Forest Laboratories

Not to be confused with Forest Products Laboratory.
Forest Laboratories Inc.
Type Public (NYSE: FRX)
Industry Pharmaceutical
Founded 1954
Headquarters New York City, United States
Key people Howard Solomon, CEO
Revenue $4,419 million (2011)>[1]
Employees 5,600
Website http://www.frx.com

Forest Laboratories (NYSE: FRX) is a pharmaceutical company headquartered in New York City, US. The company's research and development spending has grown rapidly in recent years, and as of 2007, approached almost a billion US dollars a year, which put it on the list of the top 100 global corporations in R&D spending.[2][3] Forest Laboratories is also known for licensing European pharmaceuticals for sale in the United States.

Contents

Tax evasion

On 13 May 2010, ABC news and Bloomberg business news reported the organization "dodges taxes" by moving its profits offshore with the currently legal practice known as transfer pricing. U.S. Senator Carl Levin of Michigan has called transfer pricing "the corporate equivalent to secret offshore accounts of individual tax dodgers."[4]

Fraud

In September 2010, Forest Laboratories, Inc. and Forest Pharmaceuticals, Inc. (a subsidiary of Forest Laboratories) agreed to pay more than $313 million to resolve allegations of civil and criminal liability relating to obstruction of justice, the distribution of an unapproved new drug, Levothroid, and the illegal promotion of Celexa for use in treating children and adolescents.[5]

Celexa and Lexapro

Forest Laboratories has illegally promoted the drugs Celexa and Lexapro for unapproved pediatric uses in treating depression.[6]

Levothroid distribution

Forest Laboratories has distributed Levothroid in violation of the Food, Drug, and Cosmetic Act (FDCA).[7]

Locations

Both Lexapro and Namenda are produced in bulk at the Forest plant in Dublin, Ireland, with secondary processing, such as bottling and blister-packing, being carried out in the USA at plants in New York and St. Louis. Corporate profits end up in Forest Labs' Bermuda "subsidiary", a facility that consists of a secretary in a law office in a country with no corporate tax.[8]

Products

Some of the products Forest Laboratories markets with its partners include:

Pipeline candidates

Footnotes

  1. ^ "About Forest Laboratories". http://www.frx.com/about/. Retrieved 2011-12-28. 
  2. ^ "Forest Laboratories financial statements". http://ir.frx.com/phoenix.zhtml?c=83198&p=irol-IRHome. Retrieved 2007-11-15. 
  3. ^ "The 1250 Largest Companies Worldwide in R&D Spending". http://www.innovation.gov.uk/rd_scoreboard/?p=68. Retrieved 2007-11-15. 
  4. ^ "U.S. Firms Dodge Billions in Taxes by Moving Profits Overseas, ABC World News". http://abcnews.go.com/WN/us-firms-dodge-billions-taxes-moving-profits-overseas/story?id=10641219. Retrieved 2011-04-10. 
  5. ^ "Health Care Fraud and Abuse Control Program, Annual Report for Fiscal Year 2010". p. 19. http://oig.hhs.gov/publications/docs/hcfac/hcfacreport2010.pdf. Retrieved 2011-02-07. 
  6. ^ "Forest Pharmaceuticals to plead guilty, pay $313M, Business Courier, Cinncinati". http://www.bizjournals.com/cincinnati/stories/2010/09/13/daily36.html. Retrieved 2011-04-10. 
  7. ^ "Forest Pharmaceuticals to plead guilty, pay $313M, Business Courier, Cinncinati". http://www.bizjournals.com/cincinnati/stories/2010/09/13/daily36.html. Retrieved 2011-04-10. 
  8. ^ [1]

External links

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