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2Q Financial Report: PPD

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By: Tim Wright

Editor-in-Chief, Contract Pharma

PPD

2Q Revenue: $309 million (+26%)

2Q Earnings: $36.4 million (+75%)

YTD Revenue: $608 million (+24%)

YTD Earnings: $78 million (+46%)

Comments: Development segment revenue for the quarter was $278.9 million, up 24%. Discovery sciences segment revenue was $4.6 million, up 27%. R&D expense for the quarter was $1.3 million compared to $11.4 million in 2Q2005. This decline was related to the July 2005 transfer of PPD’s development and commercialization rights to the dipeptidyl peptidase IV (DPP4) inhibitor program to Takeda San Diego, Inc. Revenue for the second quarter 2006 included reimbursed out-of-pocket expenses of $25.5 million, compared to $16.6 million in 2Q2005.

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