• SKIP TO CONTENT
  • SKIP NAVIGATION
  • Patient Resources
    • COVID-19 Patient Resource Center
    • Clinical Trials
    • Search Clinical Trials
    • Patient Notification System
    • What is Clinical Research?
    • Volunteering for a Clinical Trial
    • Understanding Informed Consent
    • Useful Resources
    • FDA Approved Drugs
  • Professional Resources
    • Research Center Profiles
    • Clinical Trial Listings
    • Market Research
    • FDA Approved Drugs
    • Training Guides
    • Books
    • eLearning
    • Events
    • Newsletters
    • White Papers
    • SOPs
    • eCFR and Guidances
  • White Papers
  • Trial Listings
  • Advertise
  • COVID-19
  • iConnect
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Home » MDS Reports Strong Growth in Late Stage Business

MDS Reports Strong Growth in Late Stage Business

June 12, 2007
CenterWatch Staff

MDS had a big second quarter following the sale of its diagnostic business and the life sciences company is also encouraged by signs of a turnaround in its MDS Pharma Services unit’s late stage business.

The Toronto-based company reported net income ballooned to $736 million or $5.34 a share compared with $14 million or 10 cents in the second quarter a year ago. Earnings included a gain of $792 million from its diagnostics unit sale. The overall company’s revenue jumped 13% to $273 million compared with $242 million in the year ago quarter.

In its second quarter, MDS’ revenues from the company’s late stage segment grew 22% to $55 million. The company’s early-stage segment was down 12% compared with the year ago quarter, partly due to U.S. Food and Drug Administration (FDA) issues at its Montreal site. MDS stated it expected to have the majority its independent audits completed by the end of the year, at a cost of $61 million to the company.

Second quarter revenues from the company’s analytical technologies division rose 54%, compared with the same period last year. Those earnings included results of its Molecular Devices acquisition in March 2007.

“I am pleased that we continued to make solid progress executing our strategy,” said Stephen DeFalco, president and chief executive officer of MDS. “I am encouraged by the steady improvement.

In February 2005, MDS agreed to conduct a review of all it bioequivalence studies done at its Ville St. Laurent, Quebec site. The review covered a five-year period from January 2000 through December 2004. This was done in response to FDA concerns about the company’s bioanalytical testing operations after a routine inspection in 2003.

MDS Pharma Services also recorded a $26 million charge to restructure and streamline its business. It will use these funds to “optimize” its global network through site consolidations, workforce reductions, and operational enhancements.

Upcoming Events

  • 16Feb

    Fundamentals of FDA Inspection Management: Reduce Anxiety, Increase Inspection Success

  • 21May

    WCG MAGI Clinical Research Conference – 2023 East

Featured Products

  • Spreadsheet Validation: Tools and Techniques to Make Data in Excel Compliant

    Spreadsheet Validation: Tools and Techniques to Make Data in Excel Compliant

  • Surviving an FDA GCP Inspection

    Surviving an FDA GCP Inspection: Resources for Investigators, Sponsors, CROs and IRBs

Featured Stories

  • SurveywBlueBackground-360x240.png

    Sites Name Tech Acceptance as Essential Factor in Selection of Sponsors, Survey Finds

  • TrendsInsights2023-360x240.png

    WCG Clinical Research Trends and Insights for 2023, Part Two

  • TimeMoneyEffort-360x240.png

    Time is Money and So Is Effort, Budgeting Experts Say

  • TrendsInsights2023A-360x240.png

    WCG Clinical Research Trends and Insights for 2023, Part Three

Standard Operating Procedures for Risk-Based Monitoring of Clinical Trials

The information you need to adapt your monitoring plan to changing times.

Learn More Here
  • About Us
  • Contact Us
  • Privacy Policy
  • Do Not Sell or Share My Data

Footer Logo

300 N. Washington St., Suite 200, Falls Church, VA 22046, USA

Phone 617.948.5100 – Toll free 866.219.3440

Copyright © 2023. All Rights Reserved. Design, CMS, Hosting & Web Development :: ePublishing