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. Its services include a suite of product registration services, such as 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 solutio...
4130 ParkLake Avenue
Raleigh, NC 27612
Founded in 1976
Takeda Pharmaceutical Company Limited Selects PRA Health Sciences, Inc. to Serve as Takeda's Primary Strategic Partner to Deliver on its Pipeline and Marketed Products Clinical Development and Post-Approval Needs
Sep 12 16
PRA Health Sciences, Inc. and Takeda Pharmaceutical Company Limited announced that the companies have entered into a new partnership agreement under which PRA Health Sciences (PRA) will serve as Takeda's primary strategic partner to deliver on the company's pipeline and marketed products clinical development and post-approval needs. The innovative partnership provides a flexible operating model that combines operational expertise, transferred from Takeda to PRA, with PRA's wide range of global capabilities. This model is aimed to improve operating efficiencies, drive globalization and reduce fixed infrastructure costs. This flexible approach will facilitate the development of new medicines by focusing resources, teams and activities where needed, an important requirement for an highly agile R&D organization focused on meeting patient needs. The partnership will enable PRA to utilize its internal resources and expertise to manage an entire pipeline of studies for Takeda, across Phases I-IV and provide Regulatory, Pharmacovigilance and other operational services for both development and marketed product portfolios. The transformation is expected to result in approximately 300 Takeda employees supporting drug development and marketed products to be given the opportunity to transition to PRA in the United States and Europe, subject to appropriate information and consultation with works councils, unions, and employee representatives. Discussion regarding Japan employees is ongoing between Takeda and PRA.
PRA Health Sciences, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016
Jul 28 16
PRA Health Sciences, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company announced total revenue of $455,847,000 compared to $392,848,000 for the same period a year ago. Income from operations was $50,348,000 compared to $38,321,000 for the same period a year ago. Income before income taxes and equity in gains (losses) of unconsolidated was $47,735,000 compared to $18,843,000 for the same period a year ago. Net income was $38,670,000 compared to $12,415,000 for the same period a year ago. Net income per share attributable to common stockholders, diluted was $0.60 compared to $0.20 for the same period a year ago. EBITDA was $81,947,000 compared to $52,674,000 for the same period a year ago. Adjusted EBITDA was $73,309,000 compared to $61,319,000 for the same period a year ago. Adjusted net income was $40,512,000 compared to $29,718,000 for the same period a year ago. Adjusted net income per diluted share was $0.63 compared to $0.47 for the same period a year ago. Cash provided by operations was $4.1 million for the quarter compared to cash provided by operations of $26.6 million for the same period of 2015. The decrease in operating cash flow was driven by changes in net working capital, which is primarily driven by the timing of cash receipts and cash payments, which were in line with forecast. Capital expenditures were $9.4 million for the quarter compared to $9.5 million during the same period of 2015.
For the six months, the company announced total revenue of $886,070,000 compared to $781,426,000 for the same period a year ago. Income from operations was $69,294,000 compared to $71,258,000 for the same period a year ago. Income before income taxes and equity in gains (losses) of unconsolidated was $27,040,000 compared to $44,989,000 for the same period a year ago. Net income was $22,701,000 compared to $29,602,000 for the same period a year ago. Net income per share attributable to common stockholders, diluted was $0.35 compared to $0.47 for the same period a year ago. Net cash provided by operating activities was $6,774,000 compared to $29,957,000 for the same period a year ago. Purchase of fixed assets was $17,546,000 compared to $17,066,000 for the same period a year ago. EBITDA was $93,033,000 compared to $112,511,000 for the same period a year ago. Adjusted EBITDA was $140,668,000 compared to $117,061,000 for the same period a year ago. Adjusted net income was $75,399,000 compared to $55,527,000 for the same period a year ago. Adjusted net income per diluted share was $1.18 compared to $0.88 for the same period a year ago. Net debt as at June 30, 2016, was $804.5 million compared to $862.9 million at June 30, 2015. The overall reduction in net debt is attributable to repayments made during the second half of 2015, an increase in the amount of cash on hand and the impact of March 2016 tender offer.