PPD saw revenue jump just shy of 42% in the first half of the year as it continues its rebound from the dark days of 2020.
The major CRO, which is at the center of a buyout deal with Thermo Fisher, recorded sales of $2.95 billion for the fist six months, up 41.8% on last year, with second-quarter revenue up a massive 55.8% to $1.57 billion, showing just how well the CRO has grown—and how dark the second quarter was last year for the sector.
For the quarter, clinical development swelled by 60% to $1.3 billion, while the company's laboratory services unit reached $275 million, growth of 41% compared to last year.
“I’m delighted to report that our strong momentum across the business continued in the second quarter,” said David Simmons, PPD’s chairman and CEO.
“In addition to achieving solid growth in net authorizations, our colleagues’ commitment to delivering for customers helped drive significant revenue growth. With our differentiated capabilities, deep customer relationships and culture of quality and innovation, we remain well positioned for ongoing success as we look forward to the anticipated merger with Thermo Fisher Scientific.”
Given the buyout by Thermo Fisher, PPD is not giving sales guidance for the year.