Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Pharmaceutical Product Development (PPD), a global contract research organisation, has reported a total net revenue of $346.8m for the first quarter ended March 31, 2010, compared to $364.4m for the first quarter of 2009.
Subscribe to our email newsletter
PPD posted a net income of $17.2m for the first quarter 2010, or $0.14 per diluted share, compared to $45.14m, or $0.38 per diluted share, for the prior year period. Income from operations was $26.1m, compared to $66.6m for the same period in 2009.
PPD said that income from operations for the first quarter of 2010 was lower than the same period last year due primarily to lower net revenue, operating and integration expenses related to its recent acquisitions, an increase in research and development expenditures and other costs related to the company’s compound partnering business, and an increase in business development expenses.
David Grange, CEO of PPD, said: “We are pleased to deliver a 30% sequential increase in gross authorizations for the first quarter of 2010. During the first quarter, request for proposal activity improved, cancellations and adjustments decreased to a normal level, and we continued to make strategic investments to strengthen our business models and global infrastructure.”