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Spin Doctor Catches Cold

In The NewsThe unexpected loss of a contract with Novartis and a slowdown in new business spurred sharply lower earnings forecasts for PDI, a Saddle River-based company that offers outsourced sales and marketing services to biopharma, medical device and diagnostics firms. Last week PDI announced it was reducing the range of its projected 2005 earnings to between 40¢ and 50¢ a share, from $1.35 to $1.45. Annual revenue estimates were dropped to the $310 million-to-$320 million range, from $380 million to $390 million.
In 2004, PDI reported earnings of $21.1 million, or $1.42 per share, on revenue of $364.4 million. Last Thursday the stock was trading for about $12.77 a share, off a one-year peak of $32.06 reached in June last year.

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