PPD Declares First Quarter Dividend

WILMINGTON, N.C. (February 23, 2006) -- PPD, Inc. (Nasdaq: PPDI) today announced that its board of directors declared a cash dividend for the first quarter of 2006 under the annual cash dividend policy adopted in late 2005. After giving effect to the two-for-one stock split announced on February 8, 2006, the quarterly cash dividend will equal $0.025 per share. The record date for the first quarter dividend is March 13, 2006, and the payment date for that dividend is March 27, 2006. The annual cash dividend policy and the payment of future quarterly cash dividends under that policy are subject to the continuing determination by the board of directors that the policy remains in the best interests of the company's shareholders and compliance with laws applicable to the declaration and payment of cash dividends.

PPD is a leading global contract research organization providing discovery and development services, market development expertise and compound partnering programs. Our clients and partners include pharmaceutical, biotechnology, medical device, academic and government organizations. With offices in 28 countries and more than 8,000 professionals worldwide, PPD applies innovative technologies, therapeutic expertise and a commitment to quality to help its clients and partners maximize returns on their R&D investments and accelerate the delivery of safe and effective therapeutics to patients. For more information, visit our Web site at www.ppdi.com.

Except for historical information, all of the statements, expectations and assumptions, including expectations and assumptions about the payment of future dividends under the annual dividend policy, contained in this news release are forward-looking statements that involve a number of risks and uncertainties. Although PPD attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors which could cause results to differ materially include the following: economic conditions and outsourcing trends in the pharmaceutical, biotechnology and medical device industries and government-sponsored research sector; continued success in sales growth; loss of large contracts; competition within the outsourcing industry; the ability to attract and retain key personnel; dependence on collaborative relationships; rapid technological advances that make our products and services less competitive; risks that we may not continue our recently announced dividend policy; and the other risk factors set forth from time to time in the SEC filings for PPD, copies of which are available free of charge upon request from the PPD investor relations department.