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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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 42.70 | 0 | 01:00:00 |
Taro Pharmaceutical Industries Ltd. (NYSE: TARO) (“Taro” or the “Company”) today provided unaudited financial results for the quarter ended June 30, 2023.
Quarter ended June 30, 2023 Highlights ─ compared to June 30, 2022
Cash Flow and Balance Sheet Highlights
Form 20-F Filings with the SEC
On June 29, 2023, Taro filed its Annual Report on Form 20-F with the U.S. Securities and Exchange Commission (“SEC”) for the fiscal year ended March 31, 2023.
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 June 30,2023
2022
(unaudited) (unaudited) Sales, net$
158,894
$
156,665
Cost of sales
94,810
75,059
Gross profit
64,084
81,606
Operating Expenses: Research and development
16,145
11,508
Selling, marketing, general and administrative
55,861
56,122
Operating income/(loss) *
(7,922
)
13,976
Financial (income) expense, net:
Interest and other financial income
(10,890
)
(1,926
)
Foreign exchange (income)/expense
(2,083
)
294
Other gain, net
390
445
Income/(loss) before income taxes
5,440
16,053
Tax expense/(benefit)
(4,593
)
1,974
Net income/(loss) *
$
10,033
$
14,079
Net income/(loss) per ordinary share: Basic and Diluted *
$
0.27
$
0.37
Weighted-average number of shares used to compute net income/(loss) per share: Basic and Diluted
37,584,891
37,584,891
May not foot due to rounding. TARO PHARMACEUTICAL INDUSTRIES LTD. SUMMARY CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands) June 30, March 31,
2023
2023
ASSETS (unaudited) (audited) CURRENT ASSETS: Cash and cash equivalents$
124,165
$
154,495
Short-term bank deposits
119,980
119,980
Marketable securities
562,008
575,814
Accounts receivable and other: Trade, net
226,873
202,260
Other receivables and prepaid expenses
56,555
57,210
Inventories
204,592
226,669
TOTAL CURRENT ASSETS
1,294,173
1,336,428
Marketable securities
451,174
404,896
Property, plant and equipment, net
189,590
190,139
Deferred income taxes
101,386
103,672
Goodwill
17,231
17,231
Other assets
81,495
83,147
TOTAL ASSETS$
2,135,049
$
2,135,513
LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables$
59,368
$
68,485
Other current liabilities
325,638
317,064
TOTAL CURRENT LIABILITIES
385,006
385,549
Deferred taxes and other long-term liabilities
11,511
19,106
TOTAL LIABILITIES
396,517
404,655
Taro shareholders' equity
1,738,532
1,730,858
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$
2,135,049
$
2,135,513
TARO PHARMACEUTICAL INDUSTRIES LTD. SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS (U.S. dollars in thousands) Quarter Ended June 30,2023
2022
(unaudited) (unaudited) Cash flows from operating activities: Net income$
10,033
$
14,079
Adjustments required to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization
7,892
6,978
Change in derivative instruments, net
—
(24
)
Effect of change in exchange rate on marketable securities and bank deposits
(953
)
747
Deferred income taxes, net
2,379
2,415
Increase in trade receivables, net
(24,814
)
(19,321
)
Decrease (increase) in inventories, net
21,977
(6,566
)
Decrease (increase) in other receivables, income tax receivables, prepaid expenses and other
505
(467
)
Decrease in trade, income tax, accrued expenses and other payables
(6,513
)
(59,819
)
(Income)/expense from amortization of marketable securities bonds, net
(2,729
)
3,950
Net cash provided by (used in) operating activities
7,777
(58,028
)
Cash flows from investing activities: Purchase of plant, property & equipment, net
(6,793
)
(2,074
)
Investment in other intangible assets
(51
)
(34
)
Proceeds from short-term bank deposits, net
—
25,000
Investment in long-term deposits and other assets
—
(73
)
(Investment in) proceeds from marketable securities, net
(31,860
)
11,936
Net cash used in investing activities
(38,704
)
34,755
Cash flows from financing activities: Net cash used in financing activities
—
—
Effect of exchange rate changes on cash and cash equivalents
597
(2,060
)
Decrease in cash and cash equivalents
(30,330
)
(25,333
)
Cash and cash equivalents at beginning of period
154,495
251,134
Cash and cash equivalents at end of period
$
124,165
$
225,801
Cash Paid during the year for: Income taxes
$
261
$
2,410
Cash Received during the year for: Income taxes
$
—
$
12,511
Non-cash investing transactions: Purchase of property, plant and equipment included in accounts payable
$
740
$
1,232
Non-cash financing transactions: Purchase of marketable securities, net
$
3,023
$
2,050
Sale of marketable securities
$
157
$
—
View source version on businesswire.com: https://www.businesswire.com/news/home/20230726580223/en/
William J. Coote VP, CFO (914) 345-9001 William.Coote@taro.com
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