PPD reports bumper quarter with 30% jump in year-on-year revenue.

A year after returning to public markets, PPD reports sterling set of results boasted by Covid-19 trials work.

The North Carolina-based CRO reported fourth quarter and full year revenue of $1,364.3 million and $4,681.5 million, respectively. The figures represented growth of 30.3% for the quarterly earnings and a 16.1% increase in the full year results compared to the corresponding periods of 2019. For the quarter, the clinical development services segment brought in $1.1 billion while the laboratory services segment raked in $254 million. The figures translate to increases of 40% and 28% for clinical development services and laboratory services, respectively, in comparison to the fourth quarter of 2019. The global CRO finished off the year with a sizeable backlog of $8,187.9 million which was a double-digit increase of 15.9% compared to 2019.

“As we add another year of double-digit growth to our long track record of strong performance, we are very well positioned for 2021,” said David Simmons, PPD’s chairman and CEO. After taking a knock at the start of the pandemic, PPD subsequently got a boost from its involvement in Covid-19 trials. On the back of the strong performance, it expects Q1 revenue for 2021 to come in between $1,277 million and $1,302 million, with full year revenue ranging between $5,145 million and $5,304 million. After being taken private in 2011 by Hellman & Friedman and The Carlyle Group, the CRO returned to public markets about a year ago and managed to raise $1.62 billion in its IPO.