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Taro Provides Results for September 30, 2020

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Taro Pharmaceutical Industries Ltd. (NYSE: TARO) (Taro or the Company) today provided unaudited financial results for the quarter and six months ended September 30, 2020.

Quarter ended September 30, 2020 Highlights compared to September 30, 2019

  • Net sales of $142.8 million decreased $18.0 million.
  • Gross profit of $81.6 million (57.1% of net sales compared to 63.2%) decreased $20.0 million.
  • Research and development (R&D) expenses of $16.6 million increased $1.0 million.
  • Selling, marketing, general and administrative expenses (SG&A) of $24.1 million increased slightly.
  • Operating income of $41.0 million (28.7% of net sales compared to 38.9%) decreased $21.6 million.
  • Interest and other financial income of $5.7 million decreased $3.2 million, reflecting the lower global interest rate environment.
  • Tax expense of $3.6 million decreased $12.7 million; with the effective tax rate of 7.4% compared to 22.4%.
  • Net income attributable to Taro was $45.1 million compared to $56.2 million, an $11.1 million decrease, resulting in diluted earnings per share of $1.18 compared to $1.46.

Six Months ended September 30, 2020 Highlights compared to September 30, 2019

  • Net sales of $260.5 million compared to $322.1 million decreased $61.7 million.
  • Gross profit of $146.5 million (56.3% of net sales compared to 63.1%) decreased $56.8 million.
  • R&D expenses of $29.5 million increased slightly.
  • SG&A of $46.3 million increased $3.0 million.
  • Settlements and loss contingencies of $478.9 million reflect the one-time settlement charge (taken in the first quarter) which consists of $418.9 million related to the global resolution of the Department of Justice (DOJ) investigations into the U.S. generic pharmaceutical industry and an additional provision of $60.0 million related to ongoing multi-jurisdiction civil antitrust matters; however, there can be no assurance as to the ultimate outcome.
  • Operating (loss) of $(408.2) million compared to operating income of $131.1 million. Excluding the settlement and loss contingencies charges, operating income was $70.7 million, a decrease of $60.4 million, and as a percentage of net sales was 27.2% compared to 40.7%.
  • Interest and other financial income of $13.0 million decreased $5.5 million.
  • FX income of $0.8 million compared to $7.9 million in 2019 an unfavorable impact of $7.1 million.
  • Tax expense of $12.4 million decreased $24.2 million. Excluding the impact from the settlement and loss contingencies charges, the effective tax rate was 14.4% compared to 23.1%.
  • Net (loss) attributable to Taro was $(389.8) million compared to net income of $122.4 million, resulting in diluted (loss) earnings per share of $(10.19) compared to $3.17. Excluding the impact from the settlement and loss contingencies charges, net income was $74.2 million; resulting in diluted earnings per share of $1.94.

Cash Flow and Balance Sheet Highlights

  • Cash flow (used in) operations for the six months ended September 30, 2020, was $(48.1) million. Excluding the impact from the settlement and loss contingencies charges, cash flow provided by operations was $54.7 million compared to $123.4 million for the six months ended September 30, 2019.
  • As of September 30, 2020, cash and cash equivalents and marketable securities (both short and long-term), decreased $49.6 million to $1.5 billion from March 31, 2020; due to a partial payment made as a result of the DOJ settlement announced in July.

Mr. Uday Baldota, Taros CEO stated, Performance this quarter is a result of improving sales across all our business segments over first quarter, even while continuing to be negatively impacted by the pandemic. Our teams have worked tirelessly to serve our customers and patients through these tumultuous times as evidenced by regular product launches and steady market shares. With the recent surge in COVID-19 in our key geographies, and the resulting mitigation steps by respective authorities, we are cautious about the impact on our business for the rest of the year. However, our longer term commitment to enrich our product portfolio, organically or otherwise, stays as strong.

FDA Approvals and Filings

The Company recently received an approval from the U.S. Food and Drug Administration (FDA) for the Abbreviated New Drug Application (ANDA): Calcipotriene and Betamethasone Dipropionate Topical Suspension, 0.005%/0.064%. The Company currently has a total of eighteen ANDAs awaiting FDA approval, including five tentative approvals.

Launch of Specialty Generic Deferiprone Tablets, 500mg in the U.S.

On September 28, 2020, Taro announced the launch of a new specialty generic, Deferiprone Tablets, the generic version of Ferriprox. This drug product for orphan indication expands Taros capabilities to include specialty products.

Acquisition of Aquinox

On July 31, 2020, Taro Pharmaceuticals, Inc. completed the purchase of Aquinox Pharmaceuticals (Canada) Inc. (Aquinox), a wholly-owned subsidiary of Neoleukin Therapeutics, Inc., including intellectual property rights to various early stage molecules. Pursuant to the agreement, Taro acquired all issued and outstanding shares of Aquinox for $8.2 million.

Earnings Call (8:00 am EST, October 29, 2020)

As previously announced, the Company will host an earnings call at 8:00 am EST on Thursday, October 29, 2020, where senior management will discuss the Companys performance and answer questions from participants. This call will be accessible through an audio dial-in and a web-cast. Audio conference participants can dial-in on the numbers below:

  • Participant Toll-Free Dial-In Number: +1 (844) 421-0601 ID: 3484939
  • Participant International Dial-In Number: +1 (716) 247-5800 ID: 3484939
  • Audio web-cast: Details are provided on our website, www.taro.com

To participate in the audio call, please dial the numbers provided above five to ten minutes ahead of the scheduled start time. The operator will provide instructions on asking questions before the call. The transcript of the event will be available on the Companys website at www.taro.com.

The Company cautions that the foregoing financial information is presented on an unaudited basis and is subject to change.

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 Companys website at www.taro.com.

SAFE HARBOR STATEMENT

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 Companys audited consolidated financial statements included in the Companys Annual 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 or 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 Companys 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 Companys 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.

TARO PHARMACEUTICAL INDUSTRIES LTD.
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(U.S. dollars in thousands, except share data)
 
Quarter Ended Six Months Ended
September 30, September 30,

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Sales, net

$

142,843

 

$

160,850

 

$

260,477

 

$

322,146

 

Cost of sales

 

61,255

 

 

59,247

 

 

113,943

 

 

118,819

 

Gross profit

 

81,588

 

 

101,603

 

 

146,534

 

 

203,327

 

 
Operating Expenses:
Research and development

 

16,552

 

 

15,539

 

 

29,484

 

 

28,982

 

Selling, marketing, general and administrative

 

24,074

 

 

23,652

 

 

46,323

 

 

43,370

 

Settlements and loss contingencies

 

 

 

(150

)

 

478,924

 

 

(150

)

Operating income (loss)

 

40,962

 

 

62,562

 

 

(408,197

)

 

131,125

 

 
Financial (income) expense, net:
Interest and other financial income

 

(5,678

)

 

(8,857

)

 

(12,988

)

 

(18,481

)

Foreign exchange (income) expense

 

(632

)

 

45

 

 

(829

)

 

(7,860

)

Other gain, net

 

1,380

 

 

1,082

 

 

1,929

 

 

1,676

 

Income (loss) before income taxes

 

48,652

 

 

72,456

 

 

(392,450

)

 

159,142

 

Tax expense

 

3,590

 

 

16,246

 

 

12,444

 

 

36,691

 

Net income (loss)

 

45,062

 

 

56,210

 

 

(404,894

)

 

122,451

 

Net (loss) income attributable to non-controlling interest

 

(70

)

 

32

 

 

(15,108

)

 

90

 

Net income (loss) attributable to Taro

$

45,132

 

$

56,178

 

$

(389,786

)

$

122,361

 

 
Net income (loss) per ordinary share attributable to Taro:
Basic and Diluted

$

1.18

 

$

1.46

 

$

(10.19

)

$

3.17

 

 
Weighted-average number of shares used to compute net income per share:
Basic and Diluted

 

38,258,337

 

 

38,539,056

 

 

38,258,337

 

 

38,539,056

 

 
May not foot due to rounding.  
TARO PHARMACEUTICAL INDUSTRIES LTD.
SUMMARY CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
 
September 30, March 31,

 

2020

 

 

2020

ASSETS (unaudited) (audited)
CURRENT ASSETS:
Cash and cash equivalents

$

498,796

 

$

513,354

Marketable securities

 

543,204

 

 

595,383

Accounts receivable and other:
Trade, net

 

231,670

 

 

235,221

Other receivables and prepaid expenses

 

44,947

 

 

35,567

Inventories

 

167,213

 

 

153,073

TOTAL CURRENT ASSETS

 

1,485,830

 

 

1,532,598

Marketable securities

 

476,800

 

 

459,639

Property, plant and equipment, net

 

207,923

 

 

209,961

Deferred income taxes

 

143,297

 

 

106,693

Other assets

 

32,258

 

 

32,361

TOTAL ASSETS

$

2,346,108

 

$

2,341,252

 
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables

$

39,967

 

$

28,858

Other current liabilities

 

547,349

 

 

193,873

TOTAL CURRENT LIABILITIES

 

587,316

 

 

222,731

Deferred taxes and other long-term liabilities

 

40,047

 

 

8,762

TOTAL LIABILITIES

 

627,363

 

 

231,493

 
Taro shareholders’ equity

 

1,727,957

 

 

2,103,864

Non-controlling interest

 

(9,212

)

 

5,895

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

2,346,108

 

$

2,341,252

TARO PHARMACEUTICAL INDUSTRIES LTD.

SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(U.S. dollars in thousands)
 
Six Months Ended September 30,

 

2020

 

 

2019

 

Cash flows from operating activities:
Net (loss) income

$

(404,894

)

$

122,451

 

Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

 

11,361

 

 

10,654

 

Change in derivative instruments, net

 

(942

)

 

(2,758

)

Effect of change in exchange rate on inter-company balances, marketable securities and bank deposits

 

(3,569

)

 

(6,210

)

Deferred income taxes, net

 

(39,591

)

 

302

 

Decrease (increase) in trade receivables, net

 

3,550

 

 

(9,556

)

Increase in inventories, net

 

(14,140

)

 

(360

)

(Decrease) increase in other receivables, income tax receivables, prepaid expenses and other

 

(8,451

)

 

22,184

 

Increase (decrease) in trade, income tax, accrued expenses and other payables

 

407,522

 

 

(12,139

)

Loss (income) from marketable securities, net

 

1,007

 

 

(1,210

)

Net cash (used in) provided by operating activities

 

(48,147

)

 

123,358

 

 
Cash flows from investing activities:
Purchase of plant, property & equipment, net

 

(8,953

)

 

(13,603

)

Investment in other intangible assets

 

(76

)

 

(45

)

Proceeds from (investment in) marketable securities, net

 

41,820

 

 

(116,494

)

Net cash provided by (used in) investing activities

 

32,791

 

 

(130,142

)

 
Cash flows from financing activities:
Net cash used in financing activities

 

 

 

 

 
Effect of exchange rate changes on cash and cash equivalents

 

798

 

 

 

Decrease in cash and cash equivalents

 

(14,558

)

 

(6,784

)

Cash and cash equivalents at beginning of period

 

513,354

 

 

567,451

 

Cash and cash equivalents at end of period

$

498,796

 

$

560,667

 

 
Cash Paid during the year for:
Income taxes

$

20,596

 

$

21,841

 

Cash Received during the year for:
Income taxes

$

4,093

 

$

6,964

 

Non-cash investing transactions:
Purchase of property, plant and equipment included in accounts payable

$

1,410

 

$

2,000

 

Non-cash financing transactions:
Purchase of intangible assets

$

 

$

1,000

 

Purchase (sale) of marketable securities

$

2,435

 

$

10,425

 

 

Daphne Huang

VP, Chief Financial Officer

(914) 345-9000

[email protected]

William J. Coote

AVP, Treasurer and Investor Relations

(914) 345-9000

[email protected]

News

Partnership to Fight Infectious Disease Urges Prioritization of National Pandemic Preparedness Strategy 

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The Partnership to Fight Infectious Disease (PFID) today sent an open letter to President-elect Joe Biden and his incoming administration to prioritize the buildout of a National Pandemic Preparedness Strategy. The Partnership is a group of patients, providers, health policy experts, community organizations, and business and labor groups that have joined together to raise awareness of threats posed by infectious disease, now a very stark reality in the U.S., as well as advance solutions to ensure future pandemic preparedness.

Amid this pandemic, which has already claimed more than 270,000 American lives, our country has witnessed firsthand the health, economic and societal impacts of national health emergencies. The need to improve pandemic preparedness now, in order to prevent or otherwise lessen the impact of current and future national health emergencies, has never been more apparent, wrote Ken Thorpe, PFID advisory board member and Chairman of the Partnership to Fight Chronic Disease.

In the detailed letter, also delivered to Senate Majority Leader Mitch McConnell and Speaker of the House Nancy Pelosi, the Partnership outlined the key elements required for a successful National Pandemic Preparedness Strategy:

  • Address the needs of front-line workers;
  • Address existing and growing public health threats associated with pandemics;
  • Address the current and growing crisis of antimicrobial resistance (AMR);
  • Support a health care infrastructure that ensures access for all and addresses challenges to achieving health equity; and
  • Encourage the public and private sectors to work collaboratively.

The Partnership stressed the clear need to deal with the current crisis but with a vision for how to optimize lessons learned to mitigate future risks. Among several ideas, the group highlighted the need to support investment in medical products critical to preventing future pandemics and ensuring that front line medical staff have all the resources they need to save lives, including life-saving antibiotics.

Further, the Partnership contends that the preparedness strategy must facilitate access to health care for Americas most vulnerable populations elevating the importance of investment in telehealth systems that enable patients to access medical are remotely. The letter also highlighted considerations to address the behavioral health impacts associated with infectious disease outbreaks and expressed that the strategy should also be supported with a national communications plan to disseminate consistent, credible information about ongoing and emerging public health threats.

Without effective planning, we may one day face an infectious disease crisis even more deadly and disruptive than COVID-19, concluded Thorpe.

Read the full letter here.

To learn more about the Partnership to Fight Infectious Disease visit www.fightinfectiousdisease.org, on Twitter @ThePFID and LinkedIn.

The Partnership to Fight Infectious Disease (PFID) is a group of patients, providers, community organizations, business and labor groups, and health policy experts working to advance awareness and action on antimicrobial resistance. As an initiative of the Partnership to Fight Chronic Disease, PFID is focusing on the impact of this growing issue on our population and health care system.

Media Contact:

Jennifer Burke

[email protected]

301.801.9847

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SCHOTT Joins the NKBA Global Connect Program to Accelerate North American Growth

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SCHOTT, the inventor of specialty glass, has joined the National Kitchen & Bath Association (NKBA) Global Connect Subscription program to accelerate growth in North America. SCHOTT will tap into the NKBAs 50,000 strong membership to gain a stronger foothold in the kitchen and bath industry, leverage the programs expertise, and expand the companys opportunity to equip manufacturers with glass materials for current and future designs.

The NKBA Global Connect program will help SCHOTT deepen its ties with North American manufacturers and experts in the kitchen and bath industry, said Kathrin Becker, Marketing Director SCHOTT CERAN. Were honored to join the program and look forward to utilizing NKBAs deep-rooted expertise in this space.

SCHOTT introduced the first black glass-ceramic cooktop panels under the SCHOTT CERAN brand in 1971. Since, the company has manufactured and sold over 180 million units and made SCOTT AG a recognized consumer brand. SCHOTT CERAN is extremely durable and heat resistant, standing up to sudden temperature shocks in the range of up to 700 degrees Celsius without difficulty. Further, it puts up with the normal wear and tear of the kitchen and everyday cooking without losing any of its stability, which makes for a pleasant cooking experience.

The NKBA Global Connect Subscription program offers a robust package of resources and connections to help international brands enter the North American kitchen and bath marketplace. Access to industry experts, proprietary NKBA market data, North American design and construction insights, VIP events and networking programs give NKBA Global Connect Subscribers a unique view into the market before they commit to launch.

We are pleased to welcome the SCHOTT AG into the NKBA Global Connect program, said Suzie Williford, EVP and Chief Strategy Officer, NKBA. We have built an outstanding program, designed to help marketers navigate the vast North American kitchen and bath market and its exciting to see it embraced. SCHOTT CERAN brings a wealth of technological capabilities and partnerships that are sure to positively impact many aspects of the market.

About SCHOTT SCHOTT is a leading international technology group in the areas of specialty glass, glass-ceramics and related high-tech materials. With over 130 years of experience, the company is an innovative partner to many industries, including the home appliance, pharma, electronics, optics, life sciences, automotive and aviation industries. SCHOTT has a global presence with production sites and sales offices in 34 countries. In the 2018/2019 fiscal year, the group generated sales of around $2.54 billion with over 16,200 employees.

About NKBA Global Connect The NKBA Global Connect goal is to expand visibility of the NKBA and the Associations premier trade show event the Kitchen & Bath Industry Show (KBIS) internationally with design professionals, brands, influencers and other industry constituents. The initiative is designed to facilitate discussion on conducting business and participating in trade development events in North America and, conversely, in Europe and beyond for North American brands looking to extend their global footprint.

About the National Kitchen & Bath Association and the Kitchen & Bath Industry Show The National Kitchen & Bath Association (NKBA) is the not-for-profit trade association that owns the Kitchen & Bath Industry Show (KBIS), as part of Design & Construction Week (DCW). With nearly 50,000 members in all segments of the kitchen and bath and design and remodeling industry, the NKBA has educated and led the industry since the associations founding in 1963. The NKBA envisions a world where everyone enjoys safe, beautiful and functional kitchen and bath spaces. The mission of the NKBA is to inspire, lead and empower the kitchen and bath industry through the creations of certifications, specialty badges, marketplaces and networks. For more information, visit www.NKBA.org or call 1-800-THE-NKBA (843-6522).

KBIS and NKBA are registered trademarks of the National Kitchen & Bath Association.

SCHOTT North America, Inc.

Rina Della Vecchia

555 Taxter Road

Elmsford, NY 10523

USA

Phone: 914-831-2286

E-mail

https://www.us.schott.com

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Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against JOYY Inc. (YY)

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Glancy Prongay & Murray LLP (GPM) reminds investors of the upcoming January 19, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired (JOYY or the Company) (NASDAQ: YY) securities between April 28, 2016 and November 18, 2020 inclusive (the Class Period).

If you suffered a loss on your JOYY investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/joyy-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.

On November 18, 2020, Muddy Waters Research published a report entitled “YY: You Can’t Make This Stuff Up. Well¦Actually You Can, alleging that the Company “is a multibillion-dollar fraud.” The report concluded that YY’s component businesses are a fraction of the size it reports, and that the company’s reported user metrics, revenues, and cash balances are predominantly fraudulent[,]” and that “[a]pproximately 84% of YY’s reported consolidated revenue appears to be fraudulent.”

On this news, JOYY American depositary shares (“ADSs”) price fell $26.53 per ADS, or 26%, to close at $73.66 per ADS on November 18, 2020.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) JOYY dramatically overstated its revenues from live streaming sources; (2) the majority of users at any given time were bots; (3) the Company utilized these bots to effect a roundtripping scheme that manufactured the false appearance of revenues; (4) the Company overstated its cash reserves; (5) the Companys acquisition of Bigo was largely contrived to benefit corporate insiders; and (6) as a result, Defendants public statements were materially false and/or misleading at all relevant times.

Follow us for updates on LinkedIn, Twitter, or Facebook.

If you purchased or otherwise acquired JOYY securities during the Class Period, you may move the Court no later than January 19, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Glancy Prongay & Murray LLP, Los Angeles

Charles Linehan, 310-201-9150 or 888-773-9224

[email protected]

www.glancylaw.com

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