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PPD reports 10% 2nd quarter revenue increase
Written by David Horn   
Wednesday, 27 July 2011 10:20

(WILMINGTON) -- PPD, Inc. reported second quarter income from operations of $57.1 million. This compared to $40.1 million for the second quarter of 2010.

The Wilmington-based contract research company recorded net revenue of $407.7 million for the second quarter of 2011, an increase of 10.2 percent over net revenue of $369.9 million for the second quarter of 2010.

“Strong client demand for our services resulted in record high request for proposal levels, gross authorizations of $752.6 million, and a net book-to-bill ratio of 1.29 for the second quarter,” said Fred Eshelman, executive chairman of PPD. “While cancellations were higher than we expected, we continued to deliver solid backlog growth of 14 percent and double-digit percentage net revenue growth year-over-year in the quarter.”

PPD credits it quarterly growth in income to higher net revenue and a decrease in research and development and operating expenses related to its spin-off of Furiex Pharmaceuticals, Inc. last year.

 
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