Taro Pharma net sales rise 10%

Taro Pharma has posted a net income of $18.86m for the third quarter 2010, or $0.46 per diluted share, compared to $9.73m, or $0.24 per diluted share, for the comparable period in 2009.

Operating income was $24.09m, compared to $16.82m for the comparable period in 2009.

For the nine months ended 30 September 2010, Taro Pharma net sales were $290.49m, compared to $275.57m for the year ago period.

For the nine months ended 30 September 2010, Taro Pharma has posted a net income of $48.03, or $1.16 per diluted share, compared to $33.32m, or $0.82 per diluted share, for the year ago period.

Operating income was $60.95m, compared to $51.47m for the year ago period.

Taro Pharma Board chairman Dilip Shanghvi said that though Taro provides a platform to expand generic opportunities, the organisation requires a sustained rebuilding effort.

"Single digit growth in sales at relatively low margins, compared to Sun’s other core businesses, are indicative of the magnitude of this challenge," Shanghvi said.

"Now that the transfer of control to Sun Pharma has been completed, we will work to further move the company forward."

Taro Pharma is a multinational, science-based pharmaceutical company, dedicated to meeting the needs of its customers through the manufacturing, discovery, development and marketing of the healthcare products.