Forest Laboratories (NYSE: FRX) is expected to report Q1 earnings on July 23. 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's revenues will compress -2.3% and EPS will shrink -67.9%.

The average estimate for revenue is $802.3 million. On the bottom line, the average EPS estimate is $0.09.

Revenue details
 Last quarter, Forest Laboratories tallied revenue of $821.7 million. GAAP reported sales were 23% lower than the prior-year quarter's $1.06 billion.

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 $0.25. GAAP EPS of $0.17 for Q4 were 76% lower than the prior-year quarter's $0.72 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 78.2%, 130 basis points worse than the prior-year quarter. Operating margin was 3.2%, much worse than the prior-year quarter. Net margin was 5.6%, much worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $3.43 billion. The average EPS estimate is $0.88.

Investor sentiment

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Forest Laboratories is outperform, with an average price target of $38.95.