Taro Pharmaceutical (TARO -7%) slides after earlier reporting Q1 earnings of $1.10 per share on...

|About: Taro Pharmaceutical Industr... (TARO)|By:, SA News Editor

Taro Pharmaceutical (TARO -7%) slides after earlier reporting Q1 earnings of $1.10 per share on net sales of $165.1M, an increase of 13.8%, from a year ago. Gross margin grew to 72.4% from 68.3%, offsetting an increase in Research and development expenses by 23.9% to $12.2M. Settlements and loss contingencies totalled $33.3M, dragging down operating income to $63.1M, or 38.2% of net sales, compared to $66.2 million, or 45.6% the year prior.