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Kendle 2Q09

Early-stage revenues dropped 15% to $7.3 million in 2Q09, but rose 15% for YTD09

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Kendle Int’l.

2Q Revenues: $107.4 million (-15%)

2Q Earnings: $3.2 million (-48%)

YTD Revenues: $215.5 million (-11%)

YTD Earnings: $4.1 million (-61%)

Comments: New business awards were $132 million, while there were $48 million in contract cancellations, comprising 5% of the company’s backlog. Early-stage revenues dropped 15% to $7.3 million in 2Q09, but rose 15% for YTD09. Late-stage revenues fell 17% to $96.6 million for 2Q09 and 13% in YTD09 to $193.2 million. During this quarter, the company took a $6.0 million pretax charge for severance and other restructuring costs.

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