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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.
    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
    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
    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

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

Plus de actualités: Quintiles Transnational Corp.
Plus de actualités: Quintiles Transnational Corp.
  • 13.08.2004 – 19:03

    Quintiles Reports 2nd Quarter Net Revenue of $426 Million

    Research Triangle Park, North Carolina (ots/PRNewswire) - - Strong net new business growth, up 31% for first half of 2004 - Fourth consecutive half-year increase in total net new business wins Quintiles Transnational Corp. today announced financial results for the quarter ended June 30, 2004. Net revenue for second quarter 2004 was US$425.8 million versus US$408.4 million for the same period in 2003. Net ...