French CRO CiToxLAB posted 25% revenue growth in 2012, excellent results that shine compared to the overall results for the preclinical research market.
The company pulled in about $102 million on the year, and its double-digit annual growth far outpaces the market, CiToxLAB says. According to research outfit William Blair, outsourced preclinical research grew about 7% in 2012, and the toxicology segment posted even more modest gains.
CiToxLAB attributes its market-beating performance to a worldwide expansion in 2012. The CRO still gets about 70% of its revenue from Europe, but, since merging with Canada's LAB-Research in 2011, the company has expanded its North American sales by 68%, focusing on its Montreal site.
Looking forward, CiToxLAB anticipates a boom in demand for biologics services in 2013, and the company has been bolstering its large-molecule capabilities over the past few years, offering reproductive toxicity testing at its Denmark facility and vaccine evaluation at its French headquarters.
"We view ourselves as a science-driven CRO," CEO Jean-Francois Le Bigot said in a statement. "We continuously invest as much as possible in the development and validation of new techniques in order to provide innovative tools to meet the needs of our clients in an ever-more challenging biomedical environment."
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