Taro Pharmaceutical Industries Ltd., based in Israel, reported that earnings almost doubled in the quarter ended March 31. Taro, whose U.S. affiliate Taro Pharmaceuticals USA Inc. is based in Hawthorne, earned $47 million, or $1.06 a share, up from $26 million, or 58 cents a year earlier. Sales rose 35 percent to $145 million.
“We are pleased with the quarter”™s results and the consistent progress that we continue to make,” said Kal Sundaram, Taro”™s recently appointed chairman. “As we have stated in the past, a portion of our revenue and profit growth is the result of pricing opportunities, the sustainability of which is uncertain. We intend to ramp up our R&D expenditures in order to improve and grow our pipeline of products in order to remain competitive in a highly competitive market.”
During the quarter, Taro received one supplemental new drug application approval from the U.S. Food and Drug Administration for Daranide, which is used to treat Glaucoma. It also received one abbreviated new drug application approval in May for Escitalopram Oxalate oral solution, an antidepressant.
Finally, Taro”™s board of directors approved a change in the company”™s fiscal year end from December 31 to March 31. The change was made to align Taro’s fiscal reporting period and its annual budget planning with that of its major shareholder, Sun Pharmaceutical Industries Ltd. of India.
