First quarter results for PPD were released yesterday afternoon.

The Wilmington-based pharmaceutical research firm experienced a drop in net revenue. PPD recorded net revenue of $346.8 million for the first quarter of 2010, compared to $364.4 million for the first quarter of 2009.

Income from operations was also down. First quarter 2010 income from operations was $26.1 million, compared to $66.6 million for the same period in 2009. A press release said that the drop is “due primarily to lower net revenue, operating and integration expenses related to PPD’s recent acquisitions, an increase in research and development expenditures and other costs related to the company’s compound partnering business, and an increase in business development expenses.”

“We are pleased to deliver a 30 percent sequential increase in gross authorizations for the first quarter of 2010,” said David Grange, CEO of PPD, in a press release. “During the first quarter, request for proposal activity improved, cancellations and adjustments  decreased to a normal level, and we continued to make strategic investments to strengthen our business models and global infrastructure. Our leadership team is fully-aligned, and we are committed to pursuing our strategic initiatives to create long-term value for our shareholders.”