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On May 22, 2024, Taro shareholders approved the merger with Sun Pharma during an Extraordinary General Meeting and an Ordinary Class Meeting.
The merger agreement, initially announced on January 17, 2024, received affirmative votes from Taro shareholders, including the majority of unaffiliated holders. This merger is expected to close in 35 days, subject to remaining conditions.
Dilip Shanghvi, Managing Director of Sun Pharma, and Uday Baldota, CEO of Taro, highlighted the benefits of the merger, including enhanced global competition and better service to patients and customers.
Post-merger, Taro will become a wholly owned subsidiary of Sun Pharma and will be delisted from the NYSE.
Taro Pharmaceutical Industries announced unaudited financial results for the year ended March 31, 2024. Net sales rose by 12.5% for the quarter and 9.8% for the year, driven mainly by new launches and GTN adjustments. Gross profit margins improved slightly, and net income for the quarter more than doubled to $15.1 million, with an EPS of $0.40. For the year, net income surged to $53.9 million, resulting in an EPS of $1.43. However, operating income declined when excluding GTN adjustments and one-time charges. R&D and SG&A expenses saw significant increases, including $14.2 million in one-time charges. The company reported strong cash flows and a robust cash position of $1.3 billion as of March 31, 2024.
Taro Pharmaceutical Industries has announced it will release its financial results for the fiscal year ending March 31, 2024. The report will be made available after the market closes on Monday, May 20, 2024.
Investors can access the financial results on Taro's official website.