Drug research company PPD reported stronger second-quarter results after the close of regular stock-market trading today.
Net revenue at the Wilimington-based company rose to $369.9 million, up 4 percent from a year ago. Excluding various charges, the company's earnings per share were 23 cents, beating Wall Street expectations.
In June, PPD spun off a division that finds and develops promising compounds that could lead to new medicines, creating a new publicly traded company called Furiex Pharmaceuticals. One goal was to focus PPD on its main business of providing contract research for biotechnology and pharmaceutical companies.
PPD employs about 1,600 in the Triangle and 10,000 worldwide.
On July 1, PPD executives rang the opening bell at the Nasdaq to mark the company's 25th anniversary. PPD shares began trading publicly in 1996.
The company was founded by Fredric N. Eshelman, a 1972 graduate of UNC's pharmacy school who is now PPD's executive chairman.
PPD shares fell 89 cents today to close at $25.99. The stock is up 36 percent in the past year.