« Return to News | CROs/Service Providers | R&D Trends

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

May 20

IRB consolidation trend continues, as private equity firm Audax buys majority stake in Chesapeake

Quintiles, Merck Serono ink exclusive partnership

Already a subscriber?
Log in to your digital subscription.

Subscribe to CWWeekly.

The CenterWatch Monthly

May

INC Research, PPD, inVentiv named top CROs
Yet most CROs slipping in ability to manage site relationships

R&D cuts by sponsors spur more collaboration, innovation
New strategies share pipeline activity costs

Already a subscriber?
Log in to your digital subscription.

Purchase the May issue.

Subscribe to
The CenterWatch Monthly.

The CenterWatch Monthly

April

20 innovators changing the face of the clinical trials industry
The CenterWatch Monthly honors individuals, teams and companies for their forward-thinking ideas and their ability to implement them.

Already a subscriber?
Log in to your digital subscription.

Purchase the April issue.

Subscribe to
The CenterWatch Monthly.

JobWatch centerwatch.com/jobwatch

Featured Jobs

More Jobs

 

Copyright © 1995-2013 CenterWatch.