(Corrects last paragraph to say the stock is listed on the NewYork Stock Exchange, not Nasdaq)
* Full-year adjusted earnings forecast $0.95-$1.15/share vs.est $0.96
* Alzheimer's disease, depression drugs drive second-quartersales
* Research and development costs fall 6 pct
* Shares up 2 pct
Oct 22 (Reuters) - Forest Laboratories Inc reportedquarterly earnings that were twice what analysts expected due tostrong sales of its Alzheimer's disease and depression drugs andlower spending on research and development.
The drugmaker's shares rose about 2 percent in openingtrading on Tuesday.
Chief Executive Brent Saunders, who took the reins of Forestafter activist investor Carl Icahn sought change at the top,said the company is reviewing changes to its strategy as itprepares to lose its patent on its key Alzheimer's disease drug,Namenda, in 2015.
Namenda sales rose 7.8 percent to $396.3 million in thesecond quarter while those of the company's depression drug,Viibryd, were up about 19 percent at $47.4 million.
Saunders, the former head of Bausch & Lomb Inc, started histerm on Oct. 1, replacing longtime leader Howard Soloman. Themove was part of a deal with Icahn to avert a proxy fight thispast summer.
The company also cut its forecast for full-year research anddevelopment expense to about $800 million from about $835million it estimated in April.
R&D expenses fell about 6 percent to $191.4 million in thesecond quarter ended Sept. 30.
Forest said it expected full-year adjusted earnings of $0.95per share to $1.15 per share. Analysts were expecting $0.96,according to Thomson Reuters I/B/E/S.
Quarterly earnings were 36 cents per share, excludingproduct acquisition-related costs, way above analysts'expectation of 15 cents per share.
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 yearearlier, and was above the analysts' estimate of $841 million.
Forest shares were trading at $45.19 on the New York StockExchange. (Reporting by Zeba Siddiqui and Caroline Humer; Editing byJeffrey Benkoe and Kirti Pandey)
- Company Earnings
- Forest Laboratories Inc
- New York Stock Exchange
- Research and development