Taro reports rise in Q1 sales

HAWTHORNE, N.Y. — Taro realized a 21% increase in net sales for its first quarter, the drug maker said.

The company said it raked in net sales of $107.7 million, an increase of $18.7 million. Diluted earnings per share totaled 58 cents, compared with 21 cents in the prior-year period.

Operating income for Taro increased 84.4% to $33.4 million, or 31% of net sales, compared with $18.1 million, or 20.3% of net sales, in 2010.

During the period, Taro received three abbreviated new drug applications from the Food and Drug Administration.

"While continual progress is being made, our focus is to ensure that this improvement is sustainable," Taro's interim CEO Jim Kedrowski said. "Considerable effort will continue to be concentrated on improving our processes to deliver quality products on time and [to] build our pipeline, through [research and development], in order to meet the growing customer demand. As the Taro management team moves the company forward, the progress in our performance is expected to be consistent and gradual."

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