PPD's first quarter net revenue up 22.7% from previous year

By Lisa Kerner

Erie, Pa., April 17 - PPD, Inc. recorded net revenue of $299.4 million for the first quarter of 2006 ended March 31, an increase of 22.7% over net revenue of $244.1 million for the first quarter of 2005.

The company said income from operations for the first quarter 2006 was $60.9 million, an increase of 39.4% over income from operations of $43.7 million for the same period in 2005.

First quarter 2006 earnings per diluted share were $0.35, compared to $0.29 for the first quarter of 2005.

Development segment net revenue for the first quarter of 2006 increased 21.1% from the previous year to $257.7 million, while development segment income for the first quarter was $48.6 million, compared to $37.8 million for the same period in 2005.

Discovery sciences segment net revenue was $18.9 million for the first quarter of 2006, compared to $12.9 million in the same period in 2005.

"In a quarter that has been historically light, PPD delivered its second largest quarter of gross and net new business on record, as well as year-over-year margin expansion in the development segment," said chief executive officer Fred Eshelman.

"In addition to the strong performance in the core business, we earned the milestone payment on the Takeda DPP4 compound and the phase 3 program for that compound continues to advance, which positions PPD well to build additional value for our shareholders."

Based in Wilmington, N.C., PPD is a global contract research organization providing discovery, development and post-approval services as well as compound partnering programs.

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