The contract research organisation (CRO) reported its full year 2016 results this week, and attributed its $100m – a 13% year-on-year organic increase – in manufacturing revenues to “robust growth” in its microbial solutions and biologics testing business.
“Our continued investment in expanding our biologics portfolio, most recently with the acquisition of Blue Stream, has enabled us to provide a comprehensive portfolio of both bioanalytical and biosafety testing services, with the ability to support biologic and biosimilar development from discovery through clinical phases and commercial manufacturing,” CEO James Foster told investors.
“This has increased the value proposition for our clients. And as demand for our services grows, we have added capacity, especially in the US.”
He added the firm views its biologics business is growing in precedence due to the growing number of biologic drugs in development.
“Our goal is to be well-positioned to capitalize on this expanding opportunity, which we believe will support our growth in the coming years.”
For the full year, Charles River reported total revenue of $1.7bn, up 23% year-on-year. The bottom line too was up 4% to $155m.