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FDAnews Drug Daily Bulletin

TARO PHARMA 3Q PROFIT DROPS ON HIGHER COSTS

Nov. 18, 2005

Taro Pharmaceutical Industries Ltd. said Thursday that its third-quarter profit fell 48 percent, hurt by price erosion, higher production costs and product mix, causing the generic drug maker to fall well short of Wall Street estimates. Taro shares fell $3.50, or 16 percent, to $18.40 in premarket activity. Net income declined to $2.1 million, or 7 cents per share, from $4 million, or 14 cents per share, a year ago. Revenue fell 1 percent to $72.5 million from $73.3 million last year.

Forbes (http://www.forbes.com/technology/ebusiness/feeds/ap/2005/11/17/ap2343357.html)