Heavyweight CRO reports double-digit growth across key metrics, and sees nearly 20% jump in workforce.
The Wilmington, North Carolina-based contract research organization reported a revenue of $1,560.8 million for the three months ended September 30, 2021 - a 26.5% increase compared to the three months ended September 30, 2020. “PPD’s strong results reflect solid performance against our strategy to help customers bend the cost and time curve of drug development,” said David Simmons, PPD’s chairman and CEO. At the segment level, its Clinical Development Services saw revenue of $1,270.6 million, representing growth of 26.0% while Laboratory Services generated revenue of $290.2 million – a 28.9% increase compared to the three months ended September 30, 2020. The heavyweight CRO also saw net authorizations grow by 12.7% during the third quarter to $1,352.7 million, resulting in a net book-to-bill ratio of 1.19x on a historical basis.
The company’s net income attributable to common stockholders for the quarter came in at $152.9 million – a notable increase in comparison to eh $52 million it reported for the same period last year. Its adjusted net income for the period was $155.5 million – jumping from $108.2 million for the three months ended September 30, 2020. Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization for the quarter registered at $280.3 million, compared to $232.6 million for the three months ended September 30, 2020. On a year-to-date basis, the company’s revenue increased by 36.1% to $4,514.6 million, compared to $3,317.2 million reported for the nine months ended September 30, 2020. The company has also seen its workforce increase by nearly 20% over the past year, to more than 30,000.