UPDATE: Forest Laboratories Reports Downbeat FQ2 Earnings

Forest Laboratories Inc (NYSE: FRX) reported a decline in its fiscal second-quarter earnings on Tuesday.

Forest Laboratories' quarterly net profit dropped to $249.8 million, or $0.91 per share, from $286.1 million, or $1 per share, in the year-ago quarter. Its revenue surged to $1.17 billion from $1.04 billion. However, analysts were expecting earnings of $0.99 per share on revenue of $1.16 billion.

Forest Laboratories still projects earnings for the fiscal year ending March 31, 2012 in the range of $3.60 to $3.70 per share, versus analysts' estimates of $3.76 per share.

Forest Laboratories shares closed at $32.13 yesterday.