« Return to News | CROs/Service Providers

Charles River’s Preclinical Growth Slows, Lowers Guidance

Thursday, November 6, 2008 10:48 AM

Wilmington, Mass.-based Charles River Laboratories saw slower than expected sales growth in its Preclinical Services Segment (PCS) during the third quarter, prompting the preclinical contract research organization (CRO) to reduce its 2008 profit and revenue-growth forecasts. Strong sales in Charles River’s Research Models and Services (RMS) segment helped offset the performance of PCS, but the company reduced the high-end of its full-year sales growth percentage forecast by 4%, from 14% to 10%.

“Our clients our continuing to invest in drug discovery development, but they are facing a range of unprecedented challenges,” Charles River chairman, president and CEO James Foster said in a company statement. “To address these challenges, our clients are restructuring their businesses, reprioritizing their drug development pipelines and shifting focus to drugs in late-stage development. These actions are leading to significant and accelerating study slippage and delays, pushing work from 2008 into 2009.”

Charles Rivers’ net sales for the third quarter increased 9% to $342.2 million from $314 million in the third quarter 2007. Net income for the third quarter was $44.7 million, compared with $42.8 million for the third quarter of 2007. In early morning trading Thursday, Charles River share prices fell 20% to $27.40.

Share:          
CLINICAL TRIAL RESOURCES

Search:

NEWS ONLINE ARCHIVE

Browse by:

CWWeekly

September 30

Novartis-Walgreens pilot study blurring the line between retail pharmacy, investigative site

CISCRP to launch traveling science museum exhibit to demystify clinical trial participation

Already a subscriber?
Log in to your digital subscription.

Subscribe to CWWeekly.

The CenterWatch Monthly

October

New growth and decline in Asia clinical trials
South Korea, Japan, China see big growth in 1572s, while India posts huge drop

Harnessing Big Data to transform clinical trials
From protocol to patient recruiting, data analytics can yield valuable insights

Already a subscriber?
Log in to your digital subscription.

Purchase the October issue.

Subscribe to
The CenterWatch Monthly.

The CenterWatch Monthly

September

Sponsors look to collaborate on comparator drugs
Co-therapies, comparators are in 60% of studies, cost $25m per company a year

Early adopters implement risk-based monitoring pilot programs
Experiments aim to offer long-term solutions, despite short-term uncertainties

Already a subscriber?
Log in to your digital subscription.

Purchase the September issue.

Subscribe to
The CenterWatch Monthly.

JobWatch centerwatch.com/jobwatch

Featured Jobs

More Jobs

 

Copyright © 1995-2013 CenterWatch.