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Financial Report: Charles River Laboratories 4Q

Preclinical Services (PCS) segment revenue was $158.6 million (-8%) due to slower market demand and the negative impact of foreign exchange.

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Charles River Laboratories

4Q Revenues: $311.4 million (-2%)     

4Q Loss: $661.9 million (earnings were $36.9 million in 4Q08)   

FY Revenues: $1.3 billion (+9%)

FY Loss: $521.8 million (earnings were $154.4 million FY08)

Comments: Preclinical Services (PCS) segment revenue was $158.6 million (-8%) due to slower market demand and the negative impact of foreign exchange. For the year PCS revenue was $683.6 million (+5%). Research Models and Services (RMS) segment revenue was $152.8 million in the quarter (+5%) and $659.9 million for the year (+14%). Lower 4Q sales resulted from the divestiture of the vaccine business in Mexico but sales were offset by the Sept. 2008 acquisition of MIR Preclinical Services. Results include a non-cash goodwill impairment of $700.0 million for the year in connection with management’s annual assessment of goodwill on its balance sheet.

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