Forest Laboratories (NYSE: FRX) is expected to report Q1 earnings on July 17. Here's what Wall Street wants to see:

The 10-second takeaway
Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Forest Laboratories' revenues will shrink 29.3% and EPS will decrease 76.0%.

The average estimate for revenue is $814.8 million. On the bottom line, the average EPS estimate is $0.25.

Revenue details
Last quarter, Forest Laboratories reported revenue of $1.06 billion. GAAP reported sales were 7.2% lower than the prior-year quarter's $1.13 billion.

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Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
Last quarter, non-GAAP EPS came in at $0.78. GAAP EPS of $0.72 for Q4 were 35% lower than the prior-year quarter's $1.11 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
For the preceding quarter, gross margin was 79.3%, 30 basis points better than the prior-year quarter. Operating margin was 19.8%, 2,880 basis points worse than the prior-year quarter. Net margin was 18.4%, 1,010 basis points worse than the prior-year quarter.

Looking ahead
The full year's average estimate for revenue is $3.32 billion. The average EPS estimate is $0.69.

Investor sentiment
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Forest Laboratories is hold, with an average price target of $35.48.