Forest Laboratories ($FRX) could well be playing a dirge at corporate headquarters today. The company's leading drug, Lexapro, now has new generic competition. Teva Pharmaceutical Industries ($TEVA) got FDA approval for its version yesterday, and immediately started shipping the product, putting some $2.9 billion of Forest's annual sales at risk.
Though Forest has been anticipating this event for years now, and has made some progress at filling the impending sales gap, it's not going to have an easy time over the next couple of years. Lexapro is far and away the company's biggest drug, accounting for around half its U.S. revenue.
Friday, March 16, 2012
Forest mourns as Teva celebrates launch of generic Lexapro - FiercePharma