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Taro WKN 897505 könnte sich heute zum zock eignen.
Aktie verliert zur zeit knapp 40%
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Press Releases
7/29/2004
TARO REPORTS 2ND QUARTER & SIX-MONTH 2004 RESULTS AND PROVIDES UPDATE ON PROPRIETARY DRUG PIPELINE

Hawthorne, New York, July 29, 2004 – Taro Pharmaceutical Industries Ltd. (Nasdaq:TARO) today reported results for the Company’s second quarter and six months ended June 30, 2004, and provided investors with an update on the progress of the Company’s proprietary product pipeline.

Second Quarter 2004 Results
Taro’s second quarter sales were $49.1 million, compared with $74.8 million in the second quarter of 2003. Gross profit for the quarter was $23.5 million, compared with $50.0 million for the second quarter of 2003.

A substantial majority of the decrease in sales in the second quarter of 2004 was attributable to reduced purchases by several of the Company’s largest wholesaler customers. Additional factors that impacted sales during the quarter were competitive pricing pressure on the Company’s generic products and the mix of products sold.


The Company believes that the decrease in sales to wholesalers primarily reflects a decision by wholesalers to reduce inventories, including inventories of the Company’s products. This belief is supported by independent industry sources, which indicate that prescriptions filled with Taro products have been increasing despite the reduced purchases of those products by wholesalers. In addition, customary deductions by wholesaler customers to the Company also indicate that sales of Taro products by wholesalers to retailers remain strong. Moreover, wholesalers have recently disclosed publicly that their inventories are decreasing. The Company noted that if end-user demand for its products continues at current or increased levels, it is reasonable to assume that wholesalers’ inventories will have to be replenished with a consequent increase of sales to wholesalers. The Company has no assurance that this assumption will ultimately be validated or when, if ever, the replenishment process might begin.

Selling, general and administrative expenses for the quarter were $30.6 million, compared with $22.4 million in the year-ago quarter. SG&A expenses in the quarter reflect increases in selling costs associated with the professional medical representatives of the Company’s TaroPharma division and the Company’s U.S. marketing activities for proprietary products.

R&D expenses were $10.5 million, compared with $9.6 million for the year-ago quarter. The Company reported an operating loss of $17.6 million, compared with operating income of $18.0 million in the second quarter of 2003.

As a result of the lower than expected sales, the Company reported a net loss for the quarter of $8.9 million, or $0.31 per share, compared with net income of $14.8 million, or $0.50 per diluted share, for the year-ago quarter.

"While we are, of course, disappointed with our results for the second quarter, we believe that the decrease in sales is largely attributable to the timing of purchases by wholesale customers, who appear to be reducing their inventories," said Barrie Levitt, M.D., Chairman of the Company. "Overall prescriptions for our products have increased during the second quarter compared with last year, according to industry sources. Therefore, we believe that once the wholesalers adjust their current inventories, their purchasing patterns will normalize in future quarters.

"Taro will continue to invest in research and development activities, the Company’s primary growth strategy, as well as in other initiatives that are designed to build shareholder value in the long term. We are confident in the quality of our submissions to the FDA; however, the timing of new product approvals is impossible to predict with certainty. In light of the results of the first six months, we are implementing a comprehensive review of all of our costs in order to reduce our expense profile," said Dr. Levitt. "This action will not only help our profitability in the short term, but will make Taro a stronger organization."

First Half 2004 Results

Taro’s sales for the first half of 2004 were $133.2 million, compared with $143.7 million for the same period in 2003. The Company’s gross profit in the six-month period was $79.9 million, compared with $94.4 million for the same period in 2003.

Selling, general and administrative expenses for the period were $64.7 million, compared with $39.9 million for the first half of last year. R&D expenses were $22.2 million, compared with $18.3 million for the year-ago period. The Company reported an operating loss of $7.1 million, compared with operating income of $36.1 million for the same period of 2003.

Net income was $2.3 million, or $0.08 per diluted share, compared with $28.8 million, or $0.97 per diluted share, for the year-ago period.

Financial Position

At June 30, 2004, Taro’s total assets were $635.1 million, an increase of $18.6 million, compared with $616.5 million at December 31, 2003.

Total liabilities were $284.3 million, an increase of $16.9 million, compared with $267.4 million at the end of 2003.

Shareholders’ equity at June 30, 2004 was $349.9 million, an increase of $2.5 million, compared with $347.4 million at the end of 2003.

Recent FDA Approvals:

Terconazole Vaginal Cream and Ammonium Lactate Lotion Approved

In April 2004, Taro’s U.S. affiliate received approval from the U.S. Food and Drug Administration ("FDA") for its Abbreviated New Drug Application ("ANDA") for terconazole vaginal cream, 0.8%, bioequivalent to Ortho-McNeil Pharmaceutical’s Terazol® 3 Vaginal Cream 0.8%. Terconazole cream is a prescription antifungal medication used for the treatment of vaginal yeast infections. According to industry sources, the Ortho-McNeil product had U.S. sales of $27.5 million in 2003.

In June 2004, Taro’s U.S. affiliate received approval of its ANDA for ammonium lactate lotion, 12% from the FDA. The product, bioequivalent to Bristol-Myers Squibb’s Lac-Hydrin® lotion, is a prescription product used for the treatment of dry, itchy, scaly skin (xerosis and ichthyosis vulgaris). According to industry sources, U.S. sales of ammonium lactate lotion products were approximately $26.9 million in 2003.

Proprietary Research:




Hompage
http://www.taro.com/Default.asp?bhcp=1

Könnte heute guter zock werden.

MFG Reimund

[ooy]

Bin zur Eroeffnung zu 18,92 rein, aber nicht als Zock.
Falls dieses Quartal ein Ausrutscher war, sehen wir dieses Jahr wieder Kurse ueber 30.

[ooy]

Hui, bin jetzt doch zu 22,30 raus.
Schnelles Geld, vielleicht unter 20 wieder rein.

[ooy]

Habs doch gewusst - zu frueh!! Jetzt schon 23,50!