May 23, 2017 / 2:22 PM / in 2 months

BUZZ-Taro Pharmaceutical: Shares down after Q4 revenue miss

1 Min Read

(Updates)

** Generic drug maker's shares fall as much as 5.9 pct to $105.70; biggest intraday pct drop in more than 5 months

** Taro on Monday reported ~26 pct fall in Q4 revenue, hurt by increased competition and challenging pricing environment

** Reports FY17 revenue $879.4 mln vs. est. $902.1 mln, according to Thomson Reuters I/B/E/S

** India's largest drugmaker Sun Pharmaceutical Industries , which owns a majority stake in Taro, fell as much as 8 pct to 589.10 rupees after the news

** Taro accounts for about 1/5th of Sun Pharma's revenue and profit, Centrum Broking analyst Ranjit Kapadia said

** Up to Monday's close, Taro shares had fallen about 18 pct in last 12 months, while Sun's stock had slumped about 22 pct

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