Citigroup maintains forecasts for Forest Labs

The earnings per share forecasts of Forest Labs Inc. were maintained by Citigroup Investment Research analyst Andrew Swanson after Forest reported second-quarter earnings per share of $0.59 ahead of Citigroup's estimates of $0.57 a share and consensus of $0.56 a share. Citigroup said the upside was due to lower-than-expected research and development spending of $65 million versus an expected $95 million. Revenues were lighter than expected with drug Lexapro the key driver of the shortfall. Citigroup said it was maintaining forecasts of earnings per share of $2.36 in 2006 and $2.91 in 2007. Shares of the New York-based pharmaceutical company were up $0.27, or 0.77%, at $35.53 on volume of 5,022,700 shares versus the three-month running average of 2,063,750 shares.

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