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Omnicare's CRO Division Holds Steady

Friday, February 27, 2009 09:00 AM

Omnicare reported its fourth quarter and year-end 2008 financial results, including the results for Omnicare’s subsidiary, contract research organization Omnicare Clinical Research.

Fourth quarter 2008 revenues for the company’s CRO business remained steady at $49.1 million, compared with $49 million in the same period last year. Adjusted operating profit for the fourth quarter 2008 was $5.2 million, compared with $3.6 million in Q4 2007.

Full-year revenues for 2008 were $203.3 million, up from $195.1 million in 2007. The CRO’s adjusted operating profit for the full year 2008 was $17.6 million, up from $13.1 million in 2007.

Omnicare Clinical Research provides phase I–IV contract research services, specializing in geriatrics-focused drug studies.

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