UPDATE: Forest Laboratories Posts Drop In Q1 Profit

Forest Laboratories

reported a drop in its first-quarter profit. Forest Laboratories' quarterly profit declined to $55.3 million, or $0.21 per share, versus $258.1 million, or $0.90 per share, in the year-earlier period. Its adjusted profit dropped to $0.28 per share from $1.07 per share. Its revenue fell to $821.1 million, from $1.15 billion. However, analysts were expecting earnings of $0.26 per share on sales of $810.2 million. Forest Laboratories shares gained 1.05% to $35.55 in pre-market trading.