Global drug development consultancy Boyds has reported strong financial growth following a two-year strategy to expand its business.
Boyds saw an increase of over 20% year-on-year in annual revenue in the wake of increased demand for drug development expertise across the UK, US, and Europe.
In particular, the company recorded growth in US revenue which now accounts for approximately 30% of its total revenue. This follows the opening of the company’s US office in Pennsylvania last year, headed by Katy Rudnick. In the US, the company is seeing increased interest in its work for advanced products such as cell and gene therapies, and now has 25% of its current client base in the country.
In the UK, business accounts for around 60% of Boyd’s total revenue, with of the recent growth following on from investment in business development resources and strategies, including the recent appointment of Dr Neil Fish to the new role of Vice President of Business Development.
The company has also doubled the footprint its headquarters, based in Crewe, with a full refurbishment.
Since 2019, Boyds has had operations in Ireland and last year moved its Irish office to Dublin’s Talent Garden. The office acts as the company’s gateway to Europe and Boyds now sees around 10% of its revenue coming from the EU.
Professor Alan Boyd, President and Founder of Boyds, said: “As a result of a two-year strategic review of the business, Boyds has evolved significantly over the past 12 months, and we are now seeing our investments in the US, our UK and Ireland offices and in our team, really pay off. We have recruited 17 people to the team in the last 12 months, bringing our total global headcount to 34, with more recruitment already underway, including in the US.
“Boyds has worked on multiple new projects involving investigational products for over 28 new clients over the past 12 months, all of which are at the cutting-edge as novel technologies.”
“Our aim is to continue building on our existing growth in the UK, Europe and the US, and help support more clients translate their innovative ideas into medicinal products and treatments for patient benefit. The next stage of our expansion strategy will involve adding more specialists to the US team to enable us to extend our range of services across programme management and regulatory affairs directly from the US.”
“Our people are very much key to our success and we will continue to invest in attracting and retaining highly qualified staff to support our clients. At the end of the day, everything we do is for the benefit of patients and human health, and this remains at the heart of what Boyds stands for.”