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Pharma-Bio Serv reports revenue of $17M for 2023

Pharma-Bio Serv Inc. announced that its revenue for the year ended Oct. 31, 2023, were about $17 million, a decrease of roughly $2.4 million compared to the previous year.

Net income for the same period was about $1.3 million, showing an increase of approximately $300,000 from last year.

Pharma-Bio Serv is a consulting firm offering regulatory affairs, quality, compliance, project management and technology transfer support to the pharmaceutical, biotechnology, medical device, cosmetic, food and allied products industries. It is based in Dorado, Puerto Rico.

“During fiscal year 2023, we were able to capitalize on our strategy of exploiting opportunities in new markets, which yielded an improvement in our overall gross profit of 4.6 percentage points when compared to last year,” said company CEO Víctor Sánchez.

“We continue to pursue the robust opportunities in targeted markets, while also expanding our efforts to achieve external growth and maximize shareholder value,” he added.

“As previously announced, the company’s board of directors approved a special dividend of $0.075 per share payable on or about Feb. 15, 2024, to shareholders of record at the close of business on Jan. 30, 2024,” Sánchez stated.

“We believe this dividend underscores our commitment to deliver value to our shareholders and our confidence in our business plan,” he added.

The company serves the Puerto Rican, U.S., European and Latin American markets.

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This story was written by our staff based on a press release.

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