{"id":54147,"date":"2023-02-22T13:03:05","date_gmt":"2023-02-22T12:03:05","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/charles-river-laboratories-announces-fourth-quarter-and-full-year-2022-results-and-provides-2023-guidance\/"},"modified":"2023-02-22T13:03:05","modified_gmt":"2023-02-22T12:03:05","slug":"charles-river-laboratories-announces-fourth-quarter-and-full-year-2022-results-and-provides-2023-guidance","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/charles-river-laboratories-announces-fourth-quarter-and-full-year-2022-results-and-provides-2023-guidance\/","title":{"rendered":"Charles River Laboratories Announces Fourth-Quarter and Full-Year 2022 Results and Provides 2023 Guidance"},"content":{"rendered":"
\n

\n\u2013 Fourth-Quarter Revenue of $1.10 Billion and Full-Year Revenue of $3.98 Billion \u2013<\/b>\n<\/p>\n

\n\u2013 Fourth-Quarter GAAP Earnings per Share of $3.65 and Non-GAAP Earnings per Share of $2.98 \u2013<\/b>\n<\/p>\n

\n\u2013 Full-Year GAAP Earnings per Share of $9.48 and Non-GAAP Earnings per Share of $11.12 \u2013<\/b>\n<\/p>\n

\n\u2013 Provides 2023 Guidance \u2013<\/b>\n<\/p>\n

WILMINGTON, Mass.–(BUSINESS WIRE)–$CRL<\/a> #CRL<\/a>–Charles River Laboratories International, Inc. (NYSE: CRL) today reported its results for the fourth-quarter and full-year 2022 and provided guidance for 2023. For the quarter, revenue was $1.10 billion, an increase of 21.5% from $905.1 million in the fourth quarter of 2021.\n<\/p>\n

<\/a><\/p>\n

\nThe addition of a 53rd<\/sup> week at the end of 2022, which is periodically required to align to a December 31st<\/sup> calendar year end, contributed approximately 5.8% to reported fourth-quarter revenue growth. The acquisition of Explora BioLabs in April 2022 contributed 1.8% to consolidated fourth-quarter revenue growth, and the divestitures of the Research Models and Services operations in Japan (RMS Japan) and the CDMO site in Sweden (CDMO Sweden) in October 2021, and the Avian Vaccine business in December 2022, reduced reported revenue growth by 0.5%. The impact of foreign currency translation reduced reported revenue growth by 4.4%. Excluding the effect of these items, organic revenue growth was 18.8%, driven by contributions from all three business segments, primarily the Discovery and Safety Assessment (DSA) business segment.\n<\/p>\n

\nOn a GAAP basis, fourth-quarter net income attributable to common shareholders was $187.4 million, an increase of 36.2% from $137.6 million for the same period in 2021. Fourth-quarter diluted earnings per share on a GAAP basis were $3.65, an increase of 36.7% from $2.67 for the fourth quarter of 2021. The increases in GAAP net income and earnings per share were primarily driven by a gain on the sale of the Avian Vaccine business.\n<\/p>\n

\nOn a non-GAAP basis, net income was $152.9 million for the fourth quarter of 2022, an increase of 19.0% from $128.4 million for the same period in 2021. Fourth-quarter diluted earnings per share on a non-GAAP basis were $2.98, an increase of 19.7% from $2.49 per share for the fourth quarter of 2021. The increases in non-GAAP net income and earnings per share were primarily driven by higher revenue and operating income.\n<\/p>\n

\n<\/div>\n

\nJames C. Foster, Chairman, President and Chief Executive Officer, said, \u201cWe are pleased with the outstanding finish to the year. We exceeded our expectations due primarily to another robust performance in the DSA segment, and quarterly revenue exceeded $1 billion for the first time. We believe our 2022 performance demonstrates the strength of our business \u2013 including our leading market position, unique non-clinical focus, and the resilience of our large, diversified client base \u2013 as we meet the sustained pace of client demand despite the macroeconomic environment.\u201d\n<\/p>\n

\n\u201cAt Charles River, we are committed to conducting ethical, regulatory-compliant business practices, to being good corporate citizens, and to the humane treatment of the research models under our care. 2023 presents challenges with respect to NHP supply that we will proactively manage; however, our business fundamentals remain solid and we will continue to benefit from the sustainable, long-term growth trends that are inherent in our business. We are focused on continuing to execute our strategy, drive growth and generate greater efficiency, and enhance our position as the scientific partner of choice to accelerate biomedical research and therapeutic innovation,\u201d Mr. Foster concluded.\n<\/p>\n

\nFourth-Quarter Segment Results<\/span><\/b>\n<\/p>\n

\nResearch Models and Services (RMS)<\/i><\/b>\n<\/p>\n

\nRevenue for the RMS segment was $196.1 million in the fourth quarter of 2022, an increase of 18.4% from $165.6 million in the fourth quarter of 2021. The Explora BioLabs acquisition and the addition of the 53rd<\/sup> week contributed 10.1% and 4.5%, respectively, to RMS revenue growth in the quarter. The impact of foreign currency translation reduced revenue by 5.2%, and the impact of the RMS Japan divestiture reduced revenue by 1.8%. Organic revenue growth of 10.8% was primarily driven by robust demand for research model services, particularly the Insourcing Solutions (IS) business, as well as higher revenue for small research models in North America and China.\n<\/p>\n

\nIn the fourth quarter of 2022, the RMS segment\u2019s GAAP operating margin decreased to 18.9% from 24.3% in the fourth quarter of 2021, and on a non-GAAP basis, the operating margin decreased to 22.7% from 26.9%. The GAAP and non-GAAP operating margin decreases were driven primarily by the addition of the 53rd<\/sup> week, lower revenue in the Cell Solutions business, and a modest COVID-related impact in China.\n<\/p>\n

\nDiscovery and Safety Assessment (DSA)<\/i><\/b>\n<\/p>\n

\nRevenue for the DSA segment was $691.7 million in the fourth quarter of 2022, an increase of 29.5% from $534.1 million in the fourth quarter of 2021. The addition of the 53rd<\/sup> week contributed 6.9% to reported DSA revenue growth, and the impact of foreign currency translation reduced revenue by 3.9%. Organic revenue growth of 26.5% was driven principally by broad-based growth in the Safety Assessment business, resulting from higher study volume and meaningful price increases, both on a year-over-year and sequential basis. The Discovery Services revenue growth rate also increased on both a year-over-year and sequential basis.\n<\/p>\n

\n<\/div>\n

\nIn the fourth quarter of 2022, the DSA segment\u2019s GAAP operating margin increased to 22.7% from 17.8% in the fourth quarter of 2021, and on a non-GAAP basis, the operating margin increased to 26.3% from 23.1%. The GAAP and non-GAAP operating margin increases were driven primarily by higher revenue in the Safety Assessment business.\n<\/p>\n

\nManufacturing Solutions (Manufacturing)<\/i><\/b>\n<\/p>\n

\nRevenue for the Manufacturing segment was $212.1 million in the fourth quarter of 2022, an increase of 3.3% from $205.3 million in the fourth quarter of 2021. The addition of the 53rd<\/sup> week contributed 4.0% to reported Manufacturing revenue growth. The impact of foreign currency translation reduced revenue by 4.8%, and the impact of the CDMO Sweden and Avian Vaccine divestitures reduced revenue by 1.2%. Organic revenue growth of 5.3% was driven primarily by robust demand in the Biologics Testing Solutions and Microbial Solutions businesses, partially offset by a revenue decline in the CDMO business.\n<\/p>\n

\nIn the fourth quarter of 2022, the Manufacturing segment\u2019s GAAP operating margin decreased to 12.6% from 44.6% in the fourth quarter of 2021, and on a non-GAAP basis, the operating margin decreased to 25.3% from 35.7% in the fourth quarter of 2021. The GAAP and non-GAAP operating margins primarily declined as a result of lower revenue in the CDMO businesses. The GAAP operating margin also decreased due to an acquisition-related adjustment in the fourth quarter of 2021 associated with a contingent consideration arrangement.\n<\/p>\n

\nFull-Year Results<\/span><\/b>\n<\/p>\n

\nFor 2022, revenue increased by 12.3% to $3.98 billion from $3.54 billion in 2021. Organic revenue growth was 13.4%.\n<\/p>\n

\nOn a GAAP basis, net income attributable to common shareholders was $486.2 million in 2022, an increase of 24.4% from $391.0 million in 2021. Diluted earnings per share on a GAAP basis in 2022 were $9.48, an increase of 24.7% from $7.60 in 2021.\n<\/p>\n

\nOn a non-GAAP basis, net income was $570.6 million in 2022, an increase of 7.6% from $530.5 million in 2021. Diluted earnings per share on a non-GAAP basis in 2022 were $11.12, an increase of 7.8% from $10.32 in 2021.\n<\/p>\n

\nResearch Models and Services (RMS)<\/i><\/b>\n<\/p>\n

\nFor 2022, RMS revenue was $739.2 million, an increase of 7.1% from $690.4 million in 2021. Organic revenue growth increased 9.0%.\n<\/p>\n

\nOn a GAAP basis, the RMS segment operating margin decreased to 21.7% in 2022 from 24.2% in 2021. On a non-GAAP basis, the operating margin decreased to 25.2% in 2022 from 27.3% in 2021.\n<\/p>\n

\nDiscovery and Safety Assessment (DSA)<\/i><\/b>\n<\/p>\n

\nFor 2022, DSA revenue was $2.45 billion, an increase of 16.1% from $2.11 billion in 2021. Organic revenue growth was 17.5%.\n<\/p>\n

\n<\/div>\n

\nOn a GAAP basis, the DSA segment operating margin increased to 21.8% in 2022 from 19.3% in 2021. On a non-GAAP basis, the operating margin increased to 25.3% in 2022 from 23.7% in 2021.\n<\/p>\n

\nManufacturing Solutions (Manufacturing)<\/i><\/b>\n<\/p>\n

\nFor 2022, Manufacturing revenue was $789.6 million, an increase of 6.3% from $742.5 million in 2021. Organic revenue growth was 5.3%.\n<\/p>\n

\nOn a GAAP basis, the Manufacturing segment operating margin decreased to 21.2% in 2022 from 33.2% in 2021. On a non-GAAP basis, the operating margin decreased to 28.8% in 2022 from 34.2% in 2021.\n<\/p>\n

\nU.S. Department of Justice Investigation into Non-Human Primate Supply Chain<\/span><\/b>\n<\/p>\n

\nOn February 17th<\/sup>, the Company received a subpoena from the U.S. Department of Justice relating to an investigation into the Cambodian non-human primate (NHP) supply chain. The Company has been informed that this investigation relates specifically to several shipments of NHPs received by Charles River from its Cambodian supplier. Charles River intends to fully cooperate with the U.S. government as part of their investigation. Due to ongoing investigations and the heightened focus on the Cambodian NHP supply chain in recent months, Charles River has voluntarily suspended NHP shipments from Cambodia at this time.\n<\/p>\n

\n2023 Guidance<\/span><\/b>\n<\/p>\n

\nThe Company is providing financial guidance for 2023. The 2023 revenue growth outlook reflects the impact of NHP supply constraints, which is expected to reduce our consolidated revenue growth forecast by approximately 200 to 400 basis points this year. This will pressure the DSA segment\u2019s revenue growth rate in 2023, while the Company expects higher growth in the Manufacturing segment as the actions to improve the performance of its CDMO business gain traction.\n<\/p>\n

\nEarnings per share in 2023 will be affected by the impact of NHP supply constraints. In addition, a higher tax rate, increased interest expense, and the impact of the divestiture of the Avian Vaccine business will reduce earnings per share by approximately $2.30 to $2.50 on a GAAP basis (including the gain on the sale of the Avian Vaccine business) and by approximately $1.20 to $1.40 on a non-GAAP basis in 2023. This will be partially offset by foreign exchange, which is projected to benefit reported revenue growth by up to 50 basis points and earnings per share by up to $0.25 in 2023 due to the recent weakening of the U.S. dollar.\n<\/p>\n

\nThe Company\u2019s 2023 guidance for revenue growth and earnings per share is as follows:\n<\/p>\n

\n<\/div>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n2023 GUIDANCE<\/b>\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenue growth, reported\n<\/p>\n<\/td>\n

\n

\n1.5% \u2013 4.5%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nImpact of divestitures\/(acquisitions), net\n<\/p>\n<\/td>\n

\n

\n~1.5%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nImpact of 53rd<\/sup> week in 2022\n<\/p>\n<\/td>\n

\n

\n~1.5%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nUnfavorable\/(favorable) impact of foreign exchange\n<\/p>\n<\/td>\n

\n

\n0.0% – (0.5)%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenue growth, organic (1)\n<\/p>\n<\/td>\n

\n

\n4.5% \u2013 7.5%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nGAAP EPS estimate (2)\n<\/p>\n<\/td>\n

\n

\n$7.40 \u2013 $8.60\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAcquisition-related amortization\n<\/p>\n<\/td>\n

\n

\n~$2.00\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAcquisition and integration-related adjustments (3)\n<\/p>\n<\/td>\n

\n

\n~$0.10\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther items (4)\n<\/p>\n<\/td>\n

\n

\n~$0.20\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-GAAP EPS estimate\n<\/p>\n<\/td>\n

\n

\n$9.70 \u2013 $10.90\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nFootnotes to Guidance Table:
\n
<\/span>(1) Organic revenue growth is defined as reported revenue growth adjusted for completed acquisitions and divestitures, the 53rd<\/sup> week in 2022, and foreign currency translation.
\n
(2) GAAP earnings per share does not include third-party legal costs and other costs related to investigations by the U.S. Department of Justice into the Cambodian NHP supply chain because these costs are impractical to estimate at this time. Certain costs related to this investigation are expected to be excluded from non-GAAP results.
\n
(3) These adjustments are related to the evaluation and integration of acquisitions and divestitures, and primarily include transaction, advisory, certain third-party integration costs, and certain costs associated with acquisition-related efficiency initiatives.
\n
(4) These items primarily relate to charges associated with U.S. and international tax legislation that necessitated changes to the Company\u2019s international financing structure; certain third-party legal costs related to (a) environmental litigation related to the Microbial Solutions business and (b) investigations by the U.S. government into the NHP supply chain applicable to our Safety Assessment business; and severance and other costs related to the Company\u2019s efficiency initiatives.\n<\/p>\n

\nWebcast<\/span><\/b>\n<\/p>\n

\nCharles River has scheduled a live webcast on Wednesday, February 22nd<\/sup>, at 8:30 a.m. ET to discuss matters relating to this press release. To participate, please go to ir.criver.com<\/a> and select the webcast link. You can also find the associated slide presentation and reconciliations of GAAP financial measures to non-GAAP financial measures on the website.\n<\/p>\n

\nNon-GAAP Reconciliations<\/span><\/b>\n<\/p>\n

\nThe Company reports non-GAAP results in this press release, which exclude often-one-time charges and other items that are outside of normal operations. A reconciliation of GAAP to non-GAAP results is provided in the schedules at the end of this press release.\n<\/p>\n

\n<\/div>\n

\nUse of Non-GAAP Financial Measures<\/span><\/b>\n<\/p>\n

\nThis press release contains non-GAAP financial measures, such as non-GAAP earnings per diluted share, non-GAAP operating income, non-GAAP operating margin, and non-GAAP net income. Non-GAAP financial measures exclude, but are not limited to, the amortization of intangible assets, and other charges and adjustments related to our acquisitions and divestitures, including the gain on our sale of our Avian Vaccine business; expenses associated with evaluating and integrating acquisitions and divestitures, including advisory fees and certain other transaction-related costs, as well as fair value adjustments associated with contingent consideration; charges, gains, and losses attributable to businesses or properties we plan to close, consolidate, or divest; severance and other costs associated with our efficiency initiatives; the write-off of deferred financing costs and fees related to debt financing; investment gains or losses associated with our venture capital and other strategic equity investments; certain legal costs in our Microbial Solutions business related to environmental litigation and in our Safety Assessment business related to U.S. government investigations into the NHP supply chain; and adjustments related to the recognition of deferred tax assets expected to be utilized as a result of changes to the our international financing structure and the revaluation of deferred tax liabilities as a result of foreign tax legislation. This press release also refers to our revenue on both a GAAP and non-GAAP basis: \u201corganic revenue growth,\u201d which we define as reported revenue growth adjusted for foreign currency translation, acquisitions, divestitures, and the impact of the 53rd<\/sup> week in 2022. We exclude these items from the non-GAAP financial measures because they are outside our normal operations. There are limitations in using non-GAAP financial measures, as they are not presented in accordance with generally accepted accounting principles, and may be different than non-GAAP financial measures used by other companies. In particular, we believe that the inclusion of supplementary non-GAAP financial measures in this press release helps investors to gain a meaningful understanding of our core operating results and future prospects without the effect of these often-one-time charges, and is consistent with how management measures and forecasts the Company’s performance, especially when comparing such results to prior periods or forecasts. We believe that the financial impact of our acquisitions and divestitures (and in certain cases, the evaluation of such acquisitions and divestitures, whether or not ultimately consummated) is often large relative to our overall financial performance, which can adversely affect the comparability of our results on a period-to-period basis. In addition, certain activities and their underlying associated costs, such as business acquisitions, generally occur periodically but on an unpredictable basis. We calculate non-GAAP integration costs to include third-party integration costs incurred post-acquisition. Presenting revenue on an organic basis allows investors to measure our revenue growth exclusive of acquisitions, divestitures, the 53rd<\/sup> week in 2022, and foreign currency exchange fluctuations more clearly. Non-GAAP results also allow investors to compare the Company\u2019s operations against the financial results of other companies in the industry who similarly provide non-GAAP results. The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for results of operations presented in accordance with GAAP. The Company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules and regulations. Reconciliations of the non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures are set forth in this press release, and can also be found on the Company\u2019s website at ir.criver.com<\/a>.\n<\/p>\n

\n<\/div>\n

\nCaution Concerning Forward-Looking Statements<\/span><\/b>\n<\/p>\n

\nThis press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201cmay,\u201d \u201cestimate,\u201d \u201cplan,\u201d \u201coutlook,\u201d and \u201cproject,\u201d and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements also include statements regarding Charles River\u2019s expectations regarding the availability of Cambodia-sourced NHPs; the impact of the investigations by the U.S. Department of Justice into the Cambodia NHP supply chain, including but not limited to Charles River\u2019s ability to cooperate fully with the U.S. government; Charles River\u2019s ability to effectively manage any Cambodia NHP supply impact; the projected future financial performance of Charles River and our specific businesses, including our expectations with respect to the impact of NHP supply constraints; earnings per share; client demand, particularly the future demand for drug discovery and development products and services, including our expectations for future revenue trends; our expectations with respect to pricing of our products and services; our expectations with respect to future tax rates and the impact of such tax rates on our business; our expectations with respect to the impact of acquisitions and divestitures completed in 2021 and 2022 on the Company, our service offerings, client perception, strategic relationships, revenue, revenue growth rates, revenue growth drivers, and earnings; the development and performance of our services and products, including our investments in our portfolio; market and industry conditions including the outsourcing of services and spending trends by our clients; and Charles River\u2019s future performance as delineated in our forward-looking guidance, and particularly our expectations with respect to revenue, the impact of foreign exchange, interest rates, enhanced efficiency initiatives, and the assumptions surrounding the impact of the COVID-19 pandemic that form the basis for our annual guidance. Forward-looking statements are based on Charles River\u2019s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. Those risks and uncertainties include, but are not limited to: NHP supply constraints and the investigations by the U.S. Department of Justice, including the impact on our projected future financial performance, the timing of the resumption of Cambodia NHP imports, our ability to manage supply impact, and anticipated study delays in our Safety Assessment business attributable to NHP supply constraints; the COVID-19 pandemic, its duration, its impact on our business, results of operations, financial condition, liquidity, business practices, operations, suppliers, third party service providers, clients, employees, industry, ability to meet future performance obligations, ability to efficiently implement advisable safety precautions, and internal controls over financial reporting; changes and uncertainties in the global economy and financial markets; the ability to successfully integrate businesses we acquire; the timing and magnitude of our share repurchases; negative trends in research and development spending, negative trends in the level of outsourced services, or other cost reduction actions by our clients; the ability to convert backlog to revenue; special interest groups; contaminations; industry trends; new displacement technologies; USDA and FDA regulations; changes in law; continued availability of products and supplies; loss of key personnel; interest rate and foreign currency exchange rate fluctuations; changes in tax regulation and laws; changes in generally accepted accounting principles; disruptions in the global economy caused by the ongoing conflict between the Russian federation and Ukraine; and any changes in business, political, or economic conditions due to the threat of future terrorist activity in the U.S. and other parts of the world, and related U.S. military action overseas. A further description of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in Charles River’s Annual Report on Form 10-K as filed on February 22, 2023, as well as other filings we make with the Securities and Exchange Commission. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by Charles River, and Charles River assumes no obligation and expressly disclaims any duty to update information contained in this press release except as required by law.\n<\/p>\n

\n<\/div>\n

\nAbout Charles River<\/b>\n<\/p>\n

\nCharles River provides essential products and services to help pharmaceutical and biotechnology companies, government agencies and leading academic institutions around the globe accelerate their research and drug development efforts. Our dedicated employees are focused on providing clients with exactly what they need to improve and expedite the discovery, early-stage development and safe manufacture of new therapies for the patients who need them. To learn more about our unique portfolio and breadth of services, visit www.criver.com<\/a>.\n<\/p>\n

\n<\/div>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n<\/tr>\n
CHARLES RIVER LABORATORIES INTERNATIONAL, INC.<\/b><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\u00a0<\/td>\n<\/tr>\n
SCHEDULE 1<\/b><\/td>\n<\/tr>\n
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)<\/b><\/td>\n<\/tr>\n
(in thousands, except for per share data)<\/b><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\u00a0<\/td>\n<\/tr>\n
<\/td>\nThree Months Ended<\/b><\/td>\n<\/td>\nTwelve Months Ended<\/b><\/td>\n<\/tr>\n
<\/td>\nDecember 31, 2022<\/b><\/td>\n<\/td>\nDecember 25, 2021<\/b><\/td>\n<\/td>\nDecember 31, 2022<\/b><\/td>\n<\/td>\nDecember 25, 2021<\/b><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\u00a0<\/td>\n<\/tr>\n
Service revenue<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n900,698\n<\/p>\n<\/td>\n

<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n709,819\n<\/p>\n<\/td>\n

<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n3,216,904\n<\/p>\n<\/td>\n

<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n2,755,579\n<\/p>\n<\/td>\n<\/tr>\n

Product revenue<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n199,145\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n195,231\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n759,156\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n784,581\n<\/p>\n<\/td>\n<\/tr>\n

Total revenue<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,099,843\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n905,050\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,976,060\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,540,160\n<\/p>\n<\/td>\n<\/tr>\n

Costs and expenses:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Cost of services provided (excluding amortization of intangible assets)<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n603,125\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n468,091\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,143,318\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,837,487\n<\/p>\n<\/td>\n<\/tr>\n

Cost of products sold (excluding amortization of intangible assets)<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n97,834\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n89,847\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n370,091\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n368,035\n<\/p>\n<\/td>\n<\/tr>\n

Selling, general and administrative<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n199,640\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n144,112\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n665,098\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n619,919\n<\/p>\n<\/td>\n<\/tr>\n

Amortization of intangible assets<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n35,434\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n30,193\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n146,578\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n124,857\n<\/p>\n<\/td>\n<\/tr>\n

Operating income<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n163,810\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n172,807\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n650,975\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n589,862\n<\/p>\n<\/td>\n<\/tr>\n

Other income (expense):<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Interest income<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n343\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n309\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n780\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n652\n<\/p>\n<\/td>\n<\/tr>\n

Interest expense<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(34,779)\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(11,546)\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(59,291)\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(73,910)\n<\/p>\n<\/td>\n<\/tr>\n

Other income (expense), net<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n115,547\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,072\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n30,523\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(35,894)\n<\/p>\n<\/td>\n<\/tr>\n

Income before income taxes<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n244,921\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n163,642\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n622,987\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n480,710\n<\/p>\n<\/td>\n<\/tr>\n

Provision for income taxes<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n55,815\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n23,815\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n130,379\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n81,873\n<\/p>\n<\/td>\n<\/tr>\n

Net income<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n189,106\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n139,827\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n492,608\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n398,837\n<\/p>\n<\/td>\n<\/tr>\n

Less: Net income attributable to noncontrolling interests<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,696\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,249\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n6,382\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7,855\n<\/p>\n<\/td>\n<\/tr>\n

Net income attributable to common shareholders<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n187,410\n<\/p>\n<\/td>\n

<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n137,578\n<\/p>\n<\/td>\n

<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n486,226\n<\/p>\n<\/td>\n

<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n390,982\n<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\u00a0<\/td>\n<\/tr>\n
Earnings per common share<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Net income attributable to common shareholders:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Basic<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n3.68\n<\/p>\n<\/td>\n

<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n2.73\n<\/p>\n<\/td>\n

<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n9.57\n<\/p>\n<\/td>\n

<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n7.77\n<\/p>\n<\/td>\n<\/tr>\n

Diluted<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n3.65\n<\/p>\n<\/td>\n

<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n2.67\n<\/p>\n<\/td>\n

<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n9.48\n<\/p>\n<\/td>\n

<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n7.60\n<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\u00a0<\/td>\n<\/tr>\n
Weighted-average number of common shares outstanding;<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Basic<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n50,906\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n50,471\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n50,812\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n50,293\n<\/p>\n<\/td>\n<\/tr>\n

Diluted<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n51,377\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n51,555\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n51,301\n<\/p>\n<\/td>\n

<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n51,425\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Contacts<\/b> <\/p>\n

\nInvestor Contacts:
\n
Todd Spencer
\n
Corporate Vice President,
\n
Investor Relations
\n
781.222.6455
\n
todd.spencer@crl.com<\/a>\n<\/p>\n

\nMedia Contact:
\n
Amy Cianciaruso
\n
Corporate Vice President,
\n
Chief Communications Officer
\n
781.222.6168
\n
amy.cianciaruso@crl.com<\/a>\n<\/p>\n

Read full story here <\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

\u2013 Fourth-Quarter Revenue of $1.10 Billion and Full-Year Revenue of $3.98 Billion \u2013 \u2013 Fourth-Quarter GAAP Earnings per Share of $3.65 and Non-GAAP Earnings per Share of $2.98 \u2013 \u2013 Full-Year GAAP Earnings per Share of $9.48 and Non-GAAP Earnings per Share of $11.12 \u2013 \u2013 Provides 2023 Guidance \u2013 WILMINGTON, Mass.–(BUSINESS WIRE)–$CRL #CRL–Charles River … [Read more…]<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"entry","1":"post","2":"publish","3":"author-business","4":"post-54147","6":"format-standard","7":"category-industry"},"yoast_head":"\nCharles River Laboratories Announces Fourth-Quarter and Full-Year 2022 Results and Provides 2023 Guidance - Pharma Trend<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pharma-trend.com\/en\/charles-river-laboratories-announces-fourth-quarter-and-full-year-2022-results-and-provides-2023-guidance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Charles River Laboratories Announces Fourth-Quarter and Full-Year 2022 Results and Provides 2023 Guidance - Pharma Trend\" \/>\n<meta property=\"og:description\" content=\"\u2013 Fourth-Quarter Revenue of $1.10 Billion and Full-Year Revenue of $3.98 Billion \u2013 \u2013 Fourth-Quarter GAAP Earnings per Share of $3.65 and Non-GAAP Earnings per Share of $2.98 \u2013 \u2013 Full-Year GAAP Earnings per Share of $9.48 and Non-GAAP Earnings per Share of $11.12 \u2013 \u2013 Provides 2023 Guidance \u2013 WILMINGTON, Mass.–(BUSINESS WIRE)–$CRL #CRL–Charles River ... 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