That was the first time in Quintiles' history that the company has seen billion-dollar revenues in a single quarter. Also, the company's service-revenue total also beat the average
At constant currency values, the company's revenues from its product development segment, which includes its contract clinical trials and associated laboratory and analytical services work, were up 10.7 percent.
Its revenues also got a boost in the quarter from the September acquisition of Novella Clinical, a
However, it reported another revenue decline from its integrated health services segment that includes the work of its contract drug sales force. At constant currency rates, revenues for the business unit were down about 1.1 percent.
"2013 was great year for Quintiles, as we re-emerged as a public company in early May and achieved many milestones through the year," Pike said in a conference call on Thursday. "One of the most recent was our first billion-dollar service revenue quarter in the company's history."
"The results were just a little better than what people were expecting," he said. "They didn't really blow away the numbers, (but they were) pretty solid."
Krempa said the whole clinical research industry is growing pretty quickly as large pharmaceutical companies continue to outsource more drug development. The top four companies in the industry are posting similar results, he said, and are stealing business from some of the smaller players.
"Everyone who's kind of a top-top-tier player like them...are basically seeing the same results," he said.
For the quarter, the company's net income was up more than 108 percent, or more than twice as much, in the quarter to
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