Taro sees sales, profits spike in Q2
HAWTHORNE, N.Y. — Israeli generic drug maker Taro Pharmaceutical Industries got a big boost in sales and profits during second quarter 2011, according to a financial report released Tuesday.
Taro reported sales of $111.6 million, a 14.2% increase, compared with second quarter 2010. In addition, profits were $35.7 million, a $19.3 million increase over the same period last year.
“These results reflect our continuing efforts to improve our business model and processes as we pursue operating efficiencies, cost efficiencies and speed-to-market of quality products,” Taro interim CEO Jim Kedrowski said. “We are focused on the successful execution of these important strategic and business development opportunities in order to remain well-positioned for future growth.”
Watson garners 24% increase in Q2 sales
PARSIPPANY, N.J. — Watson Pharmaceuticals had sales of $1.1 billion during second quarter 2011, the generic drug maker said.
In a financial report released Tuesday, Watson said the sales figures for the quarter represented a 24% increase over sales in second quarter 2010. Profit for the quarter was $52.4 million, compared with $70.6 million in second quarter 2010.
“Our record $1 billion in net revenues in the second quarter demonstrates the strength of our combined global generics and global brands strategies,” Watson president and CEO Paul Bisaro said.
Lupin seeks to market generic Lo Loestrin Fe
NEW YORK — Generic drug maker Lupin is seeking approval for a generic version of a contraceptive made by Warner Chilcott, according to published reports.
Reuters reported that Lupin had applied for approval of a generic version of Lo Loestrin Fe (norethindrone acetate and ethinyl estradiol tablets, ethinyl estradiol tablets and ferrous fumarate tablets), an oral contraceptive.
The Food and Drug Administration approved Lo Loestrin Fe in October 2010, and it’s covered by patents set to expire in July 2014 and February 2029, according to the FDA. Warner Chilcott expects to file a patent infringement suit against Lupin, according to Reuters.