Health Care

PPD Forecasts Single-digit Revenue Increase

By Staff Reports, posted Jan 20, 2010

Wilmington-based PPD expects revenue for 2010 to be between $1.31 billion and $1.43 billion, which represents single-digit growth over 2009, according to a press release from the company. Earnings for PPD shares are expected to be between $1 and $1.12.

PPD also announced projections for its spin-off company, a compounding partnering business that will soon be a public company and finalized in the middle of this year.

The company will also invest between $75 million and $85 million for facility expansions and investments in information technology and lab equipment.

“We have entered 2010 with clear objectives to restore growth in our business and to create long-term value for our shareholders,” said David Grange, CEO of PPD. “Strengthening our business models, establishing innovative partnerships, and enhancing our global capacity remain key priorities for us in 2010. As we continue to align our business for success, we will continue to invest strategically in our global future. The investments we plan to make indicate our intent to be recognized as the CRO of choice and as a valuable partner for our clients.”

“We are energized by the opportunities ahead and the changing landscape of pharma and biotech R&D. We are entering high growth areas, looking for unique niches and accumulating high-level scientific and medical talent to increase the value proposition and move away from commoditization. PPD is solidly positioned in our industry in terms of balance sheet and financial strength to execute our strategy,” said Fred Eshelman, executive chairman of PPD.

PPD has offices in 40 countries.

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