Tuesday, contract research organization, Pharmaceutical Product Development Inc. (PPDI) reported increased earnings for the second quarter. The profit included a 16 cents gain on sale of Piedmont Research Center. However, earnings from continuing operations declined.
PPD posted second quarter net income of $58.0 million or $0.49 per share, compared to $49.0 million or $0.41 per share in the prior year quarter. The results included the after-tax gain on the sale of Piedmont Research Center of $19.4 million, or $0.16 per share. Piedmont Research Center was part of the company's discovery sciences segment.
On average, ten analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share. Analysts' estimates typically exclude special items.
Income from continuing operations for the period was $38.6 million or $0.33 per share, compared to $48.5 million or $0.40 per share in the year-ago period.
Net revenue for the period was $355.2 million, compared to $403.1 million in last year period. Analysts on average had expected revenues of $334.38 million.
New business authorizations for the second quarter totaled $465.9 million. Contract cancellations and adjustments for the quarter were $212.9 million. Backlog at June 30, 2009, was $3.2 billion.
Year-to-date days sales outstanding at June 30, 2009, were 32.0 days, compared to 42.2 days at December 31, 2008.
Fred Eshelman, executive chairman of PPD said, "With the start of Priligy royalties and the advancement of the development programs for alogliptin and our dermatology portfolio, we remain confident that our compound partnering efforts will generate long-term, sustainable growth."
PPDI closed Tuesday's regular trading at $22.08 up $0.83 or 3.91% on a volume of 1.98 million shares on the Nasdaq.
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