The Israeli pharmaceutical company Thero
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which is traded on Wall Street publishes preliminary results for the December quarter according to which net sales totaled $139.2 million, similar to the corresponding quarter last year. The company explains that they continue to experience price pressures, especially in the generics business in the US.
Gross profit amounted to $64 million (46% of net sales), compared to $76 million (54.7% of net sales) in the corresponding quarter. Research and development (R&D) expenses totaled $12.9 million, a decrease of approximately $1.3 million. Selling, marketing, administrative and general (SG&A) expenses of $49.9 million increased by $25 million.
The operating profit amounted to 1.3 million dollars compared to an operating profit of 37 million dollars in the corresponding quarter – a crash of 96.5%. Betro says that the operating result for the current quarter is mainly attributed to the aforementioned price erosion, as well as the ongoing impact related to the purchase of Alchemee. Interest and other financial income amounted to $6.6 million, an increase of $4.5 million. Tax expenses amounted to $1.9 million compared to $13.2 million in the corresponding quarter last year.
The net profit attributed to Thero amounted to $7.3 million compared to a net profit of $26.3 million in the corresponding quarter last year – a drop of 72.2% – resulting in a profit of $0.19 per share compared to a profit of $0.7 per share.
As of December 31, 2022, cash and cash equivalents, short-term bank deposits and marketable securities (both short-term and long-term) decreased by $54.6 million to $1.2 billion as of March 31, 2022.
Taro’s share has increased by 5% since the beginning of the year and trades for $30.8, which represents a market value of $1.16 billion.
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