Barr Says Earnings Will Exceed Forecasts

Barr Laboratories Inc. said it will earn at least 21% more in its fiscal first quarter than previously thought, as health insurers switch U.S. patients to its generic version of the antidepressant Prozac.

Barr’s forecast followed a profit warning a day earlier by Indianapolis-based Eli Lilly & Co., which has seen its antidepressant market share fall by more than 80% since it lost patent protection in August.

Pomona, N.Y.-based Barr said it would earn $1.75 to $1.80 a share in its first quarter, well above the Wall Street forecast of $1.43, the average estimate of analysts polled by Thomson Financial/First Call.

Barr shares fell 28 cents to close at $83.12, while Lilly fell 28 cents to $78.97, both on the NYSE.