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PPD Opens Office In Japan, Revenue Down In 1Q

By Staff Reports | Archives

PPD’s net revenue for the first quarter of 2009 was down slightly from the year before. The CRO company recorded $364.9 million in net revenue through March 31, 2009, down from $392.5 million recorded in the first quarter 2008. First quarter 2009 net revenue for the discovery sciences segment of the company was bolstered by a $5 million payment from Janssen-Cilag for approvals of Priligy. New business for the first quarter totaled $579.7 million, but other contract cancellations and adjustments totaled $214.6 million, including a $76.9 million cancellation from what the press release termed “a large biotech client for a multinational clinical trial.”
PPD anticipates that cash flow from operations for the full year 2009 will be about $200 million. 
“While net revenue was below expectations for the quarter, PPD generated strong earnings and solid cash flow,” said Fred Eshelman, chief executive officer of PPD in a statement. “In this challenging economic environment, we have experienced unprecedented cancellation levels, significant rescheduling of existing backlog, and lower-than-expected authorizations for the first quarter.
“As a result, we have adjusted our 2009 financial guidance accordingly. Despite these challenges, we continue to believe the CRO market remains attractive, and we will remain focused on core business execution throughout the year,” he said.
PPD opens office in Tokyo
PPD opened a new office in Tokyo in late April to expand its Phase II-IV clinical development abilities. Previously, PPD was servicing the market through a subcontractor.
“Japan offers  competitive timelines for site startup and patient enrollment, and the government is making major improvements to streamline drug development, bringing Japan’s regulatory timelines more in line with the rest of the world,” said Fred Eshelman, chief executive officer of PPD in a statement.
"With our clients increasingly including Japan in their global drug development programs, having a base of operations in Tokyo will enable us to better meet their growing needs."

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