The CRO reported that profit for the recent quarter rose 80 percent. Revenues were $220 million, a 20 percent rise. As if that were not enough, Parexel’s contract backlog now stands at $1.3 billion, a 50 percent rise.

Breaking out the quarterly revenue, the company said:

“On a segment basis, consolidated service revenue for the second quarter of fiscal year 2007 was $132.5 million in Clinical Research Services (CRS), $28.3 million in Parexel Consulting and Medical Communications Services (PCMS), and $19.7 million in Perceptive Informatics.”

In the same news release, Josef von Rickenbach, Parexel’s chairman and CEO noted:

“2006 marked a turning point for Parexel, as we successfully executed on our plan to recapture market share, regain momentum in revenue growth, and continue to improve profitability. I’m particularly pleased with our performance on the new business front for the past four quarters, resulting in a backlog position which gives us the momentum necessary to achieve our goals.”

Despite all that, Wall Street analysts are skeptical the current trends will persist. The company announced a few cancellations, including one $50 million deal, prior to the earnings statement. Parexel operates out of 56 locations in 43 countries with 6,215 full-time employees.