HAWTHORNE, N.Y.--(BUSINESS WIRE)--Taro Pharmaceutical Industries Ltd. (NYSE:TARO) (“Taro” or the
“Company”) today provided unaudited financial results for the three and
six months ended September 30, 2016.
Quarter ended September 30, 2016 Highlights - compared to September
Net sales of $228.8 million, increased $16.7 million or 7.9%, driven
by increased volumes in the U.S. generic business. The 2015 net sales
were negatively impacted by a $19.6 million net charge taken to meet
contractual obligations associated with price adjustments. On a
pro-forma basis, adjusting 2015 net sales for the price protection
provision, net sales would have decreased 1.2%.
Gross profit of $177.3 million, increased $8.5 million, or 5.1%
Research and development (R&D) expenses decreased $3.9 million to
$14.8 million with all of our activities, including clinical studies,
proceeding according to plan as the R&D spend is not evenly
distributed across quarters.
Selling, marketing, general and administrative expenses (SG&A)
decreased $3.2 million to $20.9 million, principally the result of
reduced Keveyis marketing spend.
Operating income increased $16.6 million to $141.6 million, or 61.9%
of net sales compared to 58.9%
Foreign Exchange (FX) income decreased $21.5 million from $34.9
million to $13.4 million.
Tax expense of $35.6 million increased $5.1 million.
Net income attributable to Taro was $123.7 million compared to $133.3
million, a $9.7 million decrease, as the increase in operating income
was offset by the decrease in FX income and an increase in tax
expense, resulting in diluted earnings per share of $3.00 compared to
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