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news.PPD, a contract research organisation (CRO) providing drug discovery, development and lifecycle management services to pharmaceutical, biotechnology, medical device, academic and government organisations, has reported net revenue of $369.9m for the second quarter ended June 30, 2010 compared to $354.6m for the comparable period in 2009.
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PPD has posted a net income of $21m for the second quarter of 2010 or $0.18 per diluted share, compared to $58.1m or $0.49 per diluted share, for the comparable period in 2009. Operating income was $40.1m for the second quarter of 2010 compared to $58.3m for the comparable period in 2009.
PPD said that the operating income for the second quarter of 2010 was lower than the same period last year due primarily to operating and integration expenses related to PPD’s recent acquisitions and an increase in business development expenses. Second quarter 2010 operating income was also impacted by increased compound partnering research and development expenses prior to the spin-off and general and administrative costs related to the spin-off.
For the six months ended June 30, 2010, PPD has posted a net income of $38.2m, or $0.32 per diluted share, compared to $102.6m, or $0.87 per diluted share, for the year ago period.
Revenue of $716.6m compared to $718.9m for the year ago period. Operating income was $67.8m, compared to $124.9m for the year ago period.
David Grange, CEO of PPD, said: “We were pleased to continue the momentum from the first quarter necessary to achieve our 2010 goals.
“During the second quarter, we delivered strong gross authorisations, cancellations and adjustments were lower than historic levels, and development segment operating margin expanded on a sequential basis.”