Taro Pharmaceutical: Falls after Q3 sales miss on generic drug pressures

Taro Pharmaceutical Industries

04/02/2020 17:58

** Shares of drugmaker  TARO.N  down 5% at $75.20 after Q3
revenue miss on Monday after-hours
    ** TARO says competition in generic drug market has led to
lower prices of copycat drugs, crimping profits  urn:newsml:reuters.com:*:nBwydxJQa
    ** Q3 net sales fell ~16% to $147 mln vs Refinitiv IBES est
of $172 mln, marking fourth straight quarter miss
    ** Adj Q3 profit of $1.76/shr marginally beat est of
$1.54/shr
    ** Despite TARO's financial strength, there are misgivings
about rev growth, given generics market competition -  HC
Wainwright
    ** Brokerage cuts PT to $94 from $110
    ** Shares fell ~20% in last 12 months

 (Reporting by Mrinalika Roy in Bengaluru)
 ((mrinalika.roy@thomsonreuters.com ; +91 80 6182 2766))