PPD Signs New Service Agreement with Pfizer

PPD, Inc. (Nasdaq:PPD), a leading global contract research organization, today announced it has signed a new three-year agreement with Pfizer Inc. to provide drug development services to advance Pfizer’s portfolio. Under the terms of the agreement, Pfizer has the right to extend the term for additional two-year periods. Financial details of the agreement were not disclosed.

The agreement builds on the companies’ existing relationship, in which PPD provides wide-ranging expertise in global clinical development and laboratory services to support Pfizer’s drug development initiatives across multiple therapeutic areas.

“United in purpose, we are committed to building on our long-standing relationship with Pfizer with innovative solutions, quality execution and the dedication of our talented teams to help Pfizer deliver exciting new therapies,” said David Simmons, PPD’s chairman and CEO. “PPD is strategically positioned to continue supporting Pfizer in its pursuit of breakthroughs that change patients’ lives. We are privileged to take the next steps together and contribute to Pfizer’s initiatives to achieve a healthier world.”

About PPD

PPD is a leading global contract research organization providing comprehensive, integrated drug development, laboratory and lifecycle management services. Our customers include pharmaceutical, biotechnology, medical device, academic and government organizations. With offices in 46 countries and more than 24,000 professionals worldwide, PPD applies innovative technologies, therapeutic expertise and a firm commitment to quality to help customers bend the cost and time curve of drug development and optimize value in delivering life-changing therapies to improve health. For more information, visit www.ppd.com.

This news release contains forward-looking statements. These statements often include words such as “expect,” “believe,” “project,” “forecast,” “estimate,” “target” and other similar expressions. Although we believe these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our actual financial results, and therefore actual results might differ materially from those expressed in the forward-looking statements. Factors that might materially affect such forward-looking statements include, but are not limited to, the fragmented and highly competitive nature of the drug development services industry; changes in trends in the biopharmaceutical industry; our ability to keep pace with rapid technological changes that could make our services less competitive or obsolete; political, economic and/or regulatory influences and changes; and other factors disclosed under the “Risk Factors” section in our periodic reports filed with the Securities and Exchange Commission (SEC), including our latest annual report on Form 10-K and Quarterly Report on form 10-Q, which is available on our website at https://investors.ppd.com or the SEC’s website at www.sec.gov. We assume no obligation and disclaim any duty to revise or update any forward-looking statements, or make any new forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

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