Pharmaceutical Product Development (Nasdaq: PPDI) fell far short of analysts’ estimates of first-quarter profits, reporting 33 cents per share.

The $40.1 million profit was put the firm a dime below the 43 cents per share forecast in a Thomson Financial poll of analysts.

Despite missing estimates, however, PPD shares increased 5 percent, or $2.05, to $41.40 in after-hours trading.

PPD took $12.5 million in write-offs for the failed sinus drug SinuNase that PPD had worked with Accentia in developing.

Overall, PPD revenues increased 19 percent from a year ago to $396.2 million, though that was some $4 million under estimates.

“Building on the momentum from late 2007, we posted record bookings and a strong book-to-bill ratio and ended the quarter with a solid backlog of $2.84 billion,” said Fred Eshelman, PPD’s founder and chief executive officer. “We generated outstanding cash flow from our business operations and are making real progress on improving [days sales outstanding].”