Parexel highlights business strength in third quarter

Parexel has published its financial report for the third quarter of its current business year, during which it continued to make progress towards its long-term goals.

The pharmaceutical services provider saw a 3.5 percent year-on-year rise in consolidated service revenue to $301.4 million, while its backlog grew by 34 percent in the same timeframe to $3.19 billion.

This comes ahead of the organisation's planned restructuring programme in the coming quarter, which is aimed at increasing the agility of its early phase business unit to capitalise most effectively on industry trends.

It will also be increasing recruitment in its clinical research services division in order to better meet the needs of its clients.

Josef von Rickenbach, Parexel's chairman and chief executive officer, said: "This is an exciting time for our industry and we believe that we are well-positioned to continue to increase our share of the market."

Last month, the firm highlighted the role it has played in the creation of a new regulatory affairs document in conjunction with the Parenteral Drug Association.