letter.

The purchase of Forest was largely funded by a continued reduction in our Discovery position. We couldn't be more pleased with Discovery’s growth in profitability, largely due to an increased number of viewers across its networks. We are also pleased with its use of cash to repurchase shares. But with the stock trading at $70, compared to less than $9 five years ago, it is hard to argue that investors are not giving them appropriate credit for that performance.

From Bill Nygren's Oakmark Select Fund first quarter 2013 commentary.


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Top Ranked Articles about Forest Laboratories, Inc.

Bill Nygren Comments on Forest Laboratories
After returning 40% last quarter, Forest (FRX) returned another 52% in the first quarter as the company agreed to be acquired by Actavis for both cash and stock. We believe the acquisition price was full and fair. While our investment thesis – that Forest’s new drug launches would be successful and leverage the company’s expenses – did not have the chance to transpire, we are more than pleased that the stock price reached our estimated value in short order. It’s not uncommon for the management of companies in transition to resist being acquired before their strategies to create value are fully realized. We applaud the leaders at Forest for their willingness to pull forward this value, even if it denied them the personal satisfaction of seeing their efforts realized in the coming years. We believe this could serve as a lesson for the leadership of other public companies. If someone wants to pay a fair price on a risk-adjusted basis for ‘what could be’ in your business, you owe it to your shareholders to realize this value so that they can recycle their capital into other attractively valued investments. Read more...
Bill Nygren Comments on Forest Laboratories
The best performing stock in the quarter was Forest Laboratories (Forest), up 54%. Forest has been an incredibly successful investment for the Oakmark Fund, and we offer our congratulations to the company’s board and management team for maximizing per-share value for shareholders. It has only been one year since we first wrote about our purchase of Forest, and since then, the share price has increased 149%. Please refer to the Oakmark Select commentary for a more detailed description of our tax-efficient sale strategy for Forest. Read more...
Diamond Hill Capital Comments on Forest Laboratories Inc.
Drug manufacturer Forest Laboratories, Inc. (FRX) announced results for the most recent quarter that surpassed expectations. More importantly, the company's new CEO announced aggressive cost cutting targets and a $1 billion share buyback plan. Read more...
Vanguard Health Care Fund’s Top Five
Over the duration of the fourth quarter the Vanguard Health Care Fund purchased added four new stocks to its holdings. The fund now holds on to 93 stocks valued at $32.35 billion. The following companies are Vanguard's top five portfolio holdings. Read more...
Weekly CFO Sells Highlight: Google Inc, Forest Laboratories Inc, Facebook Inc, Gilead Sciences Inc.
According to GuruFocus Insider Data, the recent CFO sells were: Google Inc, Forest Laboratories Inc, Facebook Inc and Gilead Sciences Inc.  Read more...
Weekly Insider Sells Highlight: FRX, AXP, WFC, BBT, VECO
According to GuruFocus Insider Data, the largest insider sells during the past week were: Forest Laboratories Inc., American Express Co., Wells Fargo & Co., BB&T Corp and Veeco Instruments Inc. Read more...
Bill Nygren Comments on Forest Labs
As value investors with a long-term horizon, we are happy to patiently wait for undervalued securities to appreciate toward our estimates of intrinsic value.  Occasionally, we are pleased to see the value gap close more rapidly, which is what has happened with Forest Labs over the past three quarters.  Forest Labs appointed a new CEO, who quickly introduced a substantial cost-cutting program and a more shareholder-friendly capital allocation strategy.  These measures helped Forest Labs enjoy a 60% increase in stock price since January 2013. Read more...
Bill Nygren Comments on Forest Laboratories
In the past fiscal year, we purchased Forest Laboratories, Kennametal, and Oracle, which were all discussed in prior letters. Forest (FRX)’s many new drug launches remain on track with our original estimates and we look forward to this value being demonstrated in the income statement as sales ramp relative to expenses over the next several years. Read more...
Bill Nygren's Oakmark Fund's Second Quarter Portfolio Increases
Bill Nygren released his Oakmark Fund second quarter portfolio earlier today which reported a total of 53 stocks valued at over $9.06 billion. Nygren purchased three new stocks and increased his position in 29 over the duration of the second quarter. Read more...
Bill Nygren Buys Forest Laboratories, DirecTV, UnitedHealth, Apple, Sells Discovery Communications, Viacom
Bill Nygren, the manager of Oakmark Fund and Oakmark Select Fund, has been bullish. He is seeing positive activities such as higher dividends, share buybacks and acquisitions. He also believes that EPS growth will be higher than net income growth because of the share buybacks. These activities from the business makes him bullish. That is why he has bought a lot stocks than he sold. Read more...

Ratios

vs
industry
vs
history
P/E(ttm) 151.30
FRX's P/E(ttm) is ranked lower than
68% of the 527 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 25.60 vs. FRX: 151.30 )
FRX' s 10-Year P/E(ttm) Range
Min: 6.55   Max: 168.73
Current: 151.3

6.55
168.73
P/B 4.10
FRX's P/B is ranked higher than
52% of the 700 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 2.84 vs. FRX: 4.10 )
FRX' s 10-Year P/B Range
Min: 1.4   Max: 9.1
Current: 4.1

1.4
9.1
P/S 7.10
FRX's P/S is ranked lower than
69% of the 717 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 2.95 vs. FRX: 7.10 )
FRX' s 10-Year P/S Range
Min: 1.49   Max: 11.03
Current: 7.1

1.49
11.03
PFCF 100.70
FRX's PFCF is ranked lower than
60% of the 328 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 24.79 vs. FRX: 100.70 )
FRX' s 10-Year PFCF Range
Min: 5.83   Max: 574
Current: 100.7

5.83
574
EV-to-EBIT 111.10
FRX's EV-to-EBIT is ranked lower than
72% of the 593 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 19.45 vs. FRX: 111.10 )
FRX' s 10-Year EV-to-EBIT Range
Min: 3.3   Max: 122.9
Current: 111.1

3.3
122.9
PEG 30.20
FRX's PEG is ranked lower than
60% of the 309 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 2.80 vs. FRX: 30.20 )
FRX' s 10-Year PEG Range
Min: 0.32   Max: 30.5
Current: 30.2

0.32
30.5
Shiller P/E 39.60
FRX's Shiller P/E is ranked higher than
54% of the 363 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 25.59 vs. FRX: 39.60 )
FRX' s 10-Year Shiller P/E Range
Min: 8.21   Max: 83.93
Current: 39.6

8.21
83.93

Valuation & Return

vs
industry
vs
history
Price/Net Current Asset Value 53.00
FRX's Price/Net Current Asset Value is ranked lower than
87% of the 317 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 9.80 vs. FRX: 53.00 )
FRX' s 10-Year Price/Net Current Asset Value Range
Min: 3.02   Max: 35.52
Current: 53

3.02
35.52
Price/Tangible Book 7.50
FRX's Price/Tangible Book is ranked lower than
67% of the 639 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 4.10 vs. FRX: 7.50 )
FRX' s 10-Year Price/Tangible Book Range
Min: 1.61   Max: 13.45
Current: 7.5

1.61
13.45
Price/DCF (Projected) 2.30
FRX's Price/DCF (Projected) is ranked higher than
59% of the 349 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 1.70 vs. FRX: 2.30 )
FRX' s 10-Year Price/DCF (Projected) Range
Min: 0.53   Max: 5.83
Current: 2.3

0.53
5.83
Price/Median PS Value 2.10
FRX's Price/Median PS Value is ranked lower than
70% of the 675 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 1.10 vs. FRX: 2.10 )
FRX' s 10-Year Price/Median PS Value Range
Min: 0.52   Max: 3.27
Current: 2.1

0.52
3.27
Price/Graham Number 7.20
FRX's Price/Graham Number is ranked lower than
78% of the 470 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 2.20 vs. FRX: 7.20 )
FRX' s 10-Year Price/Graham Number Range
Min: 0.84   Max: 6.89
Current: 7.2

0.84
6.89
Earnings Yield (Greenblatt) 0.90
FRX's Earnings Yield (Greenblatt) is ranked lower than
64% of the 595 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 4.80 vs. FRX: 0.90 )
FRX' s 10-Year Earnings Yield (Greenblatt) Range
Min: 0.8   Max: 30.1
Current: 0.9

0.8
30.1
Forward Rate of Return (Yacktman) -27.59
FRX's Forward Rate of Return (Yacktman) is ranked lower than
53% of the 531 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 1.45 vs. FRX: -27.59 )
FRX' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -27.5   Max: 73.5
Current: -27.59

-27.5
73.5

Business Description

Industry: Drug Manufacturers » Drug Manufacturers - Specialty & Generic
Compare:TKPYY, TEVA, AGN, MRX, ESALF » details
Traded in other countries:FQX.Germany
Forest Laboratories, Inc. is a Delaware corporation organized in 1956. The Company develops, manufactures and sells branded forms of ethical drug products most of which require a physician's prescription. The Company's most important United States products are marketed directly, or 'detailed,' to physicians by its salesforces. It emphasizes detailing to physicians of those branded ethical drugs which have the most potential for growth and benefit to patients. The Company also develops and introduces new products, including products developed in collaboration with licensing partners. The Company's products include those developed by it and those acquired from other pharmaceutical companies and integrated into its marketing and distribution systems. It actively promotes in the United States those branded products which have the most potential for growth and patient benefit, and which enable its salesforces to concentrate on groups of physicians who are high prescribers of its products. Such products include: Lexapro, its SSRI for the treatment of major depression in adults and adolescents and GAD in adults; Namenda, its NMDA antagonist for the treatment of moderate and severe Alzheimer's disease; Bystolic, its beta-blocker for the treatment of hypertension; and Savella, its newest product, an SNRI for the management of fibromyalgia. The Company's United Kingdom and Ireland subsidiaries sell both ethical products and over-the-counter preparations. Their most important products include Sudocrem, a topical preparation for the treatment of diaper rash; Colomycin, an antibiotic used in the treatment of cystic fibrosis; Infacol, used to treat infant colic; and Exorex, used in the treatment of eczema and psoriasis. The pharmaceutical industry is subject to comprehensive government regulation which substantially increases the difficulty and cost incurred in obtaining the approval to market newly proposed drug products and maintaining the approval to market existing drugs.

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