Omnicare's CRO Division Holds Steady
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.