Friday, April 30, 2010
Covance’s revenues grew and income fell in the first quarter of 2010. The company’s first quarter net revenues were $481.9 million, a 9.2% increase over the same period last year. Net income for the quarter fell 2.9% to $39.1 million, or $0.60 diluted EPS, compared with $40.3 million, or $0.63 diluted EPS, in Q1 2009.
Parexel came back from a tough second quarter with strong third quarter results, posting a 10.1% increase in service revenues. The CRO, whose year-over-year profits were cut in half in the second quarter due to a cancelled project, reported revenues of $291.2 million in Q3, compared with $264.5 million for the same period last year.
Dublin -based contract research organization ICON reported first quarter net revenues of $219 million, down slightly from $219.8 million in the same period last year. Income from operations was $22.2 million, or $0.37 per share on a diluted basis, compared with $20.9 million, or $0.35 per share last year.
Almac Group, an integrated drug development services company based in Craigavon, Northern Ireland, has formed a partnership with Queen’s University Belfast aimed at breaking through two bottlenecks in discovery: target validation and identifying novel hits against those targets. They will concentrate their efforts in oncology.
expanded its Asia-Pacific operations into New Zealand, hiring staff there and establishing a legal entity. The New Zealand staff will work closely with PRA’s office in Sydney, Australia. New Zealand is a key research location for studies in skin cancer, multiple sclerosis, and asthma, the CRO said. The country is known for high recruitment rates, an efficient regulatory environment and counter seasonality—which is advantageous to influenza and allergy studies.