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The Latest Pharma Jobs, News and Events today | 30 June 2015

Parexel To Trim 850 Jobs

PAREXEL International Corporation (Nasdaq: PRXL) has updated its forward-looking guidance for the fourth quarter of Fiscal Year 2015 (ending June 30, 2015) and for the full Fiscal Year 2015.  It has also provided guidance for Fiscal Year 2016 for the first time.  In addition, the Company announced the initiation of a Margin Acceleration Program.

Mr. Josef H. von Rickenbach, PAREXEL’s Chairman and Chief Executive Officer, stated, “As we finish Fiscal Year 2015 and look ahead to Fiscal Year 2016, we believe that we have good momentum, a strong and diversified backlog, and a healthy business development pipeline.  Our priorities for the new year include solid revenue growth, as well as improved operating profitability and double-digit growth in earnings per share.  In conjunction with our new guidance we are also raising our long-term adjusted operating margin target from 12%-14% of service revenue to 13%-15% of service revenue.  We are accelerating a number of our ongoing improvement plans, and as a result of these efforts, plan to restructure certain activities.  We believe that this will strengthen the Company by increasing our competitiveness in the marketplace, and will help us to deliver long-term sustainable growth in revenue and margins.”...

The charge will include approximately $30 to $40 million in employee separation benefits related to the elimination of up to 850 positions, with the remainder of the charge related to other one-time costs. 

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