PPD’s full-year income from operations fell 32% in 2009, the contract research organization (CRO) reported last night. Revenues for the year were also down from $1.55 billion in 2008 to $1.42 billion.

Full-year 2009 income was $192.9 million, compared with $282.4 million in 2008. Diluted earnings per share for 2009 were $1.34, compared with diluted earnings per share of $1.56 for the same period last year.

PPD’s fourth quarter net revenues dipped slightly to $357.4 million, compared with $363.1 million in the fourth quarter of 2008. Income from operations was $23.9 million, compared with $71.7 million for the same period in 2008.

“PPD made significant progress on several strategic fronts in 2009, as evidenced by acquisitions and investments in emerging markets, expansion in new service areas, and the anticipated spin-off of our compound partnering business,” said Fred Eshelman, executive chairman of PPD, in a statement. “We continue to believe in the fundamentals of the market for CRO services, and we intend to continue to focus on sales execution, operational performance, and building strategic partnerships with clients in the year ahead.”

Earlier this month, the company completed the sale of its biomarker services division, PPD Biomarker Discovery Sciences, to Montreal-based Caprion Proteomics. PPD next plans to spin off its compound partnering business, creating two independent public companies. Only the CRO business will maintain the PPD name.