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 30, 2015
- 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 $3.11.
