For the fourth quarter of 2009, PPD reported net revenue of $357.4 million, down from the $363.1 million in the fourth quarter of 2008. Income from operations was also down in the fourth quarter of 2009 compared to 2008. Fourth quarter income from operations was $23.9 million, compared to $71.7 million in the same period of 2008.

Net revenue for the full year 2009 was also lower than in 2008. 2009 net revenue totaled $1.42 billion compared to $1.55 billion for 2008.

Large fourth quarter cancellations also affected fourth quarter performance. Contract cancellations and adjustments for the fourth quarter were $284.9 million, including three large project cancellations that together represented approximately four percent of the year-end backlog.

"Although fourth quarter cancellations and adjustments were higher than anticipated, we delivered strong operating cash flow during the quarter and we are continuing to establish new strategic outsourcing partnerships," said David Grange, chief executive officer of PPD in a press release. "We remain committed to combining our financial and operational strength with our unrelenting focus on creating efficient solutions for our clients to maximize value for our shareholders."