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

Caraco has the exclusive right to market any products offered by Sun Pharma and accepted by Caraco under these agreements."

Mr. Movens added, "Pantoprazole, which was launched during the fourth quarter, and oxcarbazepine, which was launched during the third quarter, were the most recent significant drivers of our sales. Excluding oxcarbazepine and pantoprazole sales, our base business continued to experience growth throughout Fiscal 2008. We had gained seventeen new product approvals throughout the year of both Caraco and Sun Pharma products to complement our portfolio of existing products."

"Our strategy remains to grow the business appropriately by utilizing all of our diverse paths of development. The weight of distributed product sales has significantly increased during Fiscal 2008 due to recent launches, which will most likely continue on a short-term basis. Overall, we are pleased with the direction of the Company and our continued focus on executing Caraco's business plan is a major factor in the Company's success."

Fourth Quarter and Fiscal 2008 Results

During the fourth quarter and Fiscal 2008, net sales rose to a record $191.8 million and $350.4 million, respectively, from $32.7 million and $117.0 million for the corresponding periods of Fiscal 2007. Gross profit during the relevant periods improved to $27.5 million and $84.7 million, as compared to $15.4 million and $57.8 million for the corresponding periods of Fiscal 2007, reflecting an increase of 79% and 47%, respectively. The increase in gross profit was due to higher sales, primarily of distributed products, including new launches of Paragraph IV products, under the agreements with Sun Pharma.

The gross profit margin decreased to 24% in Fiscal 2008 from 49% in Fiscal 2007. The decrease was primarily due to the weight of increased sales of distributed products versus the sales of manufactured products, which had an impact on the overall margins. Net sales for distri
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SOURCE Caraco Pharmaceutical Laboratories, Ltd.
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