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Taro Provides Results for the Year Ended March 31, 2019

Nachrichtenquelle: Business Wire (engl.)
23.05.2019, 00:42  |  413   |   |   

Taro Pharmaceutical Industries Ltd. (NYSE:TARO) (“Taro” or the “Company”) today provided unaudited financial results for the quarter and year ended March 31, 2019.

Quarter ended March 31, 2019 Highlights ─ compared to March 31, 2018

  • Net sales of $179.9 million increased $4.7 million, mainly driven by a 4.1% increase in overall volumes.
  • Gross profit of $119.5 million (66.4% of net sales compared to 67.9%) increased $0.6 million.
  • Research and development (R&D) expenses of $20.5 million remained in line with prior year.
  • Selling, marketing, general and administrative expenses (SG&A) of $23.3 million decreased $0.5 million.
  • Operating income of $75.4 million (41.9% of net sales compared to 42.7%) increased $0.6 million.
  • Interest and other financial income increased $2.3 million to $8.2 million.
  • Foreign Exchange (FX) expense of $9.4 million compared to income of $16.0 million - an unfavorable impact of $25.4 million, principally the result of the weakening of the U.S. dollar vs. the Canadian dollar. The FX impact is mainly balance sheet driven.
  • Tax expense of $15.6 million increased $5.0 million; with the effective tax rate of 21.1% compared to 11.0%.
  • Net income attributable to Taro was $58.4 million compared to $86.3 million, a $27.9 million decrease, resulting in diluted earnings per share of $1.52 compared to $2.17.

Year ended March 31, 2019 Highlights ─ compared to March 31, 2018

  • Net sales of $669.9 million increased $8.0 million, mainly driven by a 7.5% increase in overall volumes.
  • Gross profit of $445.7 million (66.5% of net sales compared to 70.0%) decreased $17.8 million.
  • R&D expenses of $63.2 million decreased $7.2 million, principally due to the continuous evaluation of our portfolio and adjusting for viable development of products.
  • SG&A of $90.0 million increased $1.8 million.
  • Operating income of $296.2 million (44.2% of net sales compared to 45.8%) decreased $6.8 million.
  • Interest and other financial income increased $13.6 million to $33.5 million.
  • FX income of $25.3 million compared to FX expense of $32.5 million - a favorable impact of $57.8 million, principally the result of the strengthening of the U.S. dollar vs. the Canadian dollar. The FX impact is mainly balance sheet driven.
  • Tax expense of $74.7 million decreased $7.2 million; with the effective tax rate of 20.9% compared to 28.0%. During the third quarter of 2018, the Company recorded a $38.0 million expense for the impact of the re-measurement of the Company's estimated net deferred tax asset, as a result of the Tax Cuts and Jobs Act. Excluding the impact from the one-time re-measurement, the tax expense would have been $44.0 million with an effective tax rate of 15.0%.
  • Net income attributable to Taro was $281.8 million compared to $211.2 million, a $70.6 million increase, resulting in diluted earnings per share of $7.23 compared to $5.26. Excluding the impact of the one-time tax re-measurement, prior year net income attributable to Taro would have been $248.0 million, or diluted earnings per share of $6.18.

Cash Flow and Balance Sheet Highlights

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