PDI Announces $33 Million Contract Extension and Expansion with Top-Five Pharmaceutical Company
SADDLE RIVER, N.J. --PDI, a provider of commercialization services to the biopharmaceutical industry, today announced the extension and expansion of the scope of its contract sales engagement with a top-five pharmaceutical company. The original engagement ran from May 2007 through May 2008 and had an annual value of approximately $23 million. The new contract extension runs through May 2009 and is expected to generate approximately $33 million in annual revenue.
PDI provides commercialization services for established and emerging biopharmaceutical companies. The Company is dedicated to maximizing the return on investment for its clients by providing strategic flexibility, sales, marketing and commercialization expertise.
PDI currently operates in two business segments: Sales Services and Marketing Services. Our Sales Services include Performance Sales TeamsTM, which are dedicated pharmaceutical sales force teams for specific customers; Select AccessTM, our targeted sales solution that leverages an existing sales force and infrastructure; and PDI ON DEMAND, a suite of innovative sales services that provide rapid, customized sales force solutions tailored to meet the local, regional and seasonal needs of our customers. Our Marketing Services include marketing research and consulting services through TVG, and medical communications services through Pharmakon. In addition, PDI is a high-quality provider of continuing medical education through Vital Issues in Medicine (VIM®). PDI also provides Product Commercialization, where we utilize our considerable sales and marketing expertise to promote certain pharmaceutical products on behalf of our customers through revenue-sharing arrangements. PDI's experience extends across multiple therapeutic categories and includes office- and hospital-based initiatives.
For more information, please visit the Company's website at www.pdi-inc.com.
This press release contains forward-looking statements regarding future events and financial performance. These statements involve a number of risks and uncertainties and are based on numerous assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond PDI's control. Some of the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements are general economic conditions, the termination of or material reduction in the size of any of our customer contracts, the loss of our or our customers' intellectual property rights, our ability or inability to secure new business to offset the recent loss of customer contracts and the terms of any replacement business we secure, changes in our operating expenses, FDA, legal or accounting developments, competitive pressures, failure to meet performance benchmarks in significant contracts, changes in customer and market requirements and standards, the impact of any stock repurchase programs, the adequacy of the reserves PDI has taken, the financial viability of certain companies whose debt and equity securities we hold, the outcome of certain litigation, PDI's ability to implement its current and future business plans, and the risk factors detailed from time to time in PDI's periodic filings with the Securities and Exchange Commission, including without limitation, PDI's Annual Report on Form 10-K for the year ended December 31, 2007, and quarterly reports on Form 10-Q and current reports on Form 8-K. The forward-looking statements in this press release are based upon management's reasonable belief as of the date hereof. PDI undertakes no obligation to revise or update publicly any forward-looking statements for any reason.