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Local Tech Wire

WILMINGTON, N.C. – (Nasdaq: PPDI) is projecting revenue growth this year, but the targets didn’t match those of Wall Street analysts.

After the markets closed Tuesday, PPD said it expects to complete the previously announced spin-off of its drug partnering business by mid-year and also foresees “single-digit” net revenue growth.

However, a profit target of between $1 and $1.12 per share was – at minimum – 15 cents less than the expectations of analysts polled by Thomson Reuters.

PPD’s revenue forecast of between $1.31 billion and $1.43 billion was in line with expectations of $1.32 billion.

PPD shares closed at $23.83. Its 52-week high is $29.36; the low is $17.97.

The spin-off of the compound partnering business will leave PPD focused on its contract research organization business.

“We have entered 2010 with clear objectives to restore growth in our business and to create long-term value for our shareholders,” Chief Executive David Grange, who replaced founder and now Executive Chairman Fred Eshelman last year, said in a statement.

“Strengthening our business models, establishing innovative partnerships, and enhancing our global capacity remain key priorities for us in 2010,” he added in a statement. “As we continue to align our business for success, we will continue to invest strategically in our global future. The investments we plan to make indicate our intent to be recognized as the CRO of choice and as a valuable partner for our clients."