Taro Pharmaceuticals, with major equity stake of 69 per cent with Sun Pharmaceutical, has posted satisfactory financial performance during the third quarter ended December 2014 and its net profit moved up by 22.4 per cent to $142 million from $116 million in the corresponding period of last year. Its net sales also increased by 11.2 per cent to $238 million from $214 million. EPS worked out to $3.33 as against $2.59 in the last period. Dilip Shanghvi, chairman of Sun Pharmaceutical is holding position of chairman of the board of directors and Kal Sundaram as director and CEO.
Its R&D expenditure declined by 13.3 per cent to $13 million from $15 million and selling & other expenses remained almost same at $21 million. Recently, it received an approval for diclofenac sodium topical solution 1.5% ANDA and it filed one more ANDA with US FDA. With this, ANDAs representing thirty products await FDA approval.
Taro develops, manufactures and markets prescription and OTC pharmaceutical products primarily in the United States, Canada and Israel. Taro’s primary areas of focus include pediatric creams and ointments, liquids, capsules and tablets, mainly for the dermatological, topical, cardiovascular, neuropsychiatric and anti-inflammatory therapeutic categories.
For the nine months ended December 2014, Taro's net sales increased by 8.2 per cent to $619 million from $572 million in the similar period of last year. Its net profit went up by 22.5 per cent to $332 million from $271 million. Its R&D expenditure remained at $42 million.