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Forest quarterly earnings beat analyst expectations

Tuesday, 22 Oct 2013 | 7:57 AM ET

Oct 22 (Reuters) - Forest Laboratories Inc on Tuesday reported quarterly earnings before product acquisition costs that were more than twice what analysts expected, as sales of its treatments for Alzheimer's disease and depression increased.

The company, which has a new chief executive after investor Carl Icahn sought change at the top, said revenue rose 17 percent during the quarter.

It reported earnings of 36 cents per share, excluding product acquisition-related costs. Analysts expected 15 cents per share, according to Thomson Reuters I/B/E/S.

Net profit rose to $70 million, or 26 cents per share, from $21 million, or 8 cents a share, a year earlier.

Revenue increased to $855 million from $761 million a year earlier.

Former Bausch & Lomb Inc head Brent Saunders started on Oct. 1 as Forest's CEO, replacing longtime leader Howard Soloman. The move came after years of wrangling with Icahn as part of a deal that averted a proxy fight this past summer.

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