Its direct revenue went from nearly $2.1 billion in 2015 to more than $2.8 billion in 2018, according to filing documents.
“Today, our total addressable market is greater than $51 billion, consisting of clinical development services, including peri- and post-approval services and site and patient enrollment services, and laboratory services,” the prospectus states, which describes PPD as “one of the world’s largest providers of drug development services.”
Also on Thursday, PPD announced that the firm has expanded its operations and leadership team in China to provide enhanced clinical development, laboratory, regulatory, site conduct, patient access and post-approval services for international and China-based biopharmaceutical companies.
According to the announcement, PPD’s expansion includes enlarging its clinical development offices in Beijing and Shanghai and opening new offices in Guangzhou and Shenyang.
This year, PPD Laboratories plans to open a multifunctional lab in China offering bioanalytical, biomarker and vaccine sciences services.
In addition, the news release stated, the company’s Accelerated Enrollment Solutions (AES) business added China to its global footprint for delivery of performance-based enrollment solutions for chronic ambulatory trials, leveraging its partnership with more than 300 hospitals in China.
PPD’s growing operations in China are being led by a new in-country leadership team with extensive experience across the pharmaceutical and biotech industry and in China and the Asia-Pacific region.
“Recent regulatory changes streamlining the drug development approval process in China have positioned the country as a key location for conducting clinical trials for many global studies,” said David Johnston, executive vice president of global clinical development at PPD, in the release. “Our expanded operations in China enhance our ability to provide multinational pharmaceutical companies with expanded access to the country’s evolving drug development and post-marketing ecosystem and to support Chinese biotechnology companies conducting trials in the global market.”
Correction: This version has been changed to reflect the correct amount of direct revenue referenced in Thursday's SEC filing.
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