Robertson Stephens Reiterates Buy Rating on FRX.SAN FRANCISCO--(BUSINESS WIRE)--Nov. 18, 1999--
Robertson Stephens Managing Director and Senior Specialty Pharmaceuticals Analyst Donald B. Ellis today reiterated his Buy rating on Forest Laboratories (NYSE NYSE
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Forest develops and markets branded, generic and non-prescription drugs in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Western and Eastern Europe Eastern Europe
The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. .
"We are reiterating our Buy rating and price target of $61 on Forest Laboratories, following IMS's release of October prescription-sales data," said Ellis.
"Organic growth has increased from 2 percent in August 1999 to 35 percent in October 1999, which we believe is among the highest in the pharmaceutical industry," said Ellis. "Total prescription growth of 35 percent is in-line with our revenue growth forecast for the quarter. We believe that organic growth continues to be driven by Celexa, up 830 percent, versus our forecasts of 433 percent growth."
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