Hawthorne, New York, Monday, February 3, 2003 – Taro Pharmaceutical Industries Ltd. (Nasdaq/NMS: TARO) today announced that the Company will present at the Merrill Lynch Pharmaceutical, Biotechnology & Medical Device Conference at the Grand Hyatt New York hotel.

Barrie Levitt, M.D., Chairman of the Company, and Kevin Connelly, CFO, will conduct the presentation, which is scheduled to begin at 3:35 p.m. on Tuesday, February 4, 2003.

During the presentation, Dr. Levitt and Mr. Connelly will provide an overview and update on the Company. The information Dr. Levitt will discuss includes the fact that the Company currently has 24 filings with the U.S. Food and Drug Administration ("FDA"), including a New Drug Application related to Taro’s NonSpilÔ drug delivery system.

According to industry sources, Taro’s Abbreviated New Drug Applications at the FDA address markets in which current aggregate annual sales are more than $1 billion.

A live webcast of the presentation will be available on the Company’s website at www.taro.com.

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.

For more information on the Company, please visit www.taro.com.