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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Taro Pharmaceutical Industries Ltd | NYSE:TARO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.06 | -0.14% | 42.45 | 42.62 | 42.34 | 42.48 | 24,727 | 01:00:00 |
Taro Pharmaceutical Industries Ltd. (NYSE: TARO) (“Taro” or the “Company”) today provided unaudited financial results for the quarter and nine months ended December 31, 2021.
Quarter ended December 31, 2021 Highlights ─ compared to December 31, 2020
Nine Months ended December 31, 2021 Highlights ─ compared to December 31, 2020
Cash Flow and Balance Sheet Highlights
Mr. Uday Baldota, Taro’s CEO, stated, “Despite the challenging market conditions, particularly in the U.S. generic market, we successfully defended our market share across each business. Our current quarter and nine month performance reflects this. With the intent of ever strengthening the future, we remain focused on high return R&D investments as well as the exploration of new business development opportunities.”
FDA Approvals and Filings
The Company recently received approvals from the U.S. Food and Drug Administration (“FDA”) for the Abbreviated New Drug Applications (“ANDAs”): Sildenafil Powder for Oral Suspension, 10 mg/mL and Adapalene Gel, USP 0.1%. The Company currently has a total of seventeen ANDAs awaiting FDA approval, including four tentative approvals.
Taro Pharmaceuticals U.S.A., Inc. (“Taro USA”) Signs Settlement Agreement with the Direct Purchaser Plaintiffs
Taro USA entered into a settlement agreement with the direct purchaser class on November 4, 2021, which, if approved by the court, will resolve all claims brought by the direct purchaser class against Taro USA and its parents, affiliates, officers and directors in the In re: Generic Pharmaceuticals Pricing Antitrust Litigation. Under the terms of the settlement agreement, Taro USA will pay a maximum of $67.6 million, subject to a reduction of up to $8.0 million depending on the decisions of certain class members to opt out of the settlement. The settlement is subject to approval by the court.
The Company cautions that the foregoing financial information is presented on an unaudited basis and is subject to change.
************************
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 2022. 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.
**Financial Tables Follow**
TARO PHARMACEUTICAL INDUSTRIES LTD. SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (U.S. dollars in thousands, except share data)Quarter Ended
Nine Months Ended
December 31,
December 31,
2021
2020
2021
2020
Sales, net$
138,984
$
140,145
$
418,083
$
400,622
Cost of sales
62,937
66,957
202,293
180,900
Impairment
13
—
13
—
Gross profit
76,034
73,188
215,777
219,722
Operating Expenses: Research and development
14,201
14,081
39,648
43,565
Selling, marketing, general and administrative
24,841
22,798
72,501
69,121
Settlements and loss contingencies
26
—
61,446
478,924
Operating income (loss) *
36,966
36,309
42,182
(371,888
)
Financial income, net: Interest and other financial income
(2,090
)
(4,001
)
(7,501
)
(16,989
)
Foreign exchange expense
544
2,036
555
1,207
Other gain, net
990
863
3,714
2,792
Income (loss) before income taxes
39,501
39,137
52,842
(353,313
)
Tax expense
13,188
6,101
21,980
18,545
Net income (loss)
26,313
33,036
30,862
(371,858
)
Net income (loss) attributable to non-controlling interest
—
117
—
(14,991
)
Net income (loss) attributable to Taro *$
26,313
$
32,919
$
30,862
$
(356,867
)
Net income (loss) per ordinary share attributable to Taro: Basic and Diluted *$
0.70
$
0.86
$
0.82
$
(9.33
)
Weighted-average number of shares used to compute net income (loss) per share: Basic and Diluted
37,584,891
38,254,231
37,659,478
38,256,963
May not foot due to rounding.
* Excluding the settlement and loss contingencies charges of $61.4 million and $478.9 million for the nine months ended December 31, 2021 and 2020, Operating income was $103.6 million and $107.0 million, Net income attributable to Taro was $99.2 million and $107.1 million, and basic and diluted earnings per share was $2.64 and $2.80, respectively.
TARO PHARMACEUTICAL INDUSTRIES LTD. SUMMARY CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands)December 31,
December 31,
2021
2020
ASSETS(unaudited)
(audited)
CURRENT ASSETS: Cash and cash equivalents$
318,103
$
605,177
Short-term and current maturities of long-term bank deposits
35,573
—
Marketable securities
433,403
418,480
Accounts receivable and other: Trade, net
224,666
213,539
Other receivables and prepaid expenses
43,047
53,347
Inventories
182,446
180,292
TOTAL CURRENT ASSETS
1,237,238
1,470,835
Marketable securities
536,348
557,209
Property, plant and equipment, net
193,995
205,508
Deferred income taxes
125,659
142,007
Other assets
29,779
31,314
TOTAL ASSETS
$
2,123,019
$
2,406,873
LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables
$
43,685
$
61,166
Other current liabilities
351,108
615,135
TOTAL CURRENT LIABILITIES
394,793
676,301
Deferred taxes and other long-term liabilities
31,672
35,115
TOTAL LIABILITIES
426,465
711,416
Taro shareholders' equity
1,696,554
1,703,649
Non-controlling interest
—
(8,192
)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$
2,123,019
$
2,406,873
TARO PHARMACEUTICAL INDUSTRIES LTD. SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (U.S. dollars in thousands)
Nine Months Ended December 31,
2021
2020
Cash flows from operating activities: Net income (loss)$
30,862
$
(371,858
)
Adjustments required to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization
19,248
17,337
Impairment of long-lived assets
13
—
Realized loss on sale of long-lived assets
551
—
Change in derivative instruments, net
(536
)
(390
)
Effect of change in exchange rate on marketable securities and bank deposits
(39
)
(4,288
)
Deferred income taxes, net
15,003
(31,877
)
(Increase) decrease in trade receivables, net
(11,129
)
6,395
Increase in inventories, net
(2,154
)
(16,454
)
Decrease (increase) in other receivables, income tax receivables, prepaid expenses and other
10,973
(11,962
)
(Decrease) increase in trade, income tax, accrued expenses and other payables
(270,482
)
405,233
Expense from amortization of marketable securities bonds, net
7,734
2,579
Net cash used in operating activities
(199,956
)
(5,285
)
Cash flows from investing activities: Purchase of plant, property & equipment, net
(9,121
)
(14,210
)
Investment in other intangible assets
(120
)
(117
)
Investment in short-term bank deposits, net
(35,573
)
—
(Investment in) proceeds from marketable securities, net
(17,161
)
60,122
Net cash (used in) provided by investing activities
(61,975
)
45,795
Cash flows from financing activities: Purchase of treasury stock
(24,934
)
(3,243
)
Net cash used in financing activities
(24,934
)
(3,243
)
Effect of exchange rate changes on cash and cash equivalents
(209
)
2,297
(Decrease) increase in cash and cash equivalents
(287,074
)
39,564
Cash and cash equivalents at beginning of period
605,177
513,354
Cash and cash equivalents at end of period
$
318,103
$
552,918
Cash Paid during the year for: Income taxes
$
5,667
$
24,169
Cash Received during the year for: Income taxes
$
2,351
$
4,093
Non-cash investing transactions: Purchase of property, plant and equipment included in accounts payable
$
763
$
453
Non-cash financing transactions: Purchase of treasury stock
$
—
$
559
Purchase of marketable securities, net
$
—
$
580
View source version on businesswire.com: https://www.businesswire.com/news/home/20220127005955/en/
William J. Coote VP, Chief Financial Officer (914) 345-9001 William.Coote@taro.com
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