Forest Labs Ups Estimates

Its antidepressants are selling well.
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Updated from Oct. 4

Forest Laboratories

(FRX)

shares jumped Tuesday after the company late Monday said September quarter earnings will be about 20% higher than analysts were forecasting thanks to brisk sales of antidepressants.

Analysts surveyed by Thomson First Call had been predicting earnings of 63 cents a share in the quarter, the drugmaker's second. Forest earned 49 cents a share a year ago.

Shares rose $2.86, or 6.2%, to $48.60.

Forest expects quarterly sales of $850 million, including $415 million for its antidepressant Lexapro, $255 million for the antidepressant Celexa and $80 million for the Alzheimer's disease drug Namenda.

Forest added that, in the absence of a generic version of Celexa during its fiscal third quarter ending Dec. 31, earnings per share for that quarter will also exceed the Thomson First Call consensus of 65 cents and will be "comparable to earnings per share in the fiscal second quarter." Forest will issue its formal second-quarter results on Oct. 18.