\nTaro Pharmaceutical Industries Ltd. (NYSE: TARO) (\u201cTaro\u201d or the \u201cCompany\u201d) today provided unaudited financial results for the quarter and year ended March 31, 2021.\n<\/p>\n
Quarter ended March 31, 2021 Highlights \u2500 compared to March 31, 2020<\/b><\/p>\n Year ended March 31, 2021 Highlights \u2500 compared to March 31, 2020<\/b><\/p>\n Cash Flow and Balance Sheet Highlights<\/b><\/p>\n \nMr. Uday Baldota, Taro\u2019s CEO, stated, \u201cWhile we are encouraged by the sequential quarter-over-quarter revenue growth and the general trend of revenue this year, we continue to be negatively impacted by the COVID-19 pandemic and the effects it is having on the overall marketplace. Despite the difficult operating environment, we continue to maintain our leading market share, with 70% of our products ranking in the top two in the U.S. generic market. We continue to concentrate on creating shareholder value by continuing our R&D investment, maintaining a healthy pipeline, a robust, consistent flow of ANDA submissions and approvals from the FDA, and timely and successful launches of our products.\u201d\n<\/p>\n FDA Approvals and Filings<\/span><\/b><\/p>\n \nThe Company recently received three approvals from the U.S. Food and Drug Administration (\u201cFDA\u201d) for an Abbreviated New Drug Applications (\u201cANDAs\u201d); Imiquimod Cream USP, 3.75%, Clobetasol Propionate Shampoo, 0.05% and Tavaborole Topical Solution, 5%. In total, the Company reported eight FDA approvals in the year. The Company currently has a total of twenty ANDAs awaiting FDA approval, including five tentative approvals.\n<\/p>\n Share Repurchase Program – Returning Capital to Shareholders<\/span><\/b><\/p>\n \nOn November 4, 2019, the Company announced that its Board of Directors approved a share repurchase of ordinary shares up to $300 million. The repurchase authorization enables the Company to purchase its ordinary shares from time to time through open market purchases (including 10b5-1 trading plans), privately negotiated transactions, tender offer or other means, in accordance with applicable securities laws and other regulations. No time period has been set for the repurchase program, and any such program may be suspended or discontinued at any time.\n<\/p>\n \nDuring the quarter, the Company repurchased 278,705 shares at an average price of $75.98. In total, through March 31, 2021, the Company has repurchased 332,033 shares at an average price of $75.23.\n<\/p>\n Taro Announces the Launch of New Skincare Brand, Bee Rx\u2122<\/span><\/b><\/p>\n \nOn May 1, 2021, Taro Pharmaceuticals U.S.A., Inc. launched its newest brand in a growing family: Bee Rx\u2122, a new kind of wellness. Bee Rx\u2122 products are manufactured in New Zealand, using a clinically proven, unique combination of medical grade kanuka honey and bee venom. Bee Rx\u2122 launch product line includes anti-aging serums, lip plumpers, and acne blemish repair.\n<\/p>\n \nThe Company cautions that the foregoing 2021 financial information is unaudited and is subject to change.\n<\/p>\n ************************<\/b><\/p>\n About Taro<\/b><\/p>\n \nTaro 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\u2019s website at www.taro.com<\/a>.\n<\/p>\n SAFE HARBOR STATEMENT<\/b><\/p>\n 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\u2019s audited consolidated financial statements included in the Company\u2019s Annual Report on Form 20-F, as filed with the SEC.<\/i><\/p>\n 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 or that refer or relate to events or circumstances the Company \u201cestimates,\u201d \u201cbelieves,\u201d or \u201cexpects\u201d to happen or similar language, and statements with respect to the Company\u2019s financial performance, availability of financial information, and estimates of financial results and information for fiscal year 2021. 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 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 and legislative actions in the countries in which Taro operates, and other risks detailed from time to time in the Company\u2019s 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.<\/i><\/p>\n **Financial Tables Follow** <\/i><\/b><\/p>\n \u00a0<\/i><\/b><\/p>\n Quarter Ended<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Year Ended<\/b><\/p>\n<\/td>\n<\/tr>\n March 31,<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \n(unaudited)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(unaudited)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(unaudited)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(audited)\n<\/p>\n<\/td>\n<\/tr>\n $<\/b><\/p>\n<\/td>\n 148,348<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 174,940<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 548,970<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 644,769<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n71,414\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n72,668\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n252,314\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n245,044\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 76,934<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 102,272<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 296,656<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 399,725<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n16,587\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n15,799\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n60,152\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n59,777\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n22,234\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n29,111\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n91,355\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n93,413\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n80,000\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n150\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n558,924\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n (41,887<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 57,212<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (413,775<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 246,535<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,185\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(6,633\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(20,174\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(33,645\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(842\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,690\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n365\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(14,837\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n100\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n808\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,892\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,018\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(37,760\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n68,343\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(391,073\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n298,035\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(8,878\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,920\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,667\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n53,485\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n (28,882<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 54,423<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (400,740<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 244,550<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n904\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n225\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(14,087\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n309\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n $<\/b><\/p>\n<\/td>\n (29,786<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 54,198<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (386,653<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 244,241<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n(0.78\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.42\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(10.12\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n6.35\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n38,065,388\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n38,258,337\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n38,209,726\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n38,460,056\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n March 31,<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \n(unaudited)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(audited)\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n605,177\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n513,354\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n418,480\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n595,383\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n213,539\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n235,221\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n53,347\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n35,567\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n180,292\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n153,073\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 1,470,835<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 1,532,598<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n557,209\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n459,639\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n205,508\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n209,961\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n142,007\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n106,693\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n31,314\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n32,361\n<\/p>\n<\/td>\n<\/tr>\n $<\/b><\/p>\n<\/td>\n 2,406,873<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,341,252<\/b><\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n61,166\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n28,858\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n615,135\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n193,873\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 676,301<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 222,731<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n35,115\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,762\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 711,416<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 231,493<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,703,649\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,103,864\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(8,192\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,895\n<\/p>\n<\/td>\n<\/tr>\n $<\/b><\/p>\n<\/td>\n 2,406,873<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,341,252<\/b><\/p>\n<\/td>\n<\/tr>\n Year Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \n(unaudited)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(audited)\n<\/p>\n<\/td>\n<\/tr>\n $<\/b><\/p>\n<\/td>\n (400,740<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 244,550<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n23,680\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n21,383\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n92\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n28\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(236\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,649\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(4,588\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(11,600\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(38,413\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,584\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n21,683\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,724\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(27,219\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(4,994\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(16,325\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12,137\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n482,520\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n782\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,316\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,660\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 45,770<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 271,605<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(16,983\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(26,610\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(161\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,783\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n84,885\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(269,769\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 67,741<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (298,162<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(24,196\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(26,984\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n (24,196<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (26,984<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,508\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(556\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n91,823\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(54,097\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n513,354\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n567,451\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n $<\/b><\/p>\n<\/td>\n 605,177<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 513,354<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n29,377\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n54,536\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n4,093\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n24,331\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n2,997\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,477\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n15\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n782\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n9,417\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n9,159\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210519005955\/en\/<\/a><\/span><\/p>\n Daphne Huang\n
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\n TARO PHARMACEUTICAL INDUSTRIES LTD.<\/b><\/td>\n<\/tr>\n \n SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/td>\n<\/tr>\n \n (U.S. dollars in thousands, except share data)<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Sales, net<\/b><\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cost of sales<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Gross profit<\/b><\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Operating Expenses:<\/i><\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n <\/tr>\n \n Research and development<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Selling, marketing, general and administrative<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Settlements and loss contingencies<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating (loss) income<\/b><\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Financial (income) expense, net:<\/i><\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n <\/tr>\n \n Interest and other financial income<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Foreign exchange (income) expense<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other gain, net<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (Loss) income before income taxes<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Tax (benefit) expense<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net (loss) income <\/b><\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net income (loss) attributable to non-controlling interest<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net (loss) income attributable to Taro<\/b><\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net (loss) income per ordinary share attributable to Taro:<\/b><\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n <\/tr>\n \n Basic and Diluted<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Weighted-average number of shares used to compute net income per share:<\/b><\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n <\/tr>\n \n Basic and Diluted<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n May not foot due to rounding.<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n <\/tr>\n<\/table>\n \n
\n TARO PHARMACEUTICAL INDUSTRIES LTD.<\/b><\/td>\n<\/tr>\n \n SUMMARY CONSOLIDATED BALANCE SHEETS<\/b><\/td>\n<\/tr>\n \n (U.S. dollars in thousands)<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n ASSETS<\/b><\/td>\n \u00a0<\/td>\n \n \n \n \n CURRENT ASSETS:<\/td>\n \u00a0<\/td>\n \n \n <\/tr>\n \n Cash and cash equivalents<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n Marketable securities<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n Accounts receivable and other:<\/td>\n \u00a0<\/td>\n \n \n <\/tr>\n \n Trade, net<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n Other receivables and prepaid expenses<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n Inventories<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n TOTAL CURRENT ASSETS<\/b><\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n Marketable securities<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n Property, plant and equipment, net<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n Deferred income taxes<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n Other assets<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n TOTAL ASSETS<\/b><\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n LIABILITIES AND SHAREHOLDERS’ EQUITY<\/b><\/td>\n \u00a0<\/td>\n \n \n <\/tr>\n \n CURRENT LIABILITIES:<\/td>\n \u00a0<\/td>\n \n \n <\/tr>\n \n Trade payables<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n Other current liabilities<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n TOTAL CURRENT LIABILITIES<\/b><\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n Deferred taxes and other long-term liabilities<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n TOTAL LIABILITIES<\/b><\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n Taro shareholders’ equity<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n Non-controlling interest<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY<\/b><\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n TARO PHARMACEUTICAL INDUSTRIES LTD.<\/b><\/td>\n<\/tr>\n \n SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS<\/b><\/td>\n<\/tr>\n \n (U.S. dollars in thousands)<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Cash flows from operating activities:<\/b><\/td>\n \u00a0<\/td>\n \n \n <\/tr>\n \n Net (loss) income<\/b><\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Adjustments required to reconcile net income to net cash provided by operating activities:<\/b><\/i><\/td>\n \u00a0<\/td>\n \n \n <\/tr>\n \n Depreciation and amortization<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Realized loss on sale of long-lived assets<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Change in derivative instruments, net<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Effect of change in exchange rate on marketable securities and bank deposits<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Deferred income taxes, net<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Decrease in trade receivables, net<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Increase in inventories, net<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n (Increase) decrease in other receivables, income tax receivables, prepaid expenses and other<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Increase in trade, income tax, accrued expenses and other payables<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Loss from marketable securities, net<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Net cash provided by operating activities<\/b><\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash flows from investing activities:<\/b><\/td>\n \u00a0<\/td>\n \n \n <\/tr>\n \n Purchase of plant, property & equipment, net<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Investment in other intangible assets<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Proceeds from (investment in) marketable securities, net<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Net cash provided by (used in) investing activities<\/b><\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash flows from financing activities:<\/b><\/td>\n \u00a0<\/td>\n \n \n <\/tr>\n \n Purchase of treasury stock<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Net cash used in financing activities<\/b><\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n Effect of exchange rate changes on cash and cash equivalents<\/b><\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Increase (decrease) in cash and cash equivalents<\/b><\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Cash and cash equivalents at beginning of period<\/b><\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Cash and cash equivalents at end of period<\/b><\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash Paid during the year for: <\/b><\/td>\n \u00a0<\/td>\n \n \n <\/tr>\n \n Income taxes<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Cash Received during the year for: <\/b><\/td>\n \u00a0<\/td>\n \n \n <\/tr>\n \n Income taxes<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Non-cash investing transactions:<\/b><\/td>\n \u00a0<\/td>\n \n \n <\/tr>\n \n Purchase of property, plant and equipment included in accounts payable<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Non-cash financing transactions:<\/b><\/td>\n \u00a0<\/td>\n \n \n <\/tr>\n \n Purchase of intangible assets<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Purchase of treasury stock<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Purchase of marketable securities<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n <\/p>\n
\n<\/b>
VP, CFO
\n
(914) 345-9001
\n
Daphne.Huang@taro.com<\/a><\/p>\n