Revenue increases by 13.4%, while Sun Pharma subsidiary Taro Pharma declares a Q2 net profit of $8.5 million

27 Oct 2023 , 01:58 PM

On October 27, Taro Pharma, a division of the large pharmaceutical company Sun Pharma, announced a $8.5 million net profit for the July–September quarter. In the same period last year, the company reported a $2.8 million net loss.

One-time exceptional charges also marginally hurt the company’s bottom line; after deducting them, net profit was $14.3 million.

Additionally, Taro Pharma reported $4.7 million in operating income for the base period, compared to a $6.8 million loss. Operating income was $10.9 million when the impact of the one-time extraordinary item was taken out.

The company’s revenue for the quarter was $148 million, up 13.4% from $130.5 million in the corresponding period of the previous fiscal year.

The company credited a one-time gross to net adjustment for the increase in revenue. The company’s revenue growth was in the mid-single digits without that.

However, after being a drag in the previous quarters, parent Sun Pharma’s consolidated earnings are also anticipated to increase in response to Taro Pharma’s excellent results. On November 1, Sun Pharma is scheduled to report its quarterly earnings.

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