PPD beats Street expectations by a penny on profit, revenue
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WILMINGTON, N.C. – Pharmaceutical Product Development (Nasdaq: PPDI) beat Wall Street analysts’ expectations for profits and revenues in the second quarter.
The life sciences services firm reported a profit of 19 cents per share after one-time expenses. Analysts polled by Thomson Reuters expected an 18-cent profit.
Revenues, meanwhile, hit $369.9 million, up 4.3 percent from a year ago. Analysts had expected $333.9 million.
PPD shares closed at $25.99 Tuesday, down 89 cents. The quarterly results were reported after the market closed. (For the full earnings report, read here.)
PPD completed its spinoff of Furiex Pharmaceuticals earlier this spring.
“We were pleased to continue the momentum from the first quarter necessary to achieve our 2010 goals,” said David Grange, chief executive officer of PPD, in a statement.
“During the second quarter, we delivered strong gross authorizations, cancellations and adjustments were lower than historic levels, and development segment operating margin expanded on a sequential basis,” he added. “We continue to focus on building value for the future through strategic investments and customer expansion and penetration, and we remain committed to providing innovative, high-quality services to create value for our clients and shareholders.”
Earlier Tuesday, PPD announced a product development deal with Microsoft focused on FDA product development requirements for pharmaceutical and biotech firms.
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