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TARO PHARMACEUTICAL LTD. Haifa Bay, Israel Drug Maker Gets Nod To Sell Generic Cream.(A)
Byline: KIRK SHINKLE
After a long drought of new government approvals, generic-drug maker Taro Pharmaceuticals Inc. finally has a green light for a new product.
On Nov. 26, the Food and Drug Administration approved its generic version of Ortho-McNeil Pharmaceutical's Spectazole cream, used to treat fungal skin infections. Ortho-McNeil is a unit of Johnson & Johnson.
The same day, Taro raised its number of new drug applications to 17 from 15. About the only bad news was that the FDA also approved rival Fougera's generic version of Spectazole.
"(Taro is) not going to get the economic benefit of being first," said analyst Arnie Ursaner of CJS Securities.
Still, analysts estimate Spectazole might fatten Taro's revenue by $10 million next year and add 15 cents to its per-share earnings.
Not that Taro was struggling. It's one of those companies that seems to pump out quarter after quarter of sparkling financial returns.
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