SOMERSET, N.J., Oct. 4 /PRNewswire-FirstCall/ -- inVentiv Health, Inc. today announced that Altana Pharma’s planned job cuts in the United States will not impact inVentiv’s previously announced earnings guidance.
Mr. Eran Broshy, inVentiv’s Chairman and CEO, stated, “Our sales teams business, which represents an increasingly smaller percentage of our overall business mix as our broad range of complementary services has grown in recent years, includes approximately 35 separate sales teams, and we expect for sales teams to be added and wound-down in the normal course. We had previously already factored in a significant sales team wind-down later this year, as described during our second-quarter earnings call, and expect Altana Pharma’s recent announcement to have no impact on our 2006 outlook. Furthermore, our sales team managed by Altana currently supports the needs of two other companies, and we are actively discussing with these companies about their need for continued promotion in 2007 as well as prospective new clients, building on our strong track record in successfully redeploying sales teams.”
Mr. Broshy continued, “Let me also underscore that inVentiv has evolved to a broadly diversified pharmaceutical services company with multiple growth drivers. Our sales teams business accounts for less than 30% of our overall operating profit. In addition, we have recently developed strong new win momentum across a variety of our businesses and have seen our business development pipeline markedly strengthen. We look forward to elaborating on this in our third quarter conference call in early November, at which time we will also be providing our initial 2007 guidance.”
About inVentiv Health
inVentiv Health, Inc. is the leading provider of commercialization and complementary services to the global pharmaceutical, life sciences and biotechnology industries. inVentiv delivers its customized clinical, sales, marketing and communications solutions through its three core business segments: inVentiv Clinical, inVentiv Communications and inVentiv Commercial. inVentiv Health currently works with over 200 unique pharmaceutical, biotech and life sciences clients, including all top 20 global pharmaceutical companies. For more information, visit www.inventivhealth.com.
Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks that may cause Ventiv Health’s performance to differ materially. Such risks include, without limitation: changes in trends in the pharmaceutical industry or in pharmaceutical outsourcing; our ability to compete successfully with other services in the market; our ability to maintain large client contracts or to enter into new contracts; and, our ability to operate successfully in new lines of business. Readers of this press release are referred to documents filed from time to time by Ventiv Health, Inc. with the Securities and Exchange Commission for further discussion of these and other factors.
inVentiv Health, Inc.
CONTACT: Investors/Corporate: John Emery, CFO, +1-732-537-4804,investor@inventivhealth.com, or Media: Felicia Vonella, +1-212-308-7155,fvonella@inventivhealth.com, both of inVentiv Health, Inc.
Web site: http://www.inventivhealth.com/
