Adam Feuerstein

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Celexa, Lexapro Sales Boost Forest Labs' Quarter

Adam Feuerstein

Forest Laboratories(FRX Quote) said its fiscal third-quarter profits doubled on strong sales of its antidepressant drugs.

The New York-based drugmaker also forecast better-than-expected results for its fiscal fourth quarter, which ends March 31.

Forest said net income during the quarter roughly doubled to $174.6 million, or 47 cents a share, adjusted for a 2-for-1 stock split on Dec. 23. Analysts were expecting earnings of 45 cents a share, according to the consensus estimate compiled by Thomson Financial/First Call.

Sales in the quarter rose 46% to $586.8 million. Forest's antidepressant franchise -- Celexa and Lexapro -- contributed $452.2 million in sales during the quarter.

Looking ahead, Forest says it expects earnings for its fiscal fourth quarter to be comparable with this quarter's results. Wall Street is currently expecting earnings of 45 cents per share.