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Financial Reports: Charles River 2Q11

Research model revenues up, but preclinical revenues fall

By: Gil Roth

President, Pharma & Biopharma Outsourcing Association

Charles River 2Q11

2Q Revenues: $288 million (flat)

2Q Earnings: $34 million (+125%)

YTD Revenues: $574 million (-1%)

YTD Earnings: $63 million (+105%)

Comments: Revenues were up 7% in 2Q for the Research Models and Services (RMS) segment, to $167 million. Currency exchange accounted for all but 1.3% of that increase. Preclinical Services (PCS) revenues were down 9% to $110 million, due to a drop in demand by large pharma clients. Currency exchange accounted for 3% of the decline. For YTD, RMS reenues were up 4% to $352 million, with a 3% boost from exchange rates. PCS fell 8% YTD to $242 million, with 2% of the drop coming from exchange rates. 2Q11 net income got a boost from a $7.7 million settlement of a life insurance policy for a former CRL officer.

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