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Home Industry News Quintiles net revenue up 19% in 3rd quarter

Quintiles net revenue up 19% in 3rd quarter

16th November 2005

Quintiles Transnational has announced that revenues rose for the company during the third quarter of 2005, but the firm’s bottom line plummeted.

In a statement the company said that revenues rose by 19 per cent, to $470.3 million from $396.5 million the year before. Profits were raised at the firm’s product development and commercial services divisions, from $193.1 million to $210.5 million over the same period.

However, the company’s net income was far more modest and had dropped since 2004, after it said it had spent $3.4 million on restructuring the company. Net income amounted to $26.9 million for the third quarter, down from $34.5 million.

“We are continuing to focus on the fundamentals; providing our customers high-quality, value-added clinical and commercialization services and partnering solutions, while positioning Quintiles to take advantage of the significant potential we see in emerging markets,” said chairman and chief executive Dennis Gillings.

John Ratiff, Quintiles’ executive vice president and chief financial officer, said that the firm was improving its quality control and efficiency processes to continue to improve operating profits.

Quintiles Transnational develops and commercialises biotechnology products.

track© Adfero Ltd

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