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Taro Provides Results for Year Ended March 31, 2015

2015年05月27日 AM07:44
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HAWTHORNE, N.Y.

Taro Pharmaceutical Industries Ltd. (NYSE:TARO) (“Taro” or the “Company”) today provided unaudited financial results for the quarter and year ended March 31, 2015.

Quarter ended March 31, 2015 Highlights – compared to March 31, 2014

  • Net sales of $244.2 million, increased $57.0 million, or 30.5%, on flat volumes
  • Gross profit, as a percentage of net sales, was 81.8%, compared to 75.5% — an increase of $58.3 million or 41.2%
  • Research and development expenses increased $10.7 million to $23.9 million
  • Selling, marketing, general and administrative expenses of $22.2 million, a decrease of $4.4 million
  • Operating income increased $52.0 million to $153.5 million, or 62.9% of net sales, compared to $101.5 million, or 54.3% of net sales — representing 51.2% growth
  • Net income was positively impacted by foreign exchange (FX) income of $32.5 million, compared to $3.9 million, the result of favorable currency fluctuations
  • As a result of increased sales, increased gross margins and cost containment, net income attributable to Taro was $152.3 million compared to $89.6 million, resulting in diluted earnings per share of $3.56 compared to $2.10, a 70.0% increase

Year ended March 31, 2015 Highlights – compared to March 31, 2014

  • Net sales of $862.9 million, increased $103.7 million, or 13.7%, with a slight decrease in volumes
  • Gross profit, as a percentage of net sales was 78.4%, compared to 76.4% — an increase of $96.6 million or 16.7%
  • Research and development expenses increased $10.1 million to $65.5 million
  • Selling, marketing, general and administrative expenses decreased $4.1 million to $87.6 million
  • Settlements and loss contingencies was a $4.2 million credit, the net result of settlements which resulted in the reversal of a portion of the associated reserve, compared to a $2.6 million expense in 2014
  • Operating income increased $97.4 million to $527.6 million, or 61.1% of net sales, from $430.3 million, or 56.7% of net sales – representing 22.6% growth
  • Net income was favorably impacted by foreign exchange (FX) income of $41.6 million, compared to $7.1 million
  • Net income attributable to Taro was $484.3 million compared to $360.4 million, a $123.9 million increase, resulting in diluted earnings per share of $11.31 compared to $8.14, a 38.9% increase

Cash Flow and Balance Sheet Highlights

  • Cash provided by operations was $406.8 million, as compared to $357.6 million in the previous year
  • Cash at March 31, 2015 (including marketable securities), increased $287.8 million to $920.2 million from March 31, 2014
  • Total debt decreased $12.0 million, the result of the Company paying-off its debentures with institutional holders

Mr. Kal Sundaram, Taro’s CEO stated, “Overall, we are pleased with the quarter and full-year results, reflecting good performance despite the headwinds we face in the current environment. Our sales and earnings growth is mainly attributable to the prudent life cycle management of our existing product portfolio. We realized a modest benefit in cost of goods due to the strengthening of the U.S. dollar. Volumes of our U.S. generics business have experienced a slight decline during the year. We have also encountered increased competition and increased pricing pressure from customer consolidations.” Mr. Sundaram continued, “Our year-over-year increase in R&D demonstrates our commitment to growing our pipeline of quality products; further evidenced by twelve (12) total filings with the FDA this year.”

FDA Approvals and Filings

During the quarter, the Company filed five Abbreviated New Drug Applications (“ANDAs”) and a New Drug Application (NDA) with the U.S. Food and Drug Administration (“FDA”) – this brings the total number of filings for the fiscal year ended March 31 to twelve (12). With this, ANDAs representing thirty-five products and one NDA await FDA approval.

Earnings Call (8:00 am ET, May 28, 2015)

As previously announced, the Company will host an earnings call at 8:00 am ET on Thursday, May 28, 2015, where senior management will discuss the Company’s performance and answer questions from participants. This call will be accessible through an audio dial-in and a web-cast. Audio conference participants can dial-in on the numbers below:

  • Participant Toll-Free Dial-In Number: +1 (844) 421-0601 ID: 49865423
  • Participant International Dial-In Number: +1 (716) 247-5800 ID: 49865423
  • Web-cast: More details are provided on our website, www.taro.com

To participate in the audio call, please dial the numbers provided above five to ten minutes ahead of the scheduled start time. The operator will provide instructions on asking questions before the call.

The transcript of the event will be available on the Company’s website at www.taro.com. An audio playback will be available for fifteen (15) days following the call.

About Taro

Taro Pharmaceutical Industries Ltd. is a multinational, science-based pharmaceutical company, dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products. For further information on Taro Pharmaceutical Industries Ltd., please visit the Company’s website at www.taro.com.

SAFE HARBOR STATEMENT

The unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments necessary to present fairly the financial condition and results of operations of the Company. The unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 20-F, as filed with the SEC.

Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements that do not describe historical facts or that refer or relate to events or circumstances the Company “estimates,” “believes,” or “expects” to happen or similar language, and statements with respect to the Company’s financial performance, availability of financial information, and estimates of financial results and information for fiscal year 2015. Although the Company believes the expectations reflected in such forward-looking statements to be based on reasonable assumptions, it can give no assurances that its expectations will be attained. Factors that could cause actual results to differ include general domestic and international economic conditions, industry and market conditions, changes in the Company’s financial position, litigation brought by any party in any court in Israel, the United States, or any country in which Taro operates, regulatory and legislative actions in the countries in which Taro operates, and other risks detailed from time to time in the Company’s SEC reports, including its Annual Reports on Form 20-F. Forward-looking statements are applicable only as of the date on which they are made. The Company undertakes no obligations to update, change or revise any forward-looking statement, whether as a result of new information, additional or subsequent developments or otherwise.

**Financial Tables Follow**

         

TARO PHARMACEUTICAL INDUSTRIES LTD.

SUMMARY CONSOLIDATED STATEMENTS OF INCOME

(U.S. dollars in thousands, except share data)

 

Quarter Ended

Year Ended

March 31,

March 31,

 

2015

     

2014

 

2015

       

2014

(unaudited)

(unaudited)

(unaudited)

(audited)

Sales, net

$

244,180

$

187,176

$

862,944

$

759,285

Cost of sales   44,545  

45,818

 

186,359

  179,279

Gross Profit

199,635

141,358

676,585

580,006

 

Operating Expenses (Income):

Research and development 23,865 13,167 65,510 55,430

Selling, marketing, general and administrative

22,229

26,647 87,644 91,733
Settlements and loss contingencies       (4,200)   2,590

Operating income

153,541

101,544

527,631

430,253

 

Financial Income, net:

Interest and other financial income, net (3,087)

(1,241)

(9,677)

(5,167)
Foreign exchange income (32,481) (3,897)

(41,634)

(7,118)

Other income, net   395   407   2,738   1,369
Income before income taxes 189,504 107,089 581,680 443,907
Tax expense   36,872   17,433   96,059   82,729

Income from continuing operations

152,632

89,656

485,621

361,178

 
Net loss from discontinued operations   (314)   (97)   (787)   (319)
Net income 152,318 89,559 484,834 360,859

 

Net income (loss) attributable to non-controlling interest

  26   (81)   577   472
 

Net income attributable to Taro

$

152,292

$

89,640

$

484,257

$

360,387

 

Net income per ordinary share from continuing
operations attributable to Taro:

 

 

Basic $ 3.56 $ 2.10 $ 11.32 $ 8.15
Diluted $ 3.56 $ 2.10 $ 11.32 $ 8.15
 

Net loss per ordinary share from discontinued
operations attributable to Taro:

Basic

($ 0.00)

*

($ 0.00)

*

($ 0.01) ($ 0.01)
Diluted

($ 0.00)

*

($ 0.00)

*

($ 0.01)

($ 0.01)
 

Net income per ordinary share attributable to Taro:

 

Basic $ 3.56 $ 2.10 $ 11.31 $ 8.14
Diluted $ 3.56 $ 2.10 $ 11.31 $ 8.14
 

Weighted-average number of shares used to compute
net income per share:

 

 

Basic 42,833,533 42,830,989 42,833,533 44,276,003
Diluted 42,833,533 42,832,772 42,833,750 44,279,124
 
 
* Amount is less than $0.01.
May not foot due to rounding.
 
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    TARO PHARMACEUTICAL INDUSTRIES LTD.

    SUMMARY CONSOLIDATED BALANCE SHEETS

    (U.S. dollars in thousands)

     

    March 31,

    March 31,

      2015   2014
    (unaudited) (audited)
    ASSETS
    CURRENT ASSETS:
    Cash and cash equivalents $ 481,641 $ 209,967
    Short-term bank deposits 434,899 418,946
    Restricted short-term bank deposits 199 227
    Marketable securities 3,458 3,255
    Accounts receivable and other:
    Trade, net 222,427 138,772
    Other receivables and prepaid expenses 250,911 162,392
    Inventories 120,272 117,639
    Long-term assets held for sale, net     73
    TOTAL CURRENT ASSETS 1,513,807