Bloomberg: Palantir Wins FDA Contract to Power Drug Review, Inspections

“Palantir Technologies Inc. won a deal with the U.S. Food and Drug Administration to help power drug reviews and inspections, further expanding the company’s government business as it hustles to hit a raised revenue target for 2020.”

“The three-year deal is worth $44.4 million and will allow the FDA’s Center for Drug Evaluation and Research and the Oncology Center of Excellence to use Palantir software to integrate and analyze data. The software will help the agency approve drugs, including possible Covid-19 treatments, and monitor the safety of items like hand sanitizer….”

“The Denver-based company has seen its stock surge over the last month, with share prices more than tripling since it went public in September. Even as it reported a widening loss for the quarter that ended in September, it raised its revenue growth forecast for 2020 to 44% totaling $1.07 billion. It also increased its 2020 forecast for an adjusted operating profit to $130 million to $136 million…” Read the full article here.

Source: Palantir Wins FDA Contract to Power Drug Review, Inspections – By Lizette Chapman, December 7, 2020. Bloomberg.



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