Quintiles reported a surge in new business and income for the second quarter and first half of 2004.
The contract research organization firm reported a $10.1 million loss for the quarter, despite the gains. Quintiles attributed the loss to “increased costs and expenses from project startups.”
Quintiles reported net revenue of $425.8 million in the second quarter, up from $408.4 million a year ago.
New business totaled $945 million in the first six months of the year, up 31 percent from 2003. Quintiles also reported a business backlog of $2.2 billion.
In a statement, Quintiles CEO Dennis Gillings said the company has recorded four consecutive increases in six-month periods.
Quintiles also reported a 434.7 pre-tax gain for the sale of a 20 percent stake in Quintiles Tansnational Japan to Mitsui. Quintiles also completed the sale of “certain assets” of its Bioglan Pharmaceuticals to Bradley Pharmaceuticals for $188.3 million.