PPDI Hires New CEO - Analyst Blog
September 23 2011 - 1:42PM
Zacks
Pharmaceutical Product Development, Inc. (PPDI)
recently announced the appointment of Mr. Raymond Hill as its new
Chief Executive Officer (CEO) and also a member of the Board of
Directors effective from September 16. Raymond Hill was the
president of IMS Consulting Group at IMS Health Inc. Prior to
joining IMS Health, Mr. Hill served as a senior vice president for
Acumen Sciences Limited.
PPD also recently announced expansion of its clinical
microbiology laboratory globally to strengthen its laboratory
services in infectious diseases to meet growing client demand. With
the expansion, PPD can offer a full range of microbiology testing
services such as bacteriology, mycobacteriology and testing of
microbioterrorism pathogens.
Our Recommendation
We currently have a Hold recommendation on PPD. The company
retains a Zacks #3 Rank, which translates into a short-term Hold
rating. We are impressed by the company’s strong bookings, stable
backlog duration and sound expense control.
PPD is a leading contract research organization (CRO) providing
drug discovery and development services to pharmaceutical and
biotechnology companies. Companies like PPD and Charles
River Laboratories (CRL) suffered in 2008-2009 due to a
decline in demand for their services in time of a depressed
economy.
The environment for CROs is gradually improving. The improving
RFP flows and key strategic partnerships secured by PPD with
bio-pharma customers are a testament to such a revival, which would
in its turn result in bottom-line growth. However, we remain
concerned about the high cancellation rates.
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