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Taro Pharmaceutical Industries Ltd. (NYSE: TARO) reported unaudited financial results for the quarter and nine months ending December 31, 2022. Highlights include net sales of $139.2 million, consistent with the previous year, and gross profit declining to $64.0 million, representing 46.0% of net sales, down from 54.7%. Operating income fell to $1.3 million compared to $37.0 million. For the nine months, net sales were $426.4 million, with net income of $18.5 million, resulting in earnings per share of $0.49. Cash and equivalents decreased by $54.6 million to $1.2 billion due to settlement payments.
Taro Pharmaceutical Industries Ltd. (NYSE: TARO) is set to release its financial results for the third quarter ending December 31, 2022, on January 24, 2023, after market close. The announcement indicates the company's ongoing commitment to transparency and investor communication. The financial results can be accessed via Taro's website, enhancing shareholder engagement. Taro is focused on developing and manufacturing high-quality healthcare products to meet customer needs, positioning itself as a competitive entity in the pharmaceutical industry.
Taro Pharmaceutical Industries Ltd. (NYSE: TARO) reported a net loss of $(2.8) million for the quarter ended September 30, 2022, a significant decline from the net income of $23.3 million in the same period last year. Net sales decreased to $130.5 million, driven by price erosion in the U.S. generic market and a one-time gross-to-net adjustment. Gross profit fell to $47.0 million, representing 36.0% of net sales. For the six months, net income increased to $11.3 million despite cash flow used in operations of $37.7 million, largely due to a significant settlement payment related to litigation.
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