Pharmaceutical Product Development, a contract research organization, is expanding its footprint in four countries to meet growing demand for its clinical trial services.
The new offices are in Sydney, Australia; Copenhagen, Denmark; Lisbon, Portugal; and Lima, Peru.
PPD (Nasdaq: PPDI) already had a presence in Australia, but was not in Portugal, Denmark or Peru.
"With the biopharmaceutical industry increasingly relying on outsourcing, these new offices are important to our strategic growth in areas where there is high demand for our global experience and therapeutic expertise," PPD Chief Executive Officer Fred Eshelman said in a statement.
"We will continue to execute our globalization strategy by positioning our people, systems and infrastructure in locations that meet the needs of our clients,” he added.
PPD now has offices in more than 30 countries and employs more than 10,000 people.
The expansion announcement came on Tuesday as PPD also disclosed a 4 percent increase in profits for the third quarter. PPD reported earnings of 32 cents per share on revenues of $357.2 million. Profits met the expectations of financial analysts, but revenue was $25 million higher than Reuters Estimates had predicted.
Profits in the same quarter a year ago were 31 cents on revenues of $313 million.
