October 2008

eResearch Revenues Up 41.5%, Shares Down 30%

Friday, October 31, 2008

Philadelphia, Pa.-based eResearch Technology saw its revenue growth wane slightly in the third quarter but still maintained a 41.5% increase compared with the same period last year. The eClinical company reported net revenues for the quarter of $33.9 million up from $24 million in the third quarter of last year. Diluted net income per share was $0.13 compared with $0.07 in the third quarter of 2007, and gross margin was $19.1 million.

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PharmaNet Revenues Drop

Thursday, October 30, 2008

PharmaNet Development is the latest contract research organization (CRO) to release disappointing quarterly earnings as a result of contract cancellations, slow sales and negative foreign exchange rates. Princeton, N.J.-based PharmaNet reported a decrease in direct revenue to $89.2 million, down $10 million, or 10.6%, from the same period last year. Almost $1.5 million of that drop was a result of foreign currency exchange translation.

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Preclinical CROs Expand Operations to Shanghai

Monday, October 27, 2008

China has seen significant growth in the area of drug research and development in the past few years, and this growth will continue into the fourth quarter of 2008 with the opening of two new preclinical facilities in Shanghai.

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Covance Posts 11% Revenue Growth

Thursday, October 23, 2008

Although Princeton, N.J., CRO Covance experienced a number of third quarter cancellations and project delays, the company posted 11.1% revenue growth for the third quarter. Profit rose 15% to $51.1 million, or $0.80 per diluted share.

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PPD 3Q Earnings Up, Cuts 2008 Guidance

Wednesday, October 22, 2008

PPD, a contract research organization (CRO), reported third quarter revenue increased 11.6% to $398.5 compared with $357.2 million for the third quarter of 2007. Diluted earnings per share jumped 34% to $0.43 per share.

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ICON’s Q3 Revenues Up 35%

Tuesday, October 21, 2008

Dublin, Ireland-based contract research organization (CRO) ICON released third quarter financial results that show a 35% increase in revenues compared with the same period last year. Net revenues for the quarter were $225.5 million, compared with $166.9 million in the third quarter of 2007. Year-to-date net revenues are up 43.4% to $645.2 million, exceeding net revenues achieved in all of 2007, according to a company release. Operating profits the first nine months of 2008 were $73 million. Net income jumped 46% to $21.4 million or 35 cents per share on a diluted basis, compared with $14.5 million or 24 cents per share in the prior year’s quarter.

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