On May 3, 2017, the Chairman and CEO and the Corporate Vice President and Interim CFO of PAREXEL International Corporation (the “Company”) approved an amendment and expansion to a plan to restructure the Company’s operations, which was first adopted on January 6, 2017 (as amended, the “Plan”), as previously reported on the Current Report on Form 8-K filed on January 9, 2017. The details of the Plan are set forth below.

The goal of the Plan is to restructure operations to improve the productivity and efficiency, simplify the organization, and streamline decision-making of the Company, thereby enhancing client engagement. The restructuring initiative is company-wide. These actions are now expected to result in pre-tax charges in the range of $49 million to $63 million, all of which are anticipated to be cash expenditures except for $1 million. The Company expects to record a pre-tax charge in the fourth quarter of the fiscal year ending June 30, 2017 (“Fiscal Year 2017”) in the range of $17 million to $23 million, with the remainder of the charges to be incurred by the end of the fiscal year ending June 30, 2018 (“Fiscal Year 2018”). The charges will include approximately $45 million to $52 million in employee separation costs and approximately $4 million to $11 million in associated with facility consolidation. It is anticipated that approximately 1,100 -1,200 jobs in the Company will be impacted, of which 710-810 are incremental as a result of the amendment to the original plan. The Company anticipates completing restructuring activities by the end of Fiscal Year 2018, and expects the charges to result in annual pre-tax savings of approximately $6 million to $10 million over the course of Fiscal Year 2017 and approximately $85 million to $95 million on an annualized basis when fully completed.

This Current Report on Form 8-K contains “forward-looking” statements regarding future results and events, including, without limitation, statements regarding expected financial results and anticipated savings. For this purpose, any statements contained herein that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words “believes,” “anticipates,” “plans,” “expects,” “intends,” “appears,” “estimates,” “projects,” “will,” “would,” “could,” “should,” “targets,” and similar expressions are also intended to identify forward-looking statements. The forward-looking statements in this release involve a number of risks and uncertainties. The Company’s actual future results may differ materially from the results discussed in the forward-looking statements contained in this 8-K. Such factors and others are discussed more fully in the section entitled “Risk Factors” of the Company’s Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q, as filed with the Securities and Exchange Commission, which “Risk Factors” discussion is incorporated by reference in this press release. The Company specifically disclaims any obligation to update these forward-looking statements in the future. These forward-looking statements should not be relied upon as representing the Company’s estimates or views as of any date subsequent to the date of this press release.

About PAREXEL International Corporation (NASDAQ:PRXL)

PAREXEL International Corporation (PAREXEL) is a biopharmaceutical outsourcing services company. The Company provides a range of expertise in clinical research, clinical logistics, medical communications, consulting, commercialization, and technology products and services to pharmaceutical, biotechnology and medical device industries. Its segments include Clinical Research Services (CRS), PAREXEL Consulting Services (PC) and PAREXEL Informatics (PI). The CRS segment includes various phases of clinical research from first-in-man trials, where a medicinal entity is tested on human subjects for the first time, through post-marketing studies, following approval by the presiding regulatory body. The PC segment provides technical expertise and advice in areas, such as strategy, drug development, regulatory affairs, strategic compliance and targeted communications services in support of product launch. The Company’s PI segment provides information technology solutions.

PAREXEL International Corporation (NASDAQ:PRXL) Recent Trading Information

PAREXEL International Corporation (NASDAQ:PRXL) closed its last trading session down -0.83 at 64.54 with 798,898 shares trading hands.