Hawthorne, NY, October 18, 2002 – Taro Pharmaceutical Industries Ltd. (NASDAQ/NMS: TARO) today reported that the Company intends to announce financial results for the third quarter ended September 30, 2002 prior to the Nasdaq market opening on Thursday, October 24, 2002. The Company will conduct a conference call to discuss the results on the same day at 11:30 a.m. Eastern Time (8:30 a.m. Pacific Time).

The conference call will be hosted by Barrie Levitt, M.D., Chairman of the Company, who will review the quarter along with Kevin Connelly, Chief Financial Officer, and Daniel Saks, Vice President, Corporate Affairs. The call will be available live via the Internet by accessing www.taro.com.

For those who cannot listen to the live broadcast, an online replay will be available on www.taro.com. A telephone replay will be available by dialing 800-428-6051 (domestic U.S.) or +973-709-2089 (international) and entering the passcode 264620 when prompted. The online and telephone replays will become available approximately 1:00 p.m. on October 24th and will remain available through October 31, 2002.

Taro is a multinational, science-based pharmaceutical company dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products.