Contract research firms fall as Syneos sees large pharma award delays

Medpace Holdings

02/08/2022 15:46

** Shares of contract research organizations (CROs) fall as
Syneos Health  SYNH.O  management says they are seeing
"higher-than-normal award delays" from large pharmaceutical
companies 
    ** CEO Michelle Keefe in conf call says delays are due to
pharma cos "taking a more deliberate approach to their
development plans"; SYNH now down 19%  urn:newsml:reuters.com:*:nL4N2ZE2ZL
    ** Shares of other CROs IQVIA Holdings  IQV.N , Charles
River Laboratories International  CRL.N , Medpace Holdings
 MEDP.O  and ICON Plc  ICLR.O  down 1.7%-4.0%
    ** Including session's losses, the stocks are down 18%-38%
YTD tracking the weakness in biotech funding  urn:newsml:reuters.com:*:nL3N2VH2BK
 urn:newsml:reuters.com:*:nL4N2UR3J4

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))