PPD Forecasts Robust EPS Growth in 2003;
Reconfirms Guidance for Fourth Quarter 2002
WILMINGTON, N.C., (December 4, 2002)— PPD, Inc. (Nasdaq: PPDI) today reported financial guidance for 2003 and
reconfirmed financial guidance for fourth quarter 2002.
Net revenue for 2003, excluding reimbursable out-of-pockets, is expected to be in the range of $685 to $697 million, an
increase of 22% to 24% as compared to forecasted net revenue of $559 to $563 million for 2002. Earnings per diluted share
for 2003, not including any dapoxetine milestone payment, are forecasted to be in the range of $1.56 to $1.62. This represents
a 25% to 28% increase over expected 2002 earnings per diluted share of $1.25 to $1.29, excluding the one-time $32.0 million
impairment of the equity investment in DNA Sciences recorded in the first quarter of 2002. The quarterly breakdown for 2003
forecasted earnings per diluted share is as follows: Q1 - $0.35 to $0.36; Q2 - $0.36 to $0.37; Q3 - $0.41 to $0.43; and Q4 -
$0.44 to $0.46.
PPD today also reconfirmed that earnings per diluted share for fourth quarter 2002 are expected to be in the range of $0.35 to
PPD will conduct a live Webcast and teleconference on Thursday, December 5, 2002, at 9:00 a.m. ET to discuss the
company’s expectations for 2003. A Q&A session will follow. The teleconference will be available via direct dial number +800
915 4836 and will be broadcast live over the Internet. All interested parties can access the Webcast through the “Investors”
section of the PPD Web site at http://www.ppdi.com. The Webcast will be archived shortly after the call for on-demand replay
through 5:00 p.m. ET on December 20, 2002.
As a leading global provider of discovery and development services and products for pharmaceutical and biotechnology
companies, PPD applies innovative technologies, therapeutic expertise and a commitment to quality to help clients maximize the
return on their R&D investments. With proven early discovery through post-market resources, the company also offers unique
partnerships and alliances for virtual drug development. PPD has more than 5,200 professionals in 24 countries around the
world. For more information on PPD, visit our Web site at http://www.ppdi.com.
Except for historical information, all of the statements, expectations and assumptions contained in this news release, including
statements regarding future earnings guidance, are forward-looking statements that involve a number of risks and
uncertainties. Although PPD attempts to be accurate in making these forward-looking statements, it is possible that future
circumstances might differ from the assumptions on which such statements are based. In addition, other important factors which
could cause results to differ materially include the following: continued success in sales growth; loss of large contracts;
economic conditions in the pharmaceutical and biotechnology industries; outsourcing trends in the pharmaceutical and
biotechnology industries; dependence on collaborative relationships; rapid technological advances that make our products and
services less competitive; risks associated with acquisitions and investments; competition within the outsourcing industry;; the
ability to attract and retain key personnel; and the other risk factors set forth from time to time in the SEC filings for PPD, copies
of which are available upon request from the PPD investor relations department.
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