Taro Pharma Q4 Profit Rises - Update

(RTTNews) - Israel-based drugmaker Taro Pharmaceutical Industries Ltd. (TARO) on Tuesday reported an increase in profit for the fourth quarter, as revenues increased 13 percent.

Taro's net income for the fourth quarter rose to $89.6 million or $2.10 per share from $49.2 million or $1.10 per share last year.

Net sales for the quarter rose 13.3 percent to $187.2 million from $165.1 million last year. However, volumes dropped "slightly."

Gross profit as a percentage of net sales, increased to 75.5 percent from 72.4 percent last year.

Research and development expenses, as a percentage of sales decreased to 7.0 percent from 7.4 percent a year ago; while selling, marketing, general and administrative expenses, as a percentage of sales, increased to 14.2 percent from 13.4 percent last year.

During the quarter, Taro got approval from the FDA for an Abbreviated New Drug Application for Phenytoin Chewable Tablets.

TARO closed Tuesday's trading at $106.07, down $2.25 or 2.08%, on a volume of 20 thousand shares on the NYSE.