Taro Provides Preliminary 2011 Full Year and Q4 Results

Taro Provides Preliminary 2011 Full Year and Q4 Results | Bild: © diane39

Fourth Quarter 2011 Highlights vs. 2010

Year to Date 2011 Highlights vs. 2010

Taro?s Interim Chief Executive Officer, Jim Kedrowski, stated, ?We are very pleased with both 2011?s fourth quarter and full year performance. The successful execution of our strategic plans and changes we have implemented are reflected in these solid financial results. The Company?s performance across all markets was very positive, however, a significant portion of the quarter?s growth in net sales and profits was derived from price increases on select products in the U.S. market and may not be sustainable.?

Cash Flows and Balance Sheet Highlights

FDA Filings

During the quarter, Taro filed an Abbreviated New Drug Application (?ANDA?) for one product with the U.S. Food and Drug Administration (?FDA?). For the year, Taro has filed ANDAs for three products and has received approval for ANDAs representing seven products. Additionally, ANDAs for 23 products (including four tentative approvals) and one New Drug Application await FDA approval.

The Company cautions that the foregoing financial information is presented on an unaudited basis and is subject to change. Final audited results will be included in the Company's Form 20-F to be filed with the U.S. Securities and Exchange Commission (?SEC?) in April 2012.

About Taro

Taro Pharmaceutical Industries Ltd. is a multinational, science-based pharmaceutical company, dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products. For further information on Taro Pharmaceutical Industries Ltd., please visit the Company?s website at www.taro.com.

SAFE HARBOR STATEMENTS

The unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments necessary to present fairly the financial condition and results of operations of the Company. The unaudited consolidated financial statements should be read in conjunction with the Company?s audited consolidated financial statements included in the Company?s report on Form 20-F, as filed with the SEC.

Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements that do not describe historical facts and statements that refer or relate to events or circumstances the Company ?estimates,? ?believes,? or ?expects? to happen or similar language, and statements with respect to the Company?s financial performance, availability of financial information, and estimates of financial results and financial information for 2011. Although the Company believes the expectations reflected in such forward-looking statements to be based on reasonable assumptions, it can give no assurances that its expectations will be attained. Factors that could cause actual results to differ include the evaluation of the Sun Pharma tender offer by Taro?s Board of Directors, acceptance of the offer by Taro Shareholders, approval, if any required, by regulatory authorities, the possible unavailability of financial information, actions of the Company's lenders and creditors, general domestic and international economic conditions, industry and market conditions, changes in the Company's financial position, litigation brought by any party in any court in Israel, the United States, or any country in which Taro operates, regulatory actions and legislative actions in the countries in which Taro operates, and other risks detailed from time to time in the Company's SEC reports, including its Annual Reports on Form 20-F. Forward-looking statements are applicable only as of the date on which they are made. The Company undertakes no obligations to update, change or revise any forward-looking statement, whether as a result of new information, additional or subsequent developments or otherwise.

Quarter Ended

Year to Date

December 31,

2011

2010(1)

(unaudited)

(audited)

(6,920

(565

4,584

(344

(433

(352

Net (loss) income attributable to non-controlling interest(3)

(52

182,680

64,078

Net income per ordinary share from continuing

operations attributable to Taro:

Net (loss) income per ordinary share from

discontinued operations attributable to Taro:

($0.01

($0.01

($0.01

($0.01

($0.01

($0.01

Weighted-average number of shares used to compute

net income per share:

(1) The 2010 information is updated from the January 22, 2011 press release and agrees to Form 20-F as filed with the SEC on June 29, 2011 and amended on January 10, 2012.

(2) In 2010, the Company closed its Ireland manufacturing facility and decided to sell the facility and has therefore classified its Irish subsidiary as discontinued operations.

(3) Represents the impact of the Company adopting FASB ASC Section 810-10-65, which requires the Company to allocate income or loss attributable to a non-controlling interest based on the respective ownership percentages.

December 31,

120,832

795,845

556,442

(1) In 2010, the Company closed its Ireland manufacturing facility and decided to sell the facility and therefore has classified the related assets as held for sale.

(2) Represents the impact of the Company adopting FASB ASC Section 810-10-65, which requires the Company to allocate income or loss attributable to a non-controlling interest based on the respective ownership percentages.

Years Ended December 31,

(1,835

(47,565

(11,519

(2,140

(21,479

(24,464

(14,464

(3,249

(4,027

(6,293

(5,656

(4,201

(5,097

(60,033

(10,026

(15,562

(80,330

(24,011

(12,898

(34,579

(73,331

(4,048

(86,113

(1,172

(39,163

54,144