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Financial Report: PPD 2Q11

Clinical Services grow 14%

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By: Tim Wright

Editor-in-Chief, Contract Pharma

PPD 2Q11

2Q Revenues: $407.7 million (+10%)

2Q Earnings: $45.4 million (+116%)

YTD Revenues: $791.0 million (+10%)

YTD Earnings: $82.8 million (+98%)

Comments: Clinical Development Services revenue for the quarter was up 14% to $291.5 million. Laboratory Services revenue was up 8% to $84.7 million. Gross authorizations in the quarter totaled $752.6 million. Backlog stood at $3.7 billion on June 30, 2011. Contract cancellations were $268.6 million. Income from operations for the quarter was higher due to increased revenue and a decrease in R&D and operating expenses due to the spin-off of Furiex Pharmaceuticals, Inc.

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