Parexel maintains growth in third quarter

Parexel has published its financial report for the third quarter of 2012, which ended on March 31st, highlighting strong year-on-year growth.

The biopharmaceutical services provider reported consolidated service revenue of $356 million (219.79 million pounds) during the quarter, up by 18.1 percent on the equivalent period of 2011.

Key drivers of this growth included the investments made in system enhancements and operational improvement initiatives in clinical research services, while record-breaking levels of new business were also seen during the period.

For the year to date, the company's consolidated service revenue has now topped $1 billion over nine months, an increase of 11.3 percent compared to the same point last year.

Josef von Rickenbach, Parexel's chairman and chief executive officer, said: "Looking ahead, I believe that our future is full of promise, as we further solidify our position as a leader in our industry."

Last week, the company announced that its chief operating officer Dr Mark Goldberg had been presented with a prestigious special recognition award from the Academy of Physicians in Clinical Research.