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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% | 42.69 | 42.76 | 42.65 | 42.76 | 45,929 | 01:00:00 |
Taro Pharmaceutical Industries Ltd. (NYSE: TARO) (“Taro” or the “Company”) today provided unaudited financial results for the quarter and six months ended September 30, 2023.
Quarter ended September 30, 2023 Highlights ─ compared to September 30, 2022
Six Months ended September 30, 2023 Highlights ─ compared to September 30, 2022
Cash Flow and Balance Sheet Highlights
The Company cautions that the foregoing 2023 financial information is unaudited 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 2024. 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 Six Months Ended September 30, September 30,
2023
2022
2023
2022
Sales, net
$
148,202
$
130,498
$
307,096
$
287,163
Cost of sales
74,600
83,536
169,410
158,595
Gross profit
73,602
46,962
137,686
128,568
Operating Expenses: Research and development
14,325
11,522
30,470
23,030
Selling, marketing, general and administrative
54,537
42,255
110,398
98,377
Operating income/(loss) *
4,740
(6,815
)
(3,182
)
7,161
Financial (income)/expense, net: Interest and other financial income
(13,972
)
(4,296
)
(24,862
)
(6,222
)
Foreign exchange (income)/expense
1,623
2,788
(460
)
3,082
Other gain, net
566
395
956
839
Income/(loss) before income taxes
17,655
(4,913
)
23,096
11,140
Tax expense/(benefit)
9,108
(2,100
)
4,515
(126
)
Net income/(loss) *$
8,547
$
(2,813
)
$
18,581
$
11,266
Net income/(loss) per ordinary share: Basic and Diluted *
$
0.23
$
(0.07
)
$
0.49
$
0.30
Weighted-average number of shares used to compute net income/(loss) per share: Basic and Diluted
37,584,891
37,584,891
37,584,891
37,584,891
May not foot due to rounding.
* For the quarter ended September 30, 2023, excluding the impact from the certain one-time charges of $6.1 million (see page one of release for a description), operating income was $10.9 million compared to operating loss of $(6.8) million. Excluding the impact of the certain one-time charges, net income was $14.3 million, resulting in earnings per share of $0.38.
* For the six months ended September 30, 2023, excluding the impact from the certain one-time charges of $12.3 million (see page one of release for a description), operating income was $9.1 million compared to $7.2 million. Excluding the impact of the certain one-time charges, net income was $29.2 million, resulting in earnings per share of $0.78.
TARO PHARMACEUTICAL INDUSTRIES LTD. SUMMARY CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands) September 30, March 31,2023
2023
ASSETS (unaudited) (audited) CURRENT ASSETS: Cash and cash equivalents$
269,011
$
154,495
Short-term bank deposits
119,980
119,980
Marketable securities
518,058
575,814
Accounts receivable and other: Trade, net
181,064
202,260
Other receivables and prepaid expenses
46,254
57,210
Inventories
208,188
226,669
TOTAL CURRENT ASSETS
1,342,555
1,336,428
Marketable securities
388,370
404,896
Property, plant and equipment, net
189,893
190,139
Deferred income taxes
100,807
103,672
Goodwill
17,231
17,231
Other assets
80,617
83,147
TOTAL ASSETS$
2,119,473
$
2,135,513
LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables$
43,059
$
68,485
Other current liabilities
318,429
317,064
TOTAL CURRENT LIABILITIES
361,488
385,549
Deferred taxes and other long-term liabilities
10,429
19,106
TOTAL LIABILITIES
371,917
404,655
Taro shareholders' equity
1,747,556
1,730,858
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$
2,119,473
$
2,135,513
TARO PHARMACEUTICAL INDUSTRIES LTD. SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited)
(U.S. dollars in thousands) Six Months Ended September 30,
2023
2022
Cash flows from operating activities: Net income
$
18,581
$
11,266
Adjustments required to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization
15,498
13,994
Change in derivative instruments, net
—
(24
)
Decrease in goodwill and intangible assets
250
—
Effect of change in exchange rate on marketable securities and bank deposits
202
1,358
Deferred income taxes, net
2,539
2,245
Decrease (increase) in trade receivables, net
20,927
(2,071
)
Decrease (increase) in inventories, net
18,356
(5,316
)
Decrease in other receivables, income tax receivables, prepaid expenses and other
10,862
5,739
Decrease in trade, income tax, accrued expenses and other payables
(28,837
)
(71,798
)
(Income)/expense from amortization of marketable securities bonds, net
(3,085
)
6,940
Net cash provided by (used in) operating activities
55,293
(37,667
)
Cash flows from investing activities: Purchase of plant, property & equipment, net
(13,800
)
(3,443
)
Investment in other intangible assets
(50
)
(68
)
Investment in short-term bank deposits, net
—
(48,044
)
Proceeds from marketable securities, net
73,716
15,516
Net cash used in (provided by) investing activities
59,866
(36,039
)
Cash flows from financing activities: Net cash used in financing activities
—
—
Effect of exchange rate changes on cash and cash equivalents
(643
)
(2,237
)
Increase (decrease) in cash and cash equivalents
114,516
(75,943
)
Cash and cash equivalents at beginning of period
154,495
251,134
Cash and cash equivalents at end of period
$
269,011
$
175,191
Cash Paid during the year for: Income taxes
$
6,232
$
3,091
Cash Received during the year for: Income taxes
$
12,930
$
14,156
Non-cash investing transactions: Purchase of property, plant and equipment included in accounts payable
$
1,097
$
3,206
Non-cash financing transactions: Purchase of marketable securities, net
$
157
$
6,199
Sale of marketable securities
$
157
$
—
View source version on businesswire.com: https://www.businesswire.com/news/home/20231026372692/en/
William J. Coote VP, CFO (914) 345-9001 William.Coote@taro.com
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