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Financial Report: PPD 4Q

Development segment revenue in the quarter was $328.1 million (-3%) and for the year was $1.3 billion (-8%).

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By: Tim Wright

Editor-in-Chief, Contract Pharma

PPD 4Q

4Q Revenues: $357.4 million (-2%)

4Q Earnings: $19.0 million (earnings were $47.2 million in 4Q08)

FY Revenues: $1.4 billion (-9%)

FY Earnings: $159.3 million (-15%)

Comments: Development segment revenue in the quarter was $328.1 million (-3%) and for the year was $1.3 billion (-8%). Development income from operations for the quarter was $49.4 million, compared to $72.6 million in 4Q08. For the year income from operations was $223.2 million, compared to $272.5 million FY08. Discovery sciences segment revenue for the quarter was $0.5 million, compared to $0.1 million in 4Q08. For the year, discovery sciences revenue was $6.3 million, compared to $18.4 million FY08. Revenue for the year included two milestone payments from Takeda totaling $18.0 million, triggered by the FDA acceptance of Takeda’s NDA for alogliptin and the NDA submission for alogliptin in Japan. Discovery sciences segment loss from operations for the year was $30.3 million, compared to income of $9.9 million FY08. New business authorizations for the quarter totaled $465.6 million. Backlog at December 31, 2009, was $3.0 billion.

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