February 27, 2017 5:10 AM ET

Life Sciences Tools and Services

Company Overview of PRA Health Sciences, Inc.

Company Overview

PRA Health Sciences, Inc., a contract research organization, provides outsourced clinical development services to the biotechnology and pharmaceutical industries worldwide. The company offers integrated services, such as data management, statistical analysis, clinical trial management, and regulatory and drug development consulting. It also provides product registration services, including clinical trial management, project management, regulatory affairs, therapeutic expertise, clinical operations, data and programming, safety and risk management, biostatistics and medical writing, quality assurance, and late phase services. The company’s services also comprise strategic solutions comprising...

4130 ParkLake Avenue

Suite 400

Raleigh, NC 27612

United States

Founded in 1976

13,000 Employees

Phone:

919-786-8200

Fax:

919-786-8201

Key Executives for PRA Health Sciences, Inc.

Chairman, Chief Executive Officer and President
Age: 57
Total Annual Compensation: $979.8K
Chief Financial Officer, Executive Vice President and Corporate Secretary
Age: 58
Total Annual Compensation: $571.0K
Executive Vice President and Corporate Compliance Officer
Age: 55
Total Annual Compensation: $504.1K
Compensation as of Fiscal Year 2015.

PRA Health Sciences, Inc. Key Developments

PRA Health Sciences, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Earnings Guidance for the First Quarter of 2017; Provides Earnings Guidance for the Year 2017

PRA Health Sciences, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total revenue of $472,386,000 against $428,947,000 a year ago. Income from operations was $38,241,000 against $43,861,000 a year ago. Income before income taxes and equity in gains of unconsolidated joint ventures was $24,617,000 against $33,502,000 a year ago. Net income was $14,025,000 against $28,504,000 a year ago. Net income per share attributable to common stockholders was diluted $0.22 against $0.45 per share a year ago. EBITDA was $54,298,000 against $69,585,000 a year ago. Adjusted EBITDA was $73,914,000 against $67,934,000 a year ago. Adjusted net income was $45,880,000 or $0.71 per share diluted against $37,518,000 or $0.59 per share diluted a year ago. Cash provided by operations was $93.3 million for the three months ended December 31, 2016, compared to cash provided by operations of $81.1 million for the same period in 2015. Capital expenditures were $7.5 million for the quarter compared to $6.8 million during the same period of 2015. For the year, the company reported total revenue of $1,811,711,000 against $1,613,883,000 a year ago. Income from operations was $162,349,000 against $164,298,000 a year ago. Income before income taxes and equity in gains of unconsolidated joint ventures was $93,894,000 against $115,165,000 a year ago. Net income was $68,175,000 against $81,765,000 a year ago. Net income per share attributable to common stockholders was diluted $1.06 against $1.29 per share a year ago. Net cash provided by operating activities was $160,047,000 against $152,428,000 a year ago. Purchase of fixed assets was $33,143,000 against $32,814,000 a year ago. EBITDA was $221,088,000 against $251,468,000 a year ago. Adjusted EBITDA was $289,287,000 against $251,593,000 a year ago. Adjusted net income was $162,307,000 or $2.52 per share diluted against $126,258,000 or $2.00 per share diluted a year ago. The increase in operating cash flow was a result of operational performance improvements and the reduction in interest payments, partially offset by an increase in working capital primarily driven by slight increase in day sales outstanding. Net debt outstanding, defined as total debt less cash and cash equivalents, at December 31, 2016, was $691.8 million compared to $792.9 million at December 31, 2015. For the year 2017, the company expects net income and net income per diluted share adjusted of $162.0 million to $168.0. Adjusted diluted net income per share of range between $2.46 to $2.56 per share. Adjusted net income and adjusted net income per share diluted of range between $203.0 to $209.0 per share. Adjusted diluted net income and adjusted net income per diluted share of range between $3.08 to $3.18 per share. The company anticipates annual effective income tax rate will be approximately 27% for 2017. For the first quarter of 2017, the company expects net income and net income per diluted share adjusted of $27.0 million to $30.0. Adjusted diluted net income per share of range between $0.41 to $0.46 per share. Adjusted net income and adjusted net income per share diluted of range between $37.0 to $40.0 per share. Adjusted diluted net income and adjusted net income per diluted share of range between $0.57 to $0.62 per share.

PRA Health Sciences, Inc. and Takeda Pharmaceutical Company Limited to Establish a Joint Venture

PRA Health Sciences, Inc. and Takeda Pharmaceutical Company Limited announced that they have agreed to a new partnership to expand their global relationship initially disclosed in September 2016 to include Japan. Takeda and PRA will establish a joint venture, each holding 50 of the share respectively, to provide clinical trial delivery and pharmacovigilance services as a strategic partner of Takeda in Japan. Takeda also will transfer all of the shares of Takeda Pharmaceutical Data Services TDS, a wholly-owned subsidiary of Takeda, to PRA. This partnership is another step in Takeda's transformation of its global research and development organization by providing access to a more flexible operational capability to support development, as well as further globalizing Takeda Development Center Japan, based in Osaka. In alignment with Takeda's global R&D strategy, the newly established joint venture will leverage its internal resources and expertise to manage an entire portfolio of studies for Takeda, across Phases I-IV, and provide pharmacovigilance and other operational services for both development and marketed product portfolios in close alignment with Takeda Development Center Japan. Takeda initially will establish a new, wholly-owned subsidiary in the first quarter of 2017, which will become a part of Takeda Development Center Japan. This new subsidiary is expected to result in the transfer of approximately 140 Takeda employees continuing to support drug development and marketed products in Japan. Upon closing of the joint venture, expected to occur in the second quarter of 2017, the new subsidiary will be jointly owned by Takeda and PRA. Takeda will transfer to PRA all of the shares of TDS in the second quarter of 2017, with approximately 60 employees supporting Takeda Development Center Japan.

PRA Health Sciences, Inc. to Report Q4, 2016 Results on Feb 23, 2017

PRA Health Sciences, Inc. announced that they will report Q4, 2016 results at 5:00 PM, Eastern Standard Time on Feb 23, 2017

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