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Table\ue000 of\ue000 Contents
\ue000\ue000
UNITED\ue000 STATES
SECURITIES\ue000 AND\ue000 EXCHANGE\ue000 COMMISSION
Washington,\ue000 D.C.\ue000 20549
\ue000
\ue000
FORM\ue000 10-K
\ue000
\ue000
(Mark\ue000 One)
x
ANNUAL\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES\ue000 EXCHANGE\ue000 ACT\ue000 OF
1934
For\ue000 the\ue000 fiscal\ue000 year\ue000 ended\ue000 December\ue000 31,\ue000 2008
OR
\ue000
\u00ae
TRANSITION\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES\ue000 EXCHANGE
ACT\ue000 OF\ue000 1934
For\ue000 the\ue000 transition\ue000 period\ue000 from\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 to\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000
Commission\ue000 file\ue000 number\ue000 0-27570
\ue000
\ue000
PHARMACEUTICAL\ue000 PRODUCT\ue000 DEVELOPMENT,\ue000 INC.
(Exact\ue000 name\ue000 of\ue000 registrant\ue000 as\ue000 specified\ue000 in\ue000 its\ue000 charter)
\ue000
\ue000
\ue000
North\ue000 Carolina
\ue000
56-1640186
(State\ue000 or\ue000 other\ue000 jurisdiction\ue000 of
incorporation\ue000 or\ue000 organization)
\ue000
(IRS\ue000 Employer
Identification\ue000 No.)
\ue000
929\ue000 North\ue000 Front\ue000 Street
Wilmington,\ue000 North\ue000 Carolina
\ue000
28401
(Address\ue000 of\ue000 principal\ue000 executive\ue000 offices)
\ue000
(Zip\ue000 Code)
Registrant\u2019s\ue000 telephone\ue000 number,\ue000 including\ue000 area\ue000 code:\ue000 (910)\ue000 251-0081
\ue000
\ue000
Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(b)\ue000 of\ue000 the\ue000 Act:
\ue000
Common\ue000 Stock,\ue000 par\ue000 value\ue000 $0.05\ue000 per\ue000 share
\ue000
Nasdaq\ue000 Global\ue000 Select\ue000 Market
(Title\ue000 of\ue000 each\ue000 class)
\ue000
(Name\ue000 of\ue000 each\ue000 exchange\ue000 on\ue000 which\ue000 registered)
Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(g)\ue000 of\ue000 the\ue000 Act:\ue000 None
\ue000
\ue000

Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 well-known\ue000 seasoned\ue000 issuer,\ue000 as\ue000 defined\ue000 in\ue000 Rule\ue000 405\ue000 of\ue000 the\ue000 Securities\ue000 Act.\ue000\ue000\ue000\ue000 Yes\ue000 \ue000x\ue000\ue000\ue000\ue000 No\ue000 \ue000\u00ae
Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 registrant\ue000 is\ue000 not\ue000 required\ue000 to\ue000 file\ue000 reports\ue000 pursuant\ue000 to\ue000 Section\ue000 13\ue000 or\ue000 Section\ue000 15(d)\ue000 of\ue000 the\ue000 Act.\ue000\ue000\ue000\ue000 Yes\ue000 \ue000\u00ae\ue000\ue000\ue000\ue000 No\ue000 \ue000x
Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 (1)\ue000 has\ue000 filed\ue000 all\ue000 reports\ue000 required\ue000 to\ue000 be\ue000 filed\ue000 by\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of\ue000 the\ue000 Securities\ue000 Exchange\ue000 Act

of\ue000 1934\ue000 during\ue000 the\ue000 preceding\ue000 12\ue000 months\ue000 (or\ue000 for\ue000 such\ue000 shorter\ue000 period\ue000 that\ue000 the\ue000 registrant\ue000 was\ue000 required\ue000 to\ue000 file\ue000 such\ue000 reports),\ue000 and\ue000 (2)\ue000 has\ue000 been
subject\ue000 to\ue000 such\ue000 filing\ue000 requirements\ue000 for\ue000 the\ue000 past\ue000 90\ue000 days.\ue000\ue000\ue000\ue000 Yes\ue000 \ue000x\ue000\ue000\ue000\ue000 No\ue000 \ue000\u00ae

Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 disclosure\ue000 of\ue000 delinquent\ue000 filers\ue000 pursuant\ue000 to\ue000 Item\ue000 405\ue000 of\ue000 Regulation\ue000 S-K\ue000 is\ue000 not\ue000 contained\ue000 herein,\ue000 and\ue000 will\ue000 not\ue000 be
contained,\ue000 to\ue000 the\ue000 best\ue000 of\ue000 registrant\u2019s\ue000 knowledge,\ue000 in\ue000 definitive\ue000 proxy\ue000 or\ue000 information\ue000 statements\ue000 incorporated\ue000 by\ue000 reference\ue000 in\ue000 Part\ue000 III\ue000 of\ue000 this\ue000 Form
10-K\ue000 or\ue000 any\ue000 amendment\ue000 to\ue000 this\ue000 Form\ue000 10-K.\ue000 \ue000xProcessed and formatted by SEC Watch - Visit SECWatch.com

Table\ue000 of\ue000 Contents
Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 large\ue000 accelerated\ue000 filer,\ue000 an\ue000 accelerated\ue000 filer,\ue000 a\ue000 non-accelerated\ue000 filer,\ue000 or\ue000 a\ue000 smaller\ue000 reporting
company.\ue000 See\ue000 definition\ue000 of\ue000 \u201clarge\ue000 accelerated\ue000 filer\u201d,\ue000 \u201caccelerated\ue000 filer\u201d\ue000 and\ue000 \u201csmaller\ue000 reporting\ue000 company\u201d\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange\ue000 Act.
\ue000
Large\ue000 accelerated\ue000 filer\ue000x
\ue000\ue000Accelerated\ue000 filer
\ue000\u00ae
Non-accelerated\ue000 filer\ue000\u00ae \ue000 \ue000 (Do\ue000 not\ue000 check\ue000 if\ue000 a\ue000 smaller\ue000 reporting\ue000 company)
\ue000 \ue000Smaller\ue000 reporting\ue000 company\ue000\u00ae
Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 shell\ue000 company\ue000 (as\ue000 defined\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Act).\ue000\ue000\ue000\ue000 Yes\ue000 \ue000\u00ae\ue000\ue000\ue000\ue000 No\ue000 \ue000x

The\ue000 aggregate\ue000 market\ue000 value\ue000 of\ue000 the\ue000 common\ue000 stock\ue000 held\ue000 by\ue000 non-affiliates\ue000 of\ue000 the\ue000 registrant\ue000 was\ue000 approximately\ue000 $4.6\ue000 billion\ue000 as\ue000 of\ue000 June\ue000 30,\ue000 2008,
based\ue000 on\ue000 the\ue000 closing\ue000 price\ue000 of\ue000 the\ue000 Common\ue000 Stock\ue000 on\ue000 that\ue000 date\ue000 on\ue000 the\ue000 Nasdaq\ue000 Global\ue000 Select\ue000 Market.\ue000 Shares\ue000 of\ue000 common\ue000 stock\ue000 held\ue000 by\ue000 each
executive\ue000 officer\ue000 and\ue000 director\ue000 and\ue000 by\ue000 each\ue000 person\ue000 who\ue000 owns\ue000 10%\ue000 or\ue000 more\ue000 of\ue000 the\ue000 outstanding\ue000 common\ue000 stock\ue000 have\ue000 been\ue000 excluded\ue000 in\ue000 that\ue000 such
person\ue000 might\ue000 be\ue000 deemed\ue000 to\ue000 be\ue000 an\ue000 affiliate.\ue000 This\ue000 determination\ue000 of\ue000 affiliate\ue000 status\ue000 might\ue000 not\ue000 be\ue000 conclusive\ue000 for\ue000 other\ue000 purposes.

As\ue000 of\ue000 February\ue000 13,\ue000 2009,\ue000 there\ue000 were\ue000 117,839,927\ue000 shares\ue000 of\ue000 the\ue000 registrant\u2019s\ue000 common\ue000 stock\ue000 outstanding.
DOCUMENTS\ue000 INCORPORATED\ue000 BY\ue000 REFERENCE
The\ue000 Company\u2019s\ue000 definitive\ue000 Proxy\ue000 Statement\ue000 for\ue000 its\ue000 2009\ue000 Annual\ue000 Meeting\ue000 of\ue000 Stockholders\ue000 (certain\ue000 parts,\ue000 as\ue000 indicated\ue000 in\ue000 Part\ue000 III).
\ue000
\ue000\ue000
Processed and formatted by SEC Watch - Visit SECWatch.com
Table\ue000 of\ue000 Contents
TABLE\ue000 OF\ue000 CONTENTS
\ue000
\ue000
\ue000\ue000
Page
Part\ue000 I.
\ue000\ue000
Item\ue000 1.\ue000 Business
\ue000\ue000
1
Item\ue000 1A.\ue000 Risk\ue000 Factors
\ue000\ue000
20
Item\ue000 1B.\ue000 Unresolved\ue000 Staff\ue000 Comments
\ue000\ue000
30
Item\ue000 2.\ue000 Properties
\ue000\ue000
31
Item\ue000 3.\ue000 Legal\ue000 Proceedings
\ue000\ue000
32
Item\ue000 4.\ue000 Submission\ue000 of\ue000 Matters\ue000 to\ue000 a\ue000 Vote\ue000 of\ue000 Security\ue000 Holders
\ue000\ue000
32
Executive\ue000 Officers
\ue000\ue000
33
Part\ue000 II.
\ue000\ue000
Item\ue000 \ue000 5.\ue000 Market\ue000 for\ue000 the\ue000 Registrant\u2019s\ue000 Common\ue000 Equity,\ue000 Related\ue000 Stockholder\ue000 Matters\ue000 and\ue000 Issuer\ue000 Purchases\ue000 of\ue000 Equity\ue000 Securities\ue000\ue000
34
Item\ue000 6.\ue000 Selected\ue000 Financial\ue000 Data
\ue000\ue000
36
Item\ue000 7.\ue000 Management\u2019s\ue000 Discussion\ue000 and\ue000 Analysis\ue000 of\ue000 Financial\ue000 Condition\ue000 and\ue000 Results\ue000 of\ue000 Operations
\ue000\ue000
37
Item\ue000 7A.\ue000 Quantitative\ue000 and\ue000 Qualitative\ue000 Disclosures\ue000 about\ue000 Market\ue000 Risk
\ue000\ue000
55
Item\ue000 8.\ue000 Financial\ue000 Statements\ue000 and\ue000 Supplementary\ue000 Data
\ue000\ue000
56
Item\ue000 9.\ue000 Changes\ue000 in\ue000 and\ue000 Disagreements\ue000 with\ue000 Accountants\ue000 on\ue000 Accounting\ue000 and\ue000 Financial\ue000 Disclosure
\ue000\ue000
56
Item\ue000 9A.\ue000 Controls\ue000 and\ue000 Procedures
\ue000\ue000
56
Item\ue000 9B.\ue000 Other\ue000 Information
\ue000\ue000
58
Part\ue000 III.
\ue000\ue000
Item\ue000 10.\ue000 Directors,\ue000 Executive\ue000 Officers\ue000 and\ue000 Corporate\ue000 Governance
\ue000\ue000
59
Item\ue000 11.\ue000 Executive\ue000 Compensation
\ue000\ue000
59
Item\ue000 12.\ue000 Security\ue000 Ownership\ue000 of\ue000 Certain\ue000 Beneficial\ue000 Owners\ue000 and\ue000 Management\ue000 and\ue000 Related\ue000 Stockholder\ue000 Matters
\ue000\ue000
60
Item\ue000 13.\ue000 Certain\ue000 Relationships\ue000 and\ue000 Related\ue000 Transactions,\ue000 and\ue000 Director\ue000 Independence
\ue000\ue000
60
Item\ue000 14.\ue000 Principal\ue000 Accounting\ue000 Fees\ue000 and\ue000 Services
\ue000\ue000
60
Part\ue000 IV.
\ue000\ue000
Item\ue000 15.\ue000 Exhibits,\ue000 Financial\ue000 Statement\ue000 Schedules
\ue000\ue000
61
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