Forest Laboratories：製薬企業分析レポート

Abstract

Forest Laboratories and its subsidiaries develop, manufacture and market branded and generic forms of prescription and non-prescription pharmaceutical products, primarily in the US and Europe. This report provides a full review of the company' s activities together with sales forecasts for key products to 2011.

Forest Laboratories and its subsidiaries develop, manufacture and market branded and generic forms of prescription and non-prescription pharmaceutical products, primarily in the US and Europe. Its major products include Namenda for the treatment of moderate-to-severe Alzheimer' s disease, Lexapro for depression and generalised anxiety disorder, Benicar for hypertension and Campral for the maintenance of abstinence from alcohol in patients who are abstinent at treatment initiation.

Since Forest is not able to afford the cost and risk of discovering and developing its own novel molecules, its business model involves acquiring products from other companies, at any stage from conception to approval.

On 11th January 2007, Forest successfully completed the acquisition of Cerexa, a privately-held biopharmaceutical company based in Alameda, CA, in a cash-for-stock transaction with a purchase price of US$493.6 million plus a potential US$100 million milestone payment. As a result of the acquisition, Forest has obtained worldwide development and marketing rights (excluding Japan) to two injectable antibiotics (ceftaroline and ME1036) and an option to a third.

To enhance its early-stage pipeline, Forest has entered into a second new collaboration with Gedeon Richter which will focus on a group of novel compounds that target the group 1 metabotropic glutamate receptors (mGluR1/5). mGluR1/5 antagonists represent novel, potential agents for the treatment of anxiety, depression, pain and other CNS conditions. The companies intend to advance promising leads to clinical trials within the next two to three years. In addition, with the acquisition of Cerexa, Forest has acquired ME1036, a carbapenem antibiotic in preclinical development.

Table of Contents

• Latest Results

EXECUTIVE SUMMARY

• Introduction
• Current Financial Position
  • Company Performance
  • Business Segment Performance
  • Geographic Segment Performance
• Company Strategy
  • Mergers, Acquisitions and Divestitures
  • Key Agreements
    • Discontinued Agreements
  • Manufacturing/R&D Infrastructure
  • Products/R&D
  • Employees
• Product Performance Forecasts
• Pipeline Analysis
  • Discontinued R&D Projects
• Conclusions/Outlook

THERAPEUTIC AREA FOCUS

R&D PIPELINE

CENTRAL NERVOUS SYSTEM

• Marketed Products
  • Campral
  • Celexa
  • Combunox
  • Lexapro
  • Namenda
  • Others
• R&D Projects
  • mGLUR1/5 antagonists
  • Milnacipran
  • Neramexane
  • RGH-188
  • RGH-896
• Growth Forecast

CARDIOVASCULAR

• Marketed Products
  • Benicar
  • Others
• R&D Projects
  • Desmoteplase
  • Nebivolol
• Growth Forecast

OTHER

• Marketed Products
  • Aerobid
  • Armour Thyroid
  • Cervidil
  • Colomycin
  • Infasurf
  • Levothroid
  • Thyrolar
• R&D Projects
  • Aclidinium
  • Ceftaroline
  • ME1036
  • Oglemilast
• Growth Forecast

APPENDIX 1 - FINANCIA L PER FOR MANCE

• Full Year Results 2006

APPENDIX 2 - KEY COR PORATE EVENTS

APPENDIX 3 - KEY AGRE MENTS

• Almirall Prodesfarma SA
• Aurigene Discovery Technologies Ltd
• BTG Ltd
• Cypress Bioscience Inc
• Daiichi Sankyo
• Gedeon Richter Ltd
• Glenmark Pharmaceuticals Ltd
• INO Therapeutics
• Lundbeck
• Merck KGaA
• Merz Pharma GmbH & Co KGaA
• Mylan Laboratories Inc
• PAION AG
• Recordati
• Procter & Gamble
• Samaritan Pharmaceuticals Inc

APPENDIX 4 - INFRASTR UCTURE

• Research and Development Facilities
• Manufacturing Facilities

APPENDIX 5 - KEY PHAR MACEUTI CAL

• SUBSI DIARIES

APPENDIX 6 - PRO DUCT INDEX

Index of Tables

• Principal Operating Results
• Sales Breakdown
• Long-Lived Assets
• Major Products, Therapeutic Areas And Sales
• Major Central Nervous System Products, 2006

Index of Charts

• Top Selling Products, 2006
• Campral Sales (2001A-2011E)
• Lexapro Sales (2001A-2011E)
• Namenda Sales (2001-2011E)
• Sales, Costs and Operating Income
• Profitability and Research Ratios
• R&D Expenditure and Capital Expenditure
• Current Assets, Liabilities and Ratio
• Assets, Cash and Liquidity
• Employees and Productivity