Moneycontrol Bureau
Taro Pharma, the subsidiary of Sun Pharmaceutical Industries, disappointed street with its July-September quarter earnings on Tuesday. Profit (net income) was down 7 percent to USD 133.3 million during the quarter compared to USD 143.4 million in year-ago period, impacted by lower revenue and weak operational performance. It was supported by foreign exchange income that rose by USD 28.7 million to USD 34.9 million during the quarter.
Revenue declined 15.5 percent to USD 212.1 million in same period due to impact of net charges taken to meet contractual obligations associated with price adjustments and changing US market dynamics on certain products, the company said in its statement.
Operating income was down 22 percent to USD 125 million in quarter ended September 2015 compared to USD 160.27 million in corresponding quarter of last fiscal.
Taro said research & development expenses increased by USD 4.9 million to USD 18.7 million and selling, marketing, general & administrative expenses were up by USD 2.4 million to USD 24 million in quarter gone by.
The company currently has 34 ANDAs (abbreviated new drug applications awaiting FDA approval.
Additionally, the company (on October 1) entered into a share purchase agreement with EPIRUS Biopharmaceuticals Inc for all of shares of Zalicus Pharmaceuticals and its product candidate Z944 and certain related assets, a novel, oral, T-type calcium channel modulator in development for the treatment of pain.
At 09:35 hours IST, the scrip of Sun Pharmaceutical Industries was quoting at Rs 872.35, up Rs 4.05, or 0.47 percent on the BSE.
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