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Financial Report: Parexel 3Q

Backlog grows, but ramping up for new business leads to tighter margins

By: Gil Roth

President, Pharma & Biopharma Outsourcing Association

Parexel 3Q

3Q Revenues*: $356 million (+18%)

3Q Earnings: $22.9 million (+46%)

YTD Revenues*: $1.0 billion (+11%)

YTD Earnings: $45.3 million (-10%)

* Consolidated service revenues only

Comments: Backlog at the end of the quarter was approximately $4.2 billion (+33% year-over-year). Reported backlog included gross new business wins of $1.1 billion, cancellations of $263.3 million, and a positive impact from foreign exchange rates, and other small adjustments of $44.3 million. The net book-to-bill ratio was 2.23 in the quarter. Revenues for the quarter were $263.4 million in Clinical Research Services (CRS), $43.3 million in Parexel Consulting and Medical Communications Services (PCMS), and $49.3 million in Perceptive Informatics. New business gains have led to increased hiring and other expenditures, reducing operating margins.

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