NEW YORK (Thomson Financial) - PPD Inc. reported late Wednesday
fourth-quarter net income fell to $40.5 million, or 34 cents a share, from $41.6
million, or 35 cents a share, in the same period a year earlier.
Income from operations for the quarter was $56 million, compared with $58
million a year ago.
The mean estimate of analysts polled by Thomson Financial was for earnings
of 34 cents a share.
Revenue for the period ended Dec. 31 rose 15% to $375 million from last
year's $326.2 million, topping the analyst forecast of $346.4 million.
Separately, PPD said it bought InnoPharm Ltd., an independent contract
research organization, based in Smolensk, Russia, to strengthen its presence in
Eastern Europe.
The acquisition is expected to close in the second quarter of 2008.
Financial terms of the transaction were not disclosed.
PPD is a Wilmington, N.C.-based contract research organization providing
drug discovery and development services, post-approval expertise and compound
partnering programs.
The stock closed the regular session at $42.08.
Wanfeng Zhou
wz/gm
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