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PPD Reports Revenue Up In 3Q

By Alison Lee Satake, posted Oct 27, 2010

Wilmington-based contract research organization PPD reported a 7.3 percent net revenue increase in its third quarter financial and operating results which ended on Sept. 30.

Its net revenue for the third quarter of 2010 was $365.4 million while third quarter of 2009’s net revenue was $340.4 million.

The company attributes the revenue increase to strategic partnerships in China and Russia as well as ones with medical imaging software platform developer VirtualScopics that was announced yesterday. The partnership with Rochester, N.Y.-based VirtualScopics will support the development of oncology compounds.

At the same time, the company cut costs by about $1 million by having staff scrutinize spending in various areas including facilities, information technology and travel and entertainment, company leaders said.

Thus, operating income increased by 10.1 percent to $56.8 million in the third quarter 2010 compared to income from operations of $51.6 million for the same period in 2009.

Diluted earnings per share remained level at $0.32 for the third quarter of 2010 from the third quarter of 2009.

Company officials reported that requests for proposals have continued to come in from large pharmaceutical companies, which comprise 77 percent of the company’s business and mid-size biotechnology companies, which represent about 17 percent of PPD’s business.

Gross authorizations were at $664 million although two large projects were cancelled. One of the projects was from a strategic partner and the other was from a mid-tier biotech company. Both cancellations were due to pipeline reprioritization and not made on PPD’s end, said Bill Sharbaugh, PPD’s chief operating officer.

The company’s staff in North America expanded to 10,091 this quarter, he said.

CEO David Grange announced that PPD received the 2010 Site Solutions Summit Eagle award for the most desirable contract research organization to partner with on Oct. 16. Eli Lilly received the award for top pharmaceutical company. The awards were based on the results of an independent study of more than 300 investigative sites, pharmaceutical companies and contract research organizations.

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