PPD Announces Stock Split and Stellar Earnings Results

After Monday's closing bell, biotech service provider Pharmaceutical Product Development, Inc. (Nasdaq:PPDI) reported first quarter results for period ending March 31, 2001 and announced a 2-for-1 stock split of its common shares.

Diluted earnings per share of $0.56 (pre-split) increased 110 percent over the same period of last year, with net revenue almost 31 percent higher to $107 million. An event that carried substantial positive financial impact for the company was the sublicensing of dapoxetine to the Alza Corporation. Additionally, new authorizations for the first quarter increased by over 24 percent for a total of $165 million.

PPD also announced a 2-for-1 stock split for shareholders of record as of April 27, 2001, payable as a 100 percent stock dividend on May 11, 2001; the stock is expected to trade on a split-adjusted basis on May 14, 2001. The Company currently has 25.7 million shares outstanding, 20.6 million in the float, and 95 million shares are authorized. This marks PPD's first-ever stock split.

Shares closed up +0.46 to $49.60 on Monday, with light volume of 182,900. SplitTrader analysts have been anticipating a split announcement from PPD as it is currently a Split Candidate. We will continue to monitor this Split Run for the opportunity of a Play recommendation.

About the Company:

PPD is a leading global provider of discovery and development services and products for the pharmaceutical and biotechnology industries. With a corporate mission to provide services that maximize the return on clients' R&D investments, PPD provides innovative technologies, therapeutic expertise and comprehensive services for drug discovery and pre-clinical programs, Phase I-IV clinical development and post-market support. The company has more than 3,800 professionals in 47 facilities in 19 countries around the world. (company press release)

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