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Financial Report: Parexel FY08

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Parexel

4Q Revenues: $331.9 million (+31%)

4Q Earnings: $25.0 million (+140%)

FY Revenues: $1.2 billion (+27%)

FY Earnings: $64.6 million (+73%)

Comments: Record quarterly and FY service revenue was $272.2 million (+33%) and $964.3 million (+30%), respectively. The company had a record backlog of  $2.1 billion (+37%) for the year. Consolidated service revenue in the quarter was $212.0 million in Clinical Research Services (CRS), $33.3 million in Parexel Consulting and Medical Communications Services (PCMS), and $26.9 million in Perceptive Informatics, Inc. FY08 service revenue was $964.3 million (+30%). Consolidated service revenue was $745.7 million in CRS, $129.8 million in PCMS, and $88.8 million in Perceptive Informatics, Inc. Earnings in 4Q08 include a favorable impact of $8.7 million in net tax adjustments.

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