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Financial Report: PAREXEL 4Q11

Service revenues up in the quarter and FY11

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By: Tim Wright

Editor-in-Chief, Contract Pharma

PAREXEL 4Q11

4Q Revenues: $363.2 million (+5%)

4Q Loss: $1.6 million (earnings were $12.9 million 4Q10)

FY Revenues: $1.4 billion (+6%)

FY Earnings: $48.8 million (+18%)

Comments: Consolidated service revenue for the quarter was $232.8 million (+3%) in Clinical Research Services (CRS), $35.2 million (+11%) in PAREXEL Consulting and Medical Communications Services (PCMS), and $42.5 million (+11%) in Perceptive Informatics. New business wins for the quarter were $567.9 million with a book-to-bill ratio of 1.83. Excluding the positive impact from foreign exchange, revenue increased 1% in the quarter. Restructuring charges include $4.3 million of facility-related costs, $1.5 million in severance costs, and $3.1 million in impairment charges related to exited facilities. Service revenue for FY11 was $922.8 million (+6%) in CRS, $129.7 million (+7%) in PCMS, and $159.5 million (+17%) in Perceptive. Backlog at year-end totaled $3.4 billion, up 29%. Net book-to-bill ratio was 1.51 for the year. In his earnings call, PAREXEL chief executive officer Joseph Von Rickenbach noted that he expects a run-rate of $200 million from PAREXEL’s partnership with Pfizer, beginning in 4Q12.

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