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PPD Reports Fourth Quarter and Year-End 2007 Financial Results
Date:2/6/2008

Highlights:

- Q4 2007 new authorizations of $613 million

- Q4 2007 book to bill ratio of 1.44 - Backlog at December 31, 2007 of $2.65 billion, an increase of 19 percent

year-over-year

WILMINGTON, N.C., Feb. 6 /PRNewswire-FirstCall/ -- PPD, Inc. (Nasdaq: PPDI) today reported its financial and operating results for the fourth quarter and full year ended December 31, 2007.

PPD recorded net revenue of $375.0 million for the fourth quarter of 2007, an increase of 15.0 percent over net revenue of $326.2 million for the fourth quarter of 2006. Fourth quarter 2007 income from operations was $56.0 million, compared to income from operations of $58.0 million for the same period in 2006. Research and development expense for the fourth quarter 2007 was $5.0 million, compared to $1.6 million for the same period last year. The increase in R&D expenses was related to the costs incurred in conducting trials for PPD's statin compound for the treatment of dyslipidemia. Fourth quarter 2007 earnings per diluted share were $0.34, compared to earnings per diluted share of $0.35 for the same period last year.

Net revenue for the full year ended December 31, 2007 was $1.4 billion, an increase of 13.4 percent over net revenue of $1.25 billion for 2006. Full year 2007 income from operations was $230.0 million compared to 2006 income from operations of $220.0 million. Research and development expense for the full year 2007 was $19.2 million compared to $5.4 million for 2006. As with fourth quarter 2007, the increase in R&D expenses was due to costs incurred on PPD's statin compound. Earnings per diluted share for full year 2007 were $1.36, compared to earnings per diluted share of $1.32 over the same period in 2006.

Development

Development segment net revenue for the fourth quarter of 2007 was $334.9 million, an increase of 15.1 percent over the same
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SOURCE PPD, Inc.
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