Israel-based drugmaker Taro Pharmaceutical Industries Ltd. (TARO) on Thursday reported a 4 percent increase in profit for the fourth quarter, reflecting double-digit revenue growth and higher margins.
The company's net income for the fourth quarter was $49.17 million or $1.10 per share, up from $47.25 million or $1.06 per share in the previous-year quarter.
The latest quarter's results include loss from discontinued operations of $1.15 million or $0.03 per share, compared to income from discontinued operations of $66 thousand or breakeven per share in the same period last year.
Income from continuing operations rose to $50.22 million or $1.13 per share from $47.34 million or $1.06 per share in the year-ago period.
Net sales for the quarter rose 14 percent to $165.13 million from $145.14 million in the prior-year quarter.
Taro recorded settlements and loss contingencies of $22.0 million in March 2013, related to certain price reporting litigations.
Gross profit as a percentage of net sales, increased to 72.4 percent from 68.3 percent in the year-ago period.
During the quarter, Taro filed Abbreviated New Drug Applications or ANDAs for five products with the U.S. Food and Drug Administration or FDA. With this, ANDAs representing twenty one products as well as two New Drug Applications or NDAs await FDA approval.
For fiscal 2013, Taro's net income rose to $266.21 million or $5.95 per share from $204.27 million or $4.59 per share last year. Net sales grew 24 percent to $670.95 million from $543.08 million in the previous year.
TARO closed Thursday's trading at $63.22, down $0.60 or 0.94 percent on a volume of 16,242 shares.
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