Taro Pharmaceutical Industries Ltd. (TARO: Quote) Thursday reported an increase in profit for the first quarter, as revenue surged and margins improved.
Net income attributable to Taro improved to $47.3 million or $1.06 per share, compared to $25.7 million or $0.58 per share last year.
Net sales for the quarter grew 34.7 percent to $145.1 million from $107.7 million last year.
Gross margin for the quarter advanced to 68.3 percent from 58.6 percent last year. Operating margin rose to 45.6 percent from 31.0 percent last year.
Chairman Kal Sundaram said, "As we have stated in the past, a portion of our revenue and profit growth is the result of pricing opportunities, the sustainability of which is uncertain. We intend to ramp up our R&D expenditures in order to improve and grow our pipe-line of quality products in order to remain competitive in a highly-competitive market."
Further, Taro's Board has approved a change in its fiscal year end from December 31 to March 31. The new fiscal year end was effectuated to align Taro's fiscal reporting period and its annual budget planning with that of its major shareholder, Sun Pharmaceutical Industries Ltd.
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by RTT Staff Writer
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