Quintiles Transnational Corp.

Quintiles Reports 2004 Net Revenue of US$1.78 Billion

    Research Triangle Park, North Carolina (ots/PRNewswire) -

    - Fourth quarter 2004 net revenue of US$493.2 million, up 20% from same quarter in 2003

    - Record backlog of US$2.6 billion as of Dec. 31, 2004

    Quintiles Transnational Corp. today announced financial results for the year and quarter ended Dec. 31, 2004. Net revenue for 2004 was US$1.78 billion versus US$1.63 billion in 2003. Contribution for Quintiles' Product Development and Commercial Services groups totaled US$808.1 million for 2004 Versus US$713.7 million for 2003. Net income for 2004 was US$1.0 million, compared with US$29.7 million for 2003.

    Net revenue for fourth quarter 2004 was US$493.2 million, an increase of 20% from net revenue of US$412.4 million for the same period in 2003. Contribution for Quintiles' Product Development and Commercial Services groups totaled US$224.6 million in fourth quarter 2004 versus US$187.0 million for the same quarter in 2003. Net loss for fourth quarter 2004 was US$7.6 million, compared with a loss of US$8.2 million for fourth quarter 2003.

    Net new business in the second half of 2004 was US$1.38 billion versus US$841 million for the second half of 2003. Net new business for 2004 and 2003 was US$2.3 billion and US$1.6 billion, respectively, a 44% increase. Net new business for 2004 included US$388 million of net wins of internal service contracts. Backlog was US$2.6 billion on Dec. 31, 2004, versus US$1.9 billion on the same date in 2003.

    "Exceeding US$2 billion in new business signings in 2004 and achieving a record US$2.6 billion in backlog are significant accomplishments," said Quintiles Transnational Chairman and Chief Executive Officer Dennis Gillings, Ph.D., CBE. "The second half of 2004 was our fifth consecutive half-year increase in net new business.

    "These robust new business wins are driving revenue growth. Our Product Development group's new business wins increased 27% in 2004 from the previous year. Revenue for this group grew in excess of 20% for the quarter compared to fourth quarter 2003 as a result of this success in winning new business."

    As of Dec. 31, 2004, Quintiles had cash and cash equivalents of US$535.7 million; on the same date in 2003, cash and cash equivalents totaled US$373.6 million.

    Quintiles Transnational Chief Financial Officer John Ratliff said: "We bolstered our already strong cash position in 2004 primarily through two previously announced transactions - Mitsui's payment of approximately US$80 million in cash to become a 20% shareholder in Quintiles Japan, and Bradley Pharmaceutical's purchase of our Bioglan Pharmaceuticals subsidiary for about US$188 million."

    During 2004, Quintiles recognized a pre-tax gain of US$34.7 million from the Mitsui transaction (US$18.1 million after-tax gain) and an after-tax gain of US$54.4 million from the Bioglan transaction. Ratliff continued: "In addition to strengthening our cash position, we also made significant progress in 2004 toward creating a refined organizational structure to achieve sustained, profitable growth. We are hiring worldwide, adding staff to carry out the projects we've signed with customers. At the same time we have identified areas, as previously announced, where we need to reduce staff in order to become more efficient.

    "I anticipate that by the end of 2005 our global work force -- now about 17,000 -- will have grown substantially, with more individuals focused on delivering on customer projects."

    In order to facilitate an understanding of the 2004 results in comparison to the 2003 results, Quintiles' Predecessor and Successor results are discussed on a combined basis in this press release. The table attached to this press release presents a reconciliation of the Predecessor and Successor results to the combined results.

    Quintiles Transnational's fourth quarter 2004 financial briefing will be held at 11:00 a.m. EST on Wednesday, March 9, and will be broadcast live over the Web. The webcast or replay, which will be available through 5:00 p.m. EST March 25, can be accessed at http://www.quintiles.com/Corporate_Info/Broadcast_Center .

    Quintiles helps improve healthcare worldwide by providing a broad range of professional services, information and partnering solutions to the pharmaceutical, biotechnology and healthcare industries. Headquartered near Research Triangle Park, North Carolina, Quintiles has offices in 50 countries and is the world's leading pharmaceutical services organization. For more information visit the company's Web site at http://www.quintiles.com .

    The schedules attached to this release are an integral part of this release. Information in this press release contains "forward looking statements" about Quintiles. These statements involve risks and uncertainties that could cause actual results to differ materially, including, without limitation, the risk that our PharmaBio transactions will not generate revenue or profit at the rate or levels we anticipate or that royalty revenues under the PharmaBio agreements may not be adequate to offset Quintiles' upfront and ongoing expenses in providing sales and marketing services or in making milestone and marketing payments, our ability to fulfill our obligations under our financing arrangements and the potential impact on our operations, our ability to efficiently distribute backlog among project management groups and match demand to resources, actual operating performance, variation in the actual savings and operating improvements resulting from our restructurings and risks which affect our industry generally, including trends in pharmaceutical outsourcing, delays in drug development and maintenance of large contracts. Additional factors that could cause actual results to differ materially are discussed in the company's recent filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K, its Form 8-Ks, and its other periodic reports, including Form 10-Qs.

@@start.t1@@      Schedule 1 of 3
      Condensed Consolidated Statements of Income
      (Unaudited)
      All figures in USD.
                                         Three        Three         Twelve
                                         months      months        months      Sept. 26      Jan. 1
                                         ended        ended         ended        through        through
                                        Dec. 31,  Dec. 31,    Dec. 31,    Dec. 31,    Sept. 25,
                                          2004         2003          2004          2003          2003
                                      Successor Successor  Successor  Successor Predecessor
      In thousands
      Net revenues              $493,223  $412,379  $1,782,254  $431,626  $1,196,247
      Add: reimbursed
        service costs            103,874      92,790        364,080      96,255        268,683
      Gross revenues            597,097    505,169    2,146,334    527,881    1,464,930
      Costs, expenses and
        other:
         Costs of revenues    426,996    347,304    1,547,444    362,012      969,474
         Selling, general
          and administrative 162,612    148,717        637,115    154,688      397,318
         Interest (income)
          expense, net            14,545      14,857         58,578      15,890      (10,374)
         Other expense
          (income), net          (1,630)    (2,095)        (1,079)    (2,403)      (5,391)
         Transaction and
          restructuring            6,577              -          6,577              -        54,148
         Gain on sale of
          portion of an
          investment in
          a subsidiary                    -              -        (24,688)            -                -
         Non-operating
          gain on change of
          interest
          transaction                      -              -        (10,030)            -                -
                                         609,100    508,783    2,213,917    530,187  1,405,175
      (Loss) income before
        income taxes              (12,003)    (3,614)      (67,583)    (2,306)      59,755
      Income tax (benefit)
        expense                        (4,292)      9,339         (6,599)      9,810        27,224
      (Loss) income before
        equity in (losses)
        earnings of
        unconsolidated
        affiliates and
        minority interests      (7,711)  (12,953)      (60,984)  (12,116)      32,531
      Equity in earnings
        (losses) of
        unconsolidated
        affiliates                        240          (10)          (149)          13            (8)
      Minority interests          (731)        (122)        (1,866)        (123)          12
      (Loss) income from
        continuing
        operations                  (8,202)  (13,085)      (62,999)  (12,226)    32,535
      Income from
        discontinued
        operation                            -        4,839          9,620        4,799        4,626
      Gain from sale of
        discontinued
        operation, net of
        income taxes                    620              -         54,422              -              -
      Net (loss) income        $(7,582)  $(8,246)        $1,043    $(7,427)    37,161@@end@@

@@start.t2@@      Consolidated Balance Sheet Data
      (Unaudited)
                                                                    December 31,         December 31,
                                                                          2004                      2003
      In millions                                              Successor              Successor
      Cash, cash equivalents and debt
        investments                                                 $548                      $385
      Investments in marketable equity
        securities                                                      24                         58
      Investments in non-marketable equity
        securities and loans                                      56                         49
      Investments in unconsolidated
        affiliates                                                    121                        121
      Working capital, excluding discontinued
        operation                                                      316                        131
      Total assets                                                2,048                    1,993
      Debt including current portion                      795                        794
      Shareholders' equity                                      568                        535
      Schedule 2 of 3
      Segment Information
      (Unaudited)
                                      Three         Three         Twelve
                                      months        months        months      Sept. 26      Jan. 1
                                      ended         ended         ended        through        through
                                    Dec. 31,    Dec. 31,    Dec. 31,    Dec. 31,    Sept. 25,
                                        2004          2003          2004          2003          2003
                                  Successor  Successor  Successor  Successor  Predecessor
      In thousands
      Service revenues:
          Product
            development      $313,143  $258,363  $1,126,687  $270,247      $734,729
          Commercial
            services            183,385    134,597        668,357    141,163        392,050
          Eliminations        (24,105)    (9,940)      (65,687)  (10,458)      (29,777)
      Total net
        service revenues    472,423    383,020    1,729,357    400,952    1,097,002
      PharmaBio
        Development
         Commercial
          rights and
          royalties              24,116      26,812         62,517      27,914         71,072
         Investment              (3,316)      2,547         (9,620)      2,760         28,173
      Total PharmaBio
        Development              20,800      29,359         52,897      30,674         99,245
      Total net revenues  493,223    412,379    1,782,254    431,626    1,196,247
      Reimbursed service
        costs                      103,874      92,790        364,080      96,255        268,683
      Gross revenues        $597,097  $505,169  $2,146,334  $527,881  $1,464,930
      Contribution (revenues
        less cost of revenues
        excluding depreciation
        and amortization expense
        except as noted below):
        Product
         development         $158,668  $134,445      $554,405  $141,046      $375,125
        Commercial
         services                 65,930      52,530        253,712      55,353        142,144
        PharmaBio
         Development
          (includes
          amortization
          and depreciation
          expense noted
          below)                 (27,067)      3,892        (84,322)      4,040         37,455
      Total contribution $197,531  $190,867      $723,795  $200,439      $554,724
      Depreciation and
        amortization expense
        (excluded from contribution
        except as noted below):
        Product
         development          $19,332    $21,328        $83,471    $22,406        $43,143
        Commercial
         services                  6,895        8,792         30,759        9,177         15,521
        PharmaBio
         Development
         (included in
         contribution)              514          927          3,454          962          2,210
        Corporate                  1,203        2,882         10,675        2,987              604
      Total depreciation
        and amortization
        expense                  $27,944    $33,929      $128,359    $35,532        $61,478@@end@@

@@start.t3@@      Schedule 3 of 3
      Reconciliation
      (Unaudited)
                                                                    Sept. 26      Jan. 1    Twelve months
                                                                    through      through            ended
                                                                    Dec. 31,    Sept. 25,        Dec. 31,
                                                                        2003          2003                2003
                                                                  Successor  Predecessor      Combined
      In thousands
      Net revenues                                          $431,626    $1,196,247  $1,627,873
      Add:  reimbursed service costs                 96,255         268,683        364,938
      Gross revenues                                         527,881      1,464,930    1,992,811
      Costs, expenses and other:
          Costs of revenues                                362,012         969,474    1,331,486
          Selling, general and
            administrative                                  154,688         397,318        552,006
          Interest (income) expense, net            15,890         (10,374)         5,516
          Other expense (income), net                 (2,403)         (5,391)        (7,794)
          Transaction and restructuring                      -          54,148         54,148
                                                                      530,187      1,405,175    1,935,362
      (Loss) income before income taxes            (2,306)         59,755         57,449
      Income tax (benefit) expense                      9,810          27,224         37,034
      (Loss) income before equity in
        (losses) earnings of unconsolidated
        affiliates and minority interests         (12,116)         32,531         20,415
      Equity in earnings (losses) of
        unconsolidated affiliates                              13                 (8)                5
      Minority interests                                        (123)                12            (111)
      (Loss) income from continuing
        operations                                              (12,226)         32,535         20,309
      Income from discontinued operation            4,799            4,626          9,425
      Net (loss) income                                    $(7,427)         37,161        $29,734
      Service revenues:
              Product development                        $270,247        $734,729  $1,004,976
              Commercial services                         141,163         392,050        533,213
              Eliminations                                    (10,458)        (29,777)      (40,235)
      Total net service revenues                      400,952      1,097,002    1,497,954
      PharmaBio Development
              Commercial rights and royalties        27,914          71,072         98,986
              Investment                                          2,760          28,173         30,933
      Total PharmaBio Development                      30,674          99,245        129,919
      Total net revenues                                  431,626      1,196,247    1,627,873
      Reimbursed service costs                          96,255         268,683        364,938
      Gross revenues                                        $527,881    $1,464,930  $1,992,811
      Contribution (revenues less cost of
        revenues excluding depreciation and
        amortization expense except as noted
        below):
         Product development                            $141,046        $375,125      $516,171
         Commercial services                                55,353         142,144        197,497
         PharmaBio Development (includes
          amortization and depreciation
          expense noted below)                              4,040          37,455         41,495
      Total contribution                                 $200,439        $554,724      $755,163
      Depreciation and amortization expense
        (excluded from contribution except
        as noted below):
         Product development                              $22,406         $43,143        $65,549
         Commercial services                                 9,177          15,521         24,698
         PharmaBio Development (included
          in contribution)                                        962            2,210          3,172
         Corporate                                                 2,987                604          3,591
      Total depreciation and
        amortization expense                              $35,532         $61,478        $97,010
      Web site:  http://www.quintiles.com
                        http://www.quintiles.com/Corporate_Info/Broadcast_Center@@end@@

ots Originaltext: Quintiles Transnational Corp.
Im Internet recherchierbar: http://www.presseportal.ch

Contact:
Media Relations, Pat Grebe, media.info@quintiles.com , or Investor
Relations, Greg Connors, invest@quintiles.com , both of Quintiles
Transnational Corp., +1-919-998-2000



Weitere Meldungen: Quintiles Transnational Corp.

Das könnte Sie auch interessieren: