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Taro Provides Results for December 31, 2015

2016年02月11日 AM07:15
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HAWTHORNE, N.Y.

Taro Pharmaceutical Industries Ltd. (NYSE:TARO) (“Taro” or the “Company”) today provided unaudited financial results for the three and nine months ended December 31, 2015.

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

  • Net sales of $258.3 million, increased $20.6 million, or 8.7%, on marginally increased volumes
  • Gross profit of $214.2 million increased $20.7 million as Cost of Goods remained flat; and as a percentage of net sales, was 82.9% compared to 81.4%
  • Research and development expenses increased 39.9% to $17.9 million
  • Selling, marketing, general and administrative expenses increased $1.5 million to $22.9 million
  • Operating income increased $14.1 million to $173.4 million
  • Net Income was favorably impacted by a $15.6 million increase in foreign exchange (FX) income to $23.9 million, principally the result of the strength of the U.S. dollar vs. Canadian dollar
  • Tax expense decreased $16.3 million to $11.8 million resulting in an effective tax rate of 5.9% compared to 16.5%; we expect the tax benefits realized this quarter to continue for the remainder of the 2015/16 fiscal year
  • Net income attributable to Taro was $189.0 million compared to $142.5 million, resulting in diluted earnings per share of $4.41 compared to $3.33

Nine Months ended December 31, 2015 Highlights – compared to December 31, 2014

  • Net sales of $685.7 million, increased $66.9 million, or 10.8%, despite a 5% volume decline and a change in product mix
  • Gross profit increased $77.8 million to $554.7 million and as a percentage of net sales, was 80.9% compared to 77.1%
  • Research and development expenses increased 23.0% to $51.2 million
  • Selling, marketing, general and administrative expenses increased $4.4 million to $69.8 million
  • Operating income increased $58.7 million to $432.7 million
  • FX income increased $45.4 million to $54.5 million
  • Tax expense increased $13.2 million due to the $106.6 million increase in pre-tax income, however the effective tax rate decreased from 15.1% to 14.5%
  • Net income attributable to Taro was $426.0 million compared to $332.0 million, a $94.0 million increase, resulting in diluted earnings per share of $9.95 compared to $7.75

Mr. Kal Sundaram, Taro’s CEO stated, “We are satisfied with our overall performance, which is in-line with our expectations, given a competitive landscape that continues to intensify.” Mr. Sundaram continued, “Regarding Keveyis, the first medicine approved by the FDA for the treatment of primary periodic paralysis, the patient feedback we have received is extremely positive, however its use is less than anticipated. We will continue to invest in medical and marketing initiatives to build the brand and monitor the sales performance of Keveyis in the coming quarters.”

Cash Flow and Balance Sheet Highlights

  • Cash provided by operations for the period ended December 31, 2015 was $239.7 million, as compared to $192.8 million at December 31, 2014
  • Cash, including marketable securities of $1.2 billion, increased $262.5 million from March 31, 2015
  • During the quarter, the Company paid-off its remaining debt of $5.9 million

FDA Approvals and Filings

The Company recently received an approval from the U.S. Food and Drug Administration (“FDA”) for an Abbreviated New Drug Application (“ANDA”) Naftifine Hydrochloride Cream USP, 2%. The Company currently has a total of thirty-five ANDAs awaiting FDA approval.

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 2016. 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.

           

 

TARO PHARMACEUTICAL INDUSTRIES LTD.

SUMMARY CONSOLIDATED STATEMENTS OF INCOME

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

 

Quarter Ended Nine Months Ended
December 31, December 31,

2015

2014

2015

2014

Sales, net $ 258,342 $ 237,700 $ 685,678 $ 618,764
Cost of sales 44,166 44,206 128,994 141,814
Impairment           1,947      
Gross profit 214,176 193,494 554,737 476,950
 
Operating Expenses:
Research and development 17,944 12,829 51,212 41,645
Selling, marketing, general and administrative 22,866 21,345 69,804 65,415
Settlements and loss contingencies   (27 )       973     (4,200 )
Operating income 173,393 159,320 432,748 374,090
 
Financial Income, net:
Interest and other financial income (3,038 ) (2,968 ) (9,708 ) (6,590 )
Foreign exchange income (23,887 ) (8,264 ) (54,545 ) (9,153 )
Other gain, net   710     362     1,820     2,343  
Income before income taxes 201,028 170,914 498,821 392,176
Tax expense   11,831     28,174     72,363     59,187  
Income from continuing operations 189,197 142,740 426,458 332,989
Net loss from discontinued operations   (101 )   (126 )   (202 )   (473 )
Net income 189,096 142,614 426,256 332,516
Net income attributable to non-controlling interest   98     132     274     551  
Net income attributable to Taro $ 188,998   $ 142,482   $ 425,982   $ 331,965  
 

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

Basic $ 4.41   $ 3.33   $ 9.95   $ 7.76  
Diluted $ 4.41   $ 3.33   $ 9.95   $ 7.76  
 

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

Basic $ (0.00 ) * $ (0.00 ) * $ (0.00 ) * $ (0.01 )
Diluted $ (0.00 ) * $ (0.00 ) * $ (0.00 ) * $ (0.01 )
 
Net income per ordinary share attributable to Taro:
Basic $ 4.41   $ 3.33   $ 9.95   $ 7.75  
Diluted $ 4.41   $ 3.33   $ 9.95   $ 7.75  
 

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

Basic   42,833,533     42,833,533     42,833,533     42,833,162  
Diluted   42,833,533     42,833,533     42,833,533     42,833,452  
 
* Amount is less than $0.01
May not foot due to rounding.
         

 

TARO PHARMACEUTICAL INDUSTRIES LTD.

SUMMARY CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands)

 

    December 31,    

      March 31,      

    2015    

      2015      

ASSETS (unaudited) (audited)
CURRENT ASSETS:
Cash and cash equivalents $ 523,214 $ 481,641
Short-term bank deposits 655,982 434,899
Restricted short-term bank deposits 199
Marketable securities 3,502 3,458
Accounts receivable and other:
Trade, net 279,538 222,427
Other receivables and prepaid expenses 275,025 250,911
Inventories 126,875 120,272
Long-term assets held for sale, net   1,034  
TOTAL CURRENT ASSETS 1,865,170 1,513,807
Long-term receivables and other assets 31,356 46,330
Property, plant and equipment, net 153,343 153,045
Other assets   20,604   24,563
TOTAL ASSETS $ 2,070,473 $ 1,737,745
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