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Caraco Pharmaceutical Laboratories, Ltd. Reports Record Results for the Fourth Quarter and Fiscal Year 2008
Date:5/29/2008

DETROIT, May 29 /PRNewswire-FirstCall/ -- Caraco Pharmaceutical Laboratories, Ltd. (Amex: CPD) posted record net sales for the fourth quarter and the year ended March 31, 2008 (Fiscal 2008), of $191.8 million and $350.4 million, respectively, as compared to $32.7 million and $117.0 million for the corresponding periods of Fiscal 2007. Net income grew to $11.5 million and $35.4 million for the fourth quarter and Fiscal 2008, respectively, as compared to net income of $9.5 million and $26.9 million during the corresponding periods of Fiscal 2007. The annual net income of $35.4 million for Fiscal 2008 was a record for the Company.

Daniel H. Movens, Caraco's Chief Executive Officer, said, "Our sales results for the fourth quarter are due in large part to the product launch of pantoprazole as part of our distribution and sale agreement with Sun Pharmaceutical Industries, Limited. (Sun Pharma) for Paragraph IV products. Due to the size of this launch, this level of sales may not be sustainable in the subsequent quarters. In Fiscal 2008, our continued top line growth was primarily due to increased marketing of products distributed on behalf of Sun Pharma along with continued growth in the Company's manufactured products. In Fiscal 2007, we entered into a definitive agreement to market Sun Pharma Abbreviated New Drug Applications (ANDAs) that are either approved or awaiting approval at the U.S. Food and Drug Administration (FDA). In addition, in Fiscal 2008, the Company entered into a three-year distribution and sale agreement with Sun Pharma to distribute Paragraph IV products that have been filed under the Paragraph IV certification process with the FDA. Sun Pharma is not required to offer Caraco products under these agreements, however,
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SOURCE Caraco Pharmaceutical Laboratories, Ltd.
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