Forest quarterly earnings beat analyst expectations

Reuters

Oct 22 (Reuters) - Forest Laboratories Inc onTuesday reported quarterly earnings before product acquisitioncosts that were more than twice what analysts expected, as salesof its treatments for Alzheimer's disease and depressionincreased.

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

It reported earnings of 36 cents per share, excludingproduct acquisition-related costs. Analysts expected 15 centsper 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 yearearlier.

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

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