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  "documentTitle": "10 IBD presentation 2012 Taro Pharmaceutical Industries Citigroup",
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  "presentationDate": "2012-01-01 00:00:00",
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  "notes": "Includes a detailed income statement table with Q1, Q2, H1 2012 actuals and 2012 estimates.",
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      "text": "$304mm of H1 2012 sales represents 53% of Taro 2012 budget; 160 bps improvement in gross margin from 68.5% to 70.1%; Sales, marketing, general and admin expense in line with 2012 budget; ~$21mm R&D spend well below ~$26.5mm R&D projection",
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      "text": "Source: Taro public filings and management's 5-year forecast. (1) Depreciation and amortization allocated 75%:25% between COGS and SG&A per Taro management.",
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      "text": "Income statement table showing Net sales, COGS, Gross profit, R&D, SG&A, EBITDA, Depreciation, Operating Income, Interest, FX, Other, Tax, and Net income for Q1 2012, Q2 2012, H1 2012, and 2012E.",
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      "kind": "title",
      "text": "Taro YTD Financial Performance",
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