August 4, 2021 -- Charles River Laboratories reported a 34% increase in revenue for the second quarter of 2021 compared to the same period during the previous year.
For the second quarter of 2021, the company reported revenue of $914.6 million. During the same quarter in 2020, company revenue was $682.6 million. Acquisitions, the impact of foreign currency translation, and contributions from Charles River's three business segments were attributed to the revenue growth.
Revenue from the Manufacturing Solutions segment spiked 60% from $123.5 million in the second quarter of 2020 to $197.8 million during the same period of 2021. Approximately 28% of revenue in this segment was attributed to the acquisition of Cognate BioServices, according to the company.
The Research Models and Services segment brought in $176.7 million in revenue in the second quarter. This was a 51.6% increase from the segment's $116.5 million in revenue generated in the second quarter of 2020. Finally, revenue from the Discovery and Safety Assessment segment rose 22% from $442.6 million in the second quarter of 2020 to $540.1 million in the same quarter of 2021.
Based on the company's strong second-quarter financial performance, Charles River is boosting its forecast for 2021. It expects to achieve 2021 revenue growth of 20.5% to 22.5%, an increase from the previous projected growth of 19% to 21%.