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

period in 2006. Development segment income from operations for the fourth quarter of 2007 was $59.1 million, compared to $58.7 million for the same period in 2006.

Full year 2007 development segment net revenue was $1.28 billion, an increase of 14.6 percent compared to 2006. Development segment income from operations for the full year 2007 was $246.6 million, an increase of 17.1 percent compared to development segment income from operations of $210.6 million in 2006.

Discovery Sciences

Discovery sciences segment net revenue for the fourth quarter of 2007 was $6.4 million, compared to $5.2 million in the same period last year. Discovery sciences segment fourth quarter 2007 loss from operations was $3.1 million, compared to a loss from operations of $0.7 million for the fourth quarter of 2006.

Full year 2007 discovery sciences segment net revenue was $20.0 million, compared to $33.2 million in 2006. Full year 2006 discovery sciences segment net revenue included a $15.0 million milestone payment for the start of the Phase III clinical trial for Takeda's DPP-4 candidate. Discovery sciences segment loss from operations for 2007 was $16.6 million, compared to income from operations of $9.4 million for 2006.

Other Financial Information

Gross new business authorizations for the fourth quarter of 2007 totaled $613 million, a 23.8 percent year-over-year increase. The cancellation rate for the fourth quarter 2007 was 19.7 percent, resulting in a book to bill ratio of 1.44. Backlog at December 31, 2007 was $2.65 billion, an 18.6 percent increase over backlog at December 31, 2006. Net days sales outstanding at December 31, 2007 for the full year 2007 were 50.8 days. Cash flow from operations for the fourth quarter 2007 was $80.5 million, resulting in full year 2007 cash flow from operations of $226.7 million, a 21.0 percent increase compared to full year 2006 cash flow from operations. At December 31, 2007, PPD had $502.4 million in cash
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SOURCE PPD, Inc.
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