Taro Pharmaceutical, a subsidiary of Sun Pharmaceutical and Industries, has improved its financial working during the year ended December 2011 basically higher foreign exchange gains. Its net profit went up sharply to $183 million from $64 million in the previous year. Foreign exchange gains amounted to $6.9 million as against a loss of $52 million. Its net sales increased by 29.1 per cent to $506 million from $393 million. With better profit growth, its earnings per share moved up to $4.12 as against $1.60 in the preceding year..
Taro’s interim CEO, Jim Kedrowski, stated, “We are very pleased with both 2011’s fourth quarter and full year performance. The successful execution of our strategic plans and changes we have implemented are reflected in these solid financial results. The company’s performance across all markets was very positive, however, a significant portion of the quarter’s growth in net sales and profits was derived from price increases on select products in the US market and may not be sustainable.”
During the fourth quarter ended December 2011, Taro filed an ANDA for one product with the US FDA. For the year, Taro has filed ANDAs for three products and has received approval for ANDAs representing seven products. Additionally, ANDAs for 23 products (including four tentative approvals) and one New Drug Application await FDA approval.
The company's R&D expenditure decrease to $30.9 million from $36.4 million in the previous year. Its selling, marketing, general and administrative expenses declined to $93.9 million from $107.9 million and interest cost declined to $3.2 million from $6.6 million.