NEW YORK, Oct. 16 - PPD said that strong revenue growth in the third quarter surpassed a mild up tick in R&D spending, helping to drive a surge in net profits.
For the period ended Sept. 30, PPD said total revenue were $157.3 million, up from $115.8 million one year ago. R&D in the quarter increased to just under $3 million from 1.4 million year over year.
As a result, the company said that net profits in the third quarter 2002 climbed to $18.3 million, or $.33 per share, from $11.5 million, or $.22 per share, in the same quarter one year ago.
PPD said it had around $147 million in cash and cash equivalents as of Sept. 30.
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