UPDATE: Forest Laboratories Reports Drop In Q3 Profit

Forest Laboratories Inc (NYSE: FRX) reported a decline in its third-quarter profit.

Forest Laboratories' quarterly profit dropped to $278.4 million, or $1.04 per share, from $320.7 million, or $1.11 per share, in the year-earlier period. Its adjusted earnings came in at $1.04 per share. Forest Laboratories' sales climbed 9.2% to $1.2 billion. However, analysts were expecting earnings of $1.01 per share on revenue of $1.18 billion.

Forest Labs projects 2012 earnings of $3.65 to $3.75 per share, versus analysts' estimates of $3.67 per share.

Forest Laboratories shares closed at $30.90 on Friday.