Like most CROs, Parexel International relies on Big Pharma for most of its service revenue. But the recent explosion in biotech IPOs and venture capital deals has put a lot of money in the hands of small drugmakers, and that's changing the approach for the industry's largest contractors, a company exec said.
Parexel International posted an 11.8% revenue increase in its just-concluded fiscal year, posting record sales and forecasting another banner year.
Parexel International is looking to broaden its presence in the Middle East and North Africa, snapping up Turkish CRO Atlas Medical Services.
Parexel figures it can rake in more than $2 billion in revenue in the next fiscal year, banking on a solid book-to-bill ratio and increasing global demand to deliver an all-time high.
Parexel International has reformatted its clinical trial management software, streamlining its services with an update the company believes can help its clients start studies faster.
With the clinical trial community gathering over the past week in San Diego for DIA 2014, eClinical technology providers posted a flurry of press releases detailing new and updated offerings. Parexel, PatientsLikeMe and BBK Worldwide were among the companies to show off their wares at the meeting.
Parexel International has approved a stock repurchase program of up to $150 million, and the company plans to use its existing cash and credit to buy up its own shares and boost investor value.
CRO Parexel International has been working to better unify its disparate service divisions, and now the company has named its first chief scientific officer to oversee its end-to-end offerings.
As the industry embraces risk-based clinical trial monitoring, Parexel International is expanding its banner eClinical offering to help sponsors make data-driven decisions in the middle of a study.
The potential cost savings generated by risk-based monitoring of clinical trials has led some to tip it as a way to significantly streamline pharma's flabby studies. And that potential has lured tech providers, with Medidata and Parexel both advancing their claims on the market this week.