* Shares sink 22 pct in premarket trade
* Cuts 2009 outlook (Adds analyst comments, updates share movement)
April 22 (Reuters) - Shares of Pharmaceutical Product Development Inc (PPD) (PPDI.O: Quote, Profile, Research) fell as much as 22 percent in premarket trade Wednesday, a day after the clinical-research service provider lowered its full-year forecast.
Chief Executive Officer Fred Eshelman said PPD experienced unprecedented cancellation levels, significant rescheduling of existing backlog in the first quarter, echoing what smaller rival Kendle International Inc (KNDL.O: Quote, Profile, Research) said on Monday. [ID:nBNG483585]
"While PPD operates a much larger organization with a far larger and more diversified backlog than that of Kendle, the company is not invincible to the noise created by weak biotech funding, compound program reshuffling at pharma, and pharma M&A," Wachovia analyst Greg Bolan wrote in a note to clients.
PPD reported a disappointing first-quarter, but not totally surprising given the difficult operating environment, he said.
For 2009, PPD forecast earnings of $1.54 to $1.60 a share, on revenue of $1.40 billion to $1.47 billion.
Its prior forecast for the year was earnings of $1.97 to $2.05 a share, on revenue of $1.60 billion to $1.67 billion. [ID:nWEN7536]
Shares of the company were down $4.94 at $17.05 in premarket trade. They closed at $21.99 Tuesday on Nasdaq. (Reporting by Anand Basu in Bangalore; Editing by Ratul Ray Chaudhuri)
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