The company expects to earn 75 cents to 80 cents a share, up from its previous estimate of 48 cents to 53 cents a share. The estimate excludes settlement expenses from earlier in the year. The company cited new business awarded to its contract sales unit and expectations of a solid performance from its hypertension drug Lotensin.
Analysts currently expect earnings of 47 cents a share. The company lost 62 cents a share in 2002.
The company also announced that GlaxoSmithKline (GSK) awarded it a contract that could mean $80 million to $85 million in revenue in the period from July 2003 through September 2004. The total revenue impact is about $30 million in 2003, the company said.PDI will release second-quarter results on Aug. 5 after the market closes. Analysts expect the company to earn a penny a share. Shares of Upper Saddle River, N.J.-based PDI closed at $10.93 Wednesday on the Nasdaq.