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1. Analogic Corp.
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TOP TEN
4. C H A R L E S R I V E R L A B O R A T O R I E S
 A Charles River Labs' technologist isolates DNA for molecular testing. (Globe Staff Photo / Pat Greenhouse) |
`Stellar' results set company a breed apart from others in biotech
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harles River Laboratories International (CRL) is proof that mice can make for good business. The Wilmington company is the world's leading supplier of lab animals for academic and drug-industry researchers, and one of the state's fastest-growing concerns. In 2002, its revenues grew by almost 20 percent, and its profits by nearly 60 percent. "Charles River's 2002 was pretty stellar," said John Sullivan, an analyst with Stephens Inc. in Boston.
In a year rife with financial hardships for biotechnology companies, Charles River had a year many would envy, building its traditional focus on laboratory animals and expanding its offerings in nonanimal tests and services for drug research.
Among the tangible signs of growth is the company's new 70,000-square-foot "mouse hotel," opened in April on its Wilmington campus, to breed and house mice for drug makers that have genetically engineered the lab animals to mimic human diseases. The hotel was one of several physical expansions last year.
Charles River also acquired BioLabs in Ireland and Springborn Laboratories in Ohio, to bolster its portfolio of tests and services for studying how safe a drug is and how it will interact with the body. Many firms contract out the lab and animal work required to advance a drug into human testing, and Charles River aims to capture a growing share of those dollars.
"2002 was an important year for us in integrating a number of acquisitions we've made over the last three or four years," said Julie Palm, senior vice president. "Our goal for this year and beyond is to make the whole operation run more smoothly and efficiently. We still have a ways to go."
NAOMI AOKI
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