PPD reports record net revenue of $309 million for the second quarter, up 26% from previous year

By Lisa Kerner

Charlotte, N.C., July 17 - PPD, Inc. said it recorded net revenue of $309 million for the second quarter of 2006, an increase of 26% over net revenue of $245.1 million for the second quarter of 2005.

Income from operations for the quarter increased 68.4% to $49.0 million, up from $29.1 million for the same period in 2005.

Second-quarter 2006 earnings per diluted share were $0.31, compared to $0.18 for the second quarter of 2005.

PPD had second-quarter 2006 cash flow from operations of $68.9 million.

At June 30, the company had $380.2 million in cash, cash equivalents and short-term investments and $40.0 million in debt, primarily related to the ongoing construction of the new corporate headquarters building.

"On top of net revenue growth of 24%, excluding reimbursables, and record operating cash flow, PPD grew its book of net new business 34.5% year-over-year for the quarter, resulting in a book-to-bill ratio of 1.44 and backlog of more than $2.0 billion," chief executive officer Fred Eshelman said in a company news release.

"With the continued progress of the phase 3 development program for the Takeda DPP4 compound, we remain confident in our ability to drive value through our integrated platform of drug discovery and development services."

PPD is a global contract research organization based in Wilmington, N.C.

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