Taro Pharmaceutical has provided preliminary results for the six months ended June 30, 2009. The company estimates net sales of $181.7m compared to $166.2m in the same period of the previous year, a 9% increase. Gross profit for the first half of 2009 was $104.4m, or 57% of net sales, compared to a gross profit of $91.5m, or 55% of net sales for the same period in 2008, an increase of 14%.
Operating income for the six months ended June 30, 2009 was $34.7m, compared to $29.2m for the same period in 2008, an increase of 19%. Net income was $23.6m, or $0.58 per diluted share, compared to $20.6m, or $0.51 per diluted share for first half 2008, an increase of 15%.
For the second quarter ended June 30, 2009, Taro estimates net sales of $96.8m compared to $88.1m, a 10% increase compared to the second quarter of 2008. Gross profit for the second quarter was $57.9m or 60% of net sales, compared to $50.6m or 57% of net sales for the second quarter of 2008, an increase of 14%.
Operating income for the second quarter of 2009 was $20.6m compared to $17.7m, an increase of 16% over the prior year. Net income was $12.5m or $0.31 per diluted share, compared to $13.0m or $0.32 per diluted share for the second quarter of 2008, a decrease of 4%.