The North Carolina-based CRO beats Wall Street expectations with exceptional set of quarterly results.
As it prepares to be absorbed by rival Icon, PRA saw its quarterly revenue soar to reach $933.8 million, a jump of over 17% compared to the same period a year-ago. While both the Clinical Research Unit and the Data Solutions segment reported double-digit growth for the quarter ended 31 March 2021, the former was the main driver behind the sterling results, raking in $866.6 million which represented a jump of 19.3%. The Data Solutions division reported $67.1 million during the period – a year-on-year increase of 16.6%. Net income for the quarter came in at $56.9 million, net new business at $797.2 million – a 31.8% jump, while its net book-to-bill excluding reimbursement revenue was at 1.24.
The impressive set of results come as CROs continue to enjoy strong growth on the back of Covid-19 trials in particular. “I am delighted to report double-digit revenue and earnings growth for the first quarter of 2021,” said Colin Shannon, PRA’s president and CEO. “The year has started on a strong note and we continue to be well-positioned for the remainder of 2021”. In February, the Dublin-headquartered Icon made an offer to acquire PRA for $12 billion in a cash and stock transaction, offering about a 30% premium. Unsurprisingly, PRA has seen its share price soar by over 30% since the year started. The merger with Icon is expected to close in July of this year.