For
more information contact:
Stephen
P. Cotugno
Executive
Vice President-Corporate Development
PDI,
Inc.
201.574.8617
PDI,
Inc. Comments on Status of sanofi-aventis Fee for Service Contract Sales Program
Saddle
River, New Jersey (October 25, 2006). PDI, Inc. (NASDAQ: PDII) a contract sales
and marketing services provider to the pharmaceutical industry, today announced
that it has received notification from sanofi-aventis of its intention to
terminate its contract sales engagement with PDI effective December 1, 2006.
The
contract, which represents approximately $18 million to $20 million in revenue
on an annual basis, was scheduled to expire on December 31, 2006.
Mr.
Michael Marquard, PDI’s CEO stated, “PDI’s success has been built on deploying
and managing large-scale sales forces for some of the world’s top pharmaceutical
companies. As those companies have been reevaluating their commercial model,
PDI, as the market leader in providing sales teams to large pharmaceutical
companies, has been significantly impacted. The decisions our customers have
made have been based upon this reassessment and not related to the performance
of our sales teams.”
“We
are
fully committed to the contract sales industry and are channeling our energy
and
investments into regaining our leadership position. I believe that the
flexibility, speed to market and cost effectiveness that our services provide
remain a valuable resource for large and emerging pharmaceutical companies
as
the sales representative continues to be the key resource to successful
commercialization. PDI has a rich history of fielding sales forces that deliver
results for our customers.”
About
PDI
PDI,
Inc.
(NASDAQ: PDII) is a contract sales and marketing services provider to the
pharmaceutical industry offering a comprehensive set of outsourced solutions
for
established and emerging pharmaceutical companies. PDI is dedicated to
maximizing the return on investment for its clients by providing strategic
flexibility; sales, marketing, and commercialization expertise; and a philosophy
of performance.
Headquartered
in Saddle River, NJ, PDI’s sales and marketing services include our Performance
Sales Teams™, which are dedicated teams for specific clients, and Select
Access™, our targeted sales solution that leverages an existing infrastructure.
PDI also offers marketing research and consulting services through TVG in
Dresher, PA, and medical communications services through Pharmakon in
Schaumburg, IL. In addition, PDI is a high quality provider of ACCME-accredited
continuing medical education through Vital Issues in Medicine (VIM ®) in
Dresher, PA. The company’s experience extends across multiple therapeutic
categories and includes office and hospital-based initiatives.
PDI’s
commitment is to deliver innovative solutions, unparalleled execution and
superior results for its clients. Recognized as an industry pioneer, PDI remains
committed to continuous innovation and to maintaining the industry’s highest
quality employees.
For
more
information, visit the Company’s website at www.pdi-inc.com.
Forward-Looking
Statements
This
press release contains forward-looking statements regarding future events and
financial performance. These statements involve a number of risks and
uncertainties and are based on numerous assumptions involving judgments with
respect to future economic, competitive and market conditions and future
business decisions, all of which are difficult or impossible to predict
accurately and many of which are beyond PDI's control. Some of the important
factors that could cause actual results to differ materially from those
indicated by the forward-looking statements are general economic conditions,
market conditions in the industries we serve, the termination of or material
reduction in the size of any of our customer contracts, the loss by our clients
of intellectual property rights, our ability or inability to secure new business
to offset lost programs and the terms of any replacement business we secure,
changes in our operating expenses, FDA, legal or accounting developments,
competitive pressures, failure to meet performance benchmarks in significant
contracts, changes in customer and market requirements and standards, the impact
of any stock repurchase programs, the adequacy of the reserves PDI has taken,
the financial viability of certain companies whose debt and equity securities
we
hold, the outcome of certain litigations, PDI's ability to implement its current
and future business plans, and the risk factors detailed from time to time
in
PDI's periodic filings with the Securities and Exchange Commission, including
without limitation, PDI's Amended Annual Report on Form 10-K/A for the year
ended December 31, 2005, and PDI's periodic reports on Form 10-Q and current
reports on Form 8-K filed with the Securities and Exchange Commission since
January 1, 2006. The forward looking-statements in this press release are based
upon management's reasonable belief as of the date hereof. PDI undertakes no
obligation to revise or update publicly any forward-looking statements for
any
reason.