Parexel revenues surge in third quarter

Pharmaceutical services firm reports $342.26m revenues.

Parexel has reported revenues of $342.26m for the first quarter ending 30 September 2010, compared to $307.54m for the same period in 2009.

Parexel has posted a net income of $17.79m for the first quarter 2010, or $0.3 per diluted share, compared to $12.44m, or $0.21 per diluted share, for the comparable period in 2009.

Income from operations was $30m, compared to $18.48m for the comparable period in 2009.

Parexel chairman and CEO Josef von Rickenbach said that the results of the first quarter were strong.

"We exceeded our earnings per share target as a result of a continued focus on cost control and a lower tax rate, despite the fact that certain project delays and cancellations resulted in lower than anticipated revenue," Rickenbach said.

"New business wins in the quarter were healthy, and we are pleased with the ongoing development of our strategic partnerships, and the success of our product and service offering."

Parexel is a bio/pharmaceutical services organisation, providing knowledge-based contract research, consulting and medical communications services to the pharmaceutical, biotechnology and medical device industries.