PharmaNet Comes Back Again, Shares up 30%

Thursday, July 31, 2008 10:58 AM

PharmaNet Development Group is making its latest comeback—in a big way. The contract research organization (CRO) blew away analysts’ expectations when it reported second quarter earnings after the closing bell Wednesday. Its shares were up more than 30% to $23.62 in late morning trading Thursday.

The company swung to a profit, reporting second-quarter net income of $2.2 million, or 11 cents a share, compared with a net loss of $4.5 million, or 24 cents, in the prior year quarter. Estimates from analysts were four cents a share. Jefferies & Co. boosted its stock rating from hold to buy.

PharmaNet’s second quarter revenue jumped 13% to $96.8 million. The company stuck with its 2008 guidance for net income of 53 cents to 63 cents on a range of revenue of $390 million to $399 million.

Early stage development was a strength in the quarter with direct revenue jumping 40% to $43 million.

Share:          
CLINICAL TRIAL RESOURCES

Search:

NEWS ONLINE ARCHIVE

Browse by:

CWWeekly

December 15

Cancer Treatment Centers of America chooses WCG as its exclusive IRB, sheds five local hospital IRBs

Five southern research groups form public-private network to help save time, money for clients with early-stage biologics

Already a subscriber?
Log in to your digital subscription.

Subscribe to CWWeekly.

The CenterWatch Monthly

December

Growing adoption of feasibility review committees
Early reports cite fewer amendments, improved cycle time

AMCs vying to better compete for industry trials
Working to conquer study start-up delays, IRB review process

Already a subscriber?
Log in to your digital subscription.

Purchase the October issue.

Subscribe to
The CenterWatch Monthly.

The CenterWatch Monthly

November

Private equity driving dynamic CRO growth
Enables CROs to pursue long-term strategies, while giving the space credibility

Baby boomers poised to reshape clinical trials industry
Millions of tech-savvy consumers already track their health, expect new treatments as they age

Already a subscriber?
Log in to your digital subscription.

Purchase the September issue.

Subscribe to
The CenterWatch Monthly.

JobWatch centerwatch.com/jobwatch

Featured Jobs