Forest Labs Sees FY10 EPS At Upper End Of $3.40-$3.50

Forest Laboratories Inc. (FRX) expects 2010 earnings, excluding items, to be at the high end of its previous range of $3.40 to $3.50 a share.

The projection comes after the company reported third-quarter earnings that significantly beat Wall Street expectations. Analysts currently expect earnings for the year ended March 31 to be $3.46 a share, according to Thomson Reuters.

The fourth quarter is likely to include heavy spending related to fibromyalgia drug Savella, blood-pressure treatment Bystolic, and Daxas, which is in development for chronic obstructive pulmonary disease, said Chief Financial Officer Frank Perier in a conference call.

Forest shares recently traded up 1.7% to $31.19.

Earlier Tuesday, Forest reported third-quarter earnings rose to $210.2 million, or 69 cents a share, from $188 million, or 62 cents a share, a year ago. Excluding items, earnings were 97 cents a share, exceeding an average analyst projection of 86 cents a share.

Revenue rose 6.7% to $1.06 billion, also beating an average projection of $1.04 billion.

- By Thomas Gryta, Dow Jones Newswires; 212-416-2169; thomas.gryta@dowjones.com

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