8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 13, 2014

PAREXEL International Corporation

(Exact name of registrant as specified in charter)

Massachusetts	000-21244	04-2776269
(State or other juris- diction of incorporation	(Commission File Number)	(IRS Employer Identification No.)

195 West Street, Waltham, Massachusetts	02451
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (781) 487-9900

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations for the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

Although it has not finalized its full financial results for the fiscal quarter ended December 31, 2013 (“Q2FY2014”), PAREXEL International Corporation (“PAREXEL” or the “Company”) issued a press release on January 13, 2014 (the “Press Release”) regarding updated guidance for Q2FY2014 and the fiscal year ending June 30, 2014, and anticipated new business wins for Q2FY2014. The Press Release was issued in conjunction with the Company’s presentation at the JP Morgan Healthcare Conference on January 15, 2014. The full text of the Press Release is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, except as expressly set forth by specific reference in such a filing.

The information contained in this Item 2.02 of Form 8-K and Exhibit 99.1 is unaudited and preliminary, and does not present all information necessary for an understanding of the Company’s financial condition as of December 31, 2013 and its results of operations for the three months ended December 31, 2013. The Company anticipates making a public announcement of its results of operations for Q2FY2014 on January 29, 2014.

Item 7.01 Regulation FD Disclosure.

The Company will be presenting on January 15, 2014 at the J.P. Morgan Healthcare Conference. The slides to be used during the presentation are attached hereto as Exhibit 99.2 and the information contained therein is incorporated herein by reference.

The information in this Item 7.01 and Exhibit 99.2 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press release dated January 13, 2014.
99.2	Presentation Slides for J.P. Morgan Healthcare Conference

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 13, 2014	PAREXEL International Corporation
By:		/s/ Ingo Bank
		Ingo Bank Senior Vice President and Chief Financial Officer

EX-99.1

CONTACTS:Ingo Bank, Senior Vice President and Chief Financial Officer

        Jill Baker, Corporate Vice President of Investor Relations

+1-781-434-4118

PAREXEL ISSUES UPDATED OPERATIONAL AND FINANCIAL INFORMATION

• Expects Q2 FY 2014 book-to-bill ratio to exceed 1.3

• Increases prior revenue guidance for second quarter and Fiscal Year 2014

• Raises bottom end of prior EPS guidance for Q2 and Fiscal Year 2014

Boston, MA, January 13, 2014 – Today, PAREXEL International Corporation (NASDAQ: PRXL) announced its updated outlook for new business wins in the second quarter of Fiscal Year 2014, and also provided updated financial guidance. With regard to new business wins, the Company expects to report a net book-to-bill ratio in excess of 1.3 in the December 2013 quarter (net book-to-bill is defined as gross new business wins, less cancellations, divided by the quarter’s consolidated service revenue).

The Company also updated its financial guidance for the second quarter of Fiscal Year 2014 ended December 31, 2013, and for the full Fiscal Year 2014 ending June 30, 2014. The Company’s updated financial guidance takes into account the projected impact from second quarter new business wins and cancellations, the impact of recent exchange rates, and the Company’s updated overall outlook. The Company’s current guidance is detailed below:

	Guidance Issued 1/13/14	Guidance Issued 10/29/13
Q2 FY 2014 Revenue	$480 - $485 million	$475 - $480 million
Q2 FY 2014 GAAP EPS	$0.48 - $0.50	$0.46 - $0.50
FY 2014 Revenue	$1.895 - $1.925 billion	$1.890 - $1.920 billion
FY 2014 GAAP EPS	$1.97 - $2.11	$1.95 - $2.11
FY 2014 Adjusted GAAP EPS*	$1.97 - $2.11	$1.95 - $2.11

This updated guidance is being provided in conjunction with the Company’s presentation at the JP Morgan Healthcare Conference as previously announced in a press release issued January 7, 2014.

PAREXEL is in the process of finalizing and consolidating its financial results for the second quarter ended December 31, 2013. The Company plans to report financial results for the second quarter on January 29, 2014, and to host a conference call regarding the results on January 30, 2014.

*Adjustments include $0.5 million in acquisition and integration expenses, offset by a $0.4 million gain related to the revaluation of the HERON earn-out contingent consideration liability, along with the related tax impacts, all of which were recorded in Q1 FY 2014.

In addition to the financial measures prepared in accordance with GAAP, the Company uses certain non-GAAP financial measures. The Company believes that presenting the non-GAAP financial measures contained in this press release assists investors and others in gaining a better understanding of its core operating results and future prospects, especially when comparing such results to previous periods or forecasted guidance, because such measures exclude items that are outside of the Company’s normal operations and/or, in certain cases, are difficult to forecast accurately for future periods. Management uses non-GAAP financial measures, in addition to the measures prepared in accordance with GAAP, as the basis for measuring the Company’s core operating performance and comparing such performance to that of prior periods and to the performance of its competitors for the same reasons stated above. Such measures are also used by management in its financial and operating decision-making. Non-GAAP financial measures are not meant to be considered superior to or a substitute for the Company’s results of operations prepared in accordance with GAAP.

About the Company

PAREXEL International Corporation is a leading global biopharmaceutical services organization, providing a broad range of knowledge-based contract research, consulting, medical communications, and technology solutions and services to the worldwide pharmaceutical, biotechnology and medical device industries. Committed to providing solutions that expedite time-to-market and peak-market penetration, PAREXEL has developed significant expertise across the development and commercialization continuum, from drug development and regulatory consulting to clinical pharmacology, clinical trials management, medical education and reimbursement. Perceptive Informatics, Inc., a subsidiary of PAREXEL, provides advanced technology solutions, including medical imaging, to facilitate the clinical development process. Headquartered near Boston, Massachusetts, PAREXEL operates in 77 locations in 51 countries around the world, and has approximately 14,975employees. For more information about PAREXEL International visit www.PAREXEL.com.

PAREXEL, Perceptive Informatics, LIQUENT, and HERON are registered trademarks of PAREXEL International Corporation or its affiliates.

This release contains “forward-looking” statements regarding future results and events, including, without limitation, statements regarding expected financial results, future growth and customer demand. 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 significantly from the results discussed in the forward-looking statements contained in this release. Important factors that might cause such a difference include, but are not limited to, risks associated with: actual operating performance; actual expense savings and other operating improvements resulting from recent and anticipated restructurings; adjustments and other items that may be identified during the finalization and consolidation of the Company’s financial results for the second quarter; the loss, modification, or delay of contracts which would, among other things, adversely impact the Company’s recognition of revenue included in backlog; the Company’s dependence on certain industries and clients; the Company’s ability to win new business, manage growth and costs, and attract and retain employees; the Company’s ability to

complete additional acquisitions, and to integrate newly acquired businesses including the recent acquisitions of LIQUENT, Inc. and HERON, Inc., or enter into new lines of business; the impact on the Company’s business of government regulation of the drug, medical device and biotechnology industry; consolidation within the pharmaceutical industry and competition within the biopharmaceutical services industry; the potential for significant liability to clients and third parties; the potential adverse impact of health care reform; and the effects of exchange rate fluctuations and other international economic, political, and other risks. Such factors and others are discussed more fully in the section entitled “Risk Factors” of the Company’s Quarterly Report on Form 10-Q for the year ended September 30, 2013 as filed with the SEC on November 4, 2013, 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.

EX-99.2

© 2014 PAREXEL International PAREXEL JP Morgan Healthcare Conference January 15, 2014

Safe Harbor This presentation contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding future results and events, including, without limitation, statements regarding the Company’s existing capital resources and future cash flows from operations, and statements regarding expected financial results, future growth and customer demand. 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,” “targets,” and similar expressions are intended to identify forward-looking statements. These statements 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 presentation. Important factors that might cause such a difference include, but are not limited to, risks associated with: actual operating performance; actual expense savings and other operating improvements resulting from restructurings; the loss, modification, or delay of contracts; the Company’s dependence on certain industries and clients; the Company’s ability to win new business, manage growth and costs, and attract and retain employees; the Company’s ability to complete additional acquisitions and to integrate newly acquired businesses or enter into new lines of business; government regulation of the drug, medical device and biotechnology industry; consolidation within the pharmaceutical industry; competition within the biopharmaceutical services industry; the potential for significant liability to clients and third parties; the potential adverse impact of health care reform; and the effects of exchange rate fluctuations and other international economic, political, and other risks. Such factors and others are discussed more fully in the section entitled “Risk Factors” of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013 as filed with the SEC on November 4, 2013. The forward-looking statements included in this presentation represent the Company’s estimates as of the date of this presentation. 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 presentation. This presentation includes references to non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. Pro forma information is not meant to be considered superior to or a substitute for the Company’s results of operations prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available on certain slides of this presentation.

Agenda Introducing PAREXEL Market Environment Growth Strategy Profitability Improvement Strategies Outlook

Strongly Positioned in a Growing Market  Top-3 publicly-traded biopharmaceutical services company – strong brand  Integrated clinical research, consulting and technology service offering  Extensive global footprint – 77 locations, 51 countries  FY’13 revenue $1.7B; Q1 record backlog of $4.6B  Profitability initiatives position for margin expansion Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL

Differentiated Set of Services  Clinical Research Services – Phase I-IV clinical development and logistics  PAREXEL Consulting and Medical Communications Services – consulting in product development, medical communications, and commercialization  Perceptive Informatics – leading eClinical solutions 75% 13% 12% FY’13 Revenue $1.73B CRS PI PCMS Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL

Broad Expertise and Client Base  Supporting over 1,700 clinical projects in 20 therapeutic areas  Work with all of the Top 50 biopharma- ceutical and Top 10 biotech companies Representative Clients Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL

Outsourcing Increasing, Global CROs Increasing Share  R&D growing in low single digits  Outsourcing penetration rates increasing  “State-of-the-Art” for clinical development resides in CROs  Client restructurings can lead to more outsourcing  Top 7 CROs soon to exceed 50% market share * Source: Jefferies 3/12/13 E = Estimate 20% 30% 40% 50% 60% 2004 2007 2010 2013E 2016E Market Share Gains By Top 7 Public CROs* Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL

Strategic Partnerships Represent an Increasing Percentage of All Development Activity 58% 42% 2012 All Other Strategic Partnerships $27B 76% 24% 2009 $17B *Source: PAREXEL Analysis (Phases I - IV) Biopharma Industry Clinical Development Outsourcing Dollars* Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL

Growing Importance of Emerging Countries  ~70% of growth generated by “Pharmerging” markets  Speed of recruitment  Cost advantages  Market opportunity  Global footprint critical success factor for PAREXEL * IMS Institute for Health Informatics, “The Global Use of Medicines: Outlook Through 2015,” May 2011 ** IMS term for 17 high-growth pharmaceutical markets: China, Brazil, Russia, India, Venezuela, Poland, Argentina, Turkey, Mexico, Vietnam, South Africa, Thailand, Indonesia, Romania, Egypt, Pakistan and the Ukraine CAGR “Pharmerging**” 12-15% Rest of World Pharmerging $0 $250 $500 $750 $1,000 $1,250 2005 2015P Global Spending on Biopharmaceutical Products*($B) Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL

Technology Solutions of Increasing Importance to Clients  Strong client interest in integrated “eClinical Suite” capabilities  Specialized applications solve specific problems (e.g. LIQUENT acquisition – 12/2012) Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL

Biotech Funding Up; SEBPCOs* Growing in Importance  80%+ of pipeline projects originate from SEBPCOs**  42% of 2012 NME approvals by first-time sponsors  Virtual companies require CRO expertise Chart Source: Yahoo Finance * SEBPCOs = Small and Emerging Biopharmaceutical Companies ** Source: Pharmaprojects Pharma R&D Annual Reviews 2007-2010 0 50 100 150 200 250 300 S&P 500 Biotechnology Index Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL

Clinical Research Services Growth Strategy  Enter into new strategic partnerships  Pursue additional Early Product Development opportunities  Focus on small & mid-sized accounts - Biopharm Unit  Expand PACE, Clinical Logistics, and Functional Services businesses Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL

PAREXEL Consulting and Medical Communications Growth Strategy Accelerate growth of Commercialization Services Capitalize on the increased outsourcing of Regulatory Affairs Additional M&A (e.g. HERON acquisition) Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL

Perceptive Informatics Growth Strategy  Add new applications to Perceptive MyTrials™  Leverage PAREXEL  Drive business with other software providers & CROs  Additional M&A Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL

Targeted M&A – “String of Pearls” Approach PAREXEL M&A Evolution Global Financial Crisis Actively Acquire Businesses Actively Assess and Complete Deals Actively Seeking Opportunities 2006 2007 2008 2009 2010 2011 2012 Pre- 2006 2013 2014 and beyond LIQUENT APEX ClinPhone HERON CCT 1988 - 2005: 32 transactions Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL

Strong Backlog Growth FY'09 FY'10 FY'11 FY'12 FY'13 $2,176 $2,681 $3,444 $4,394 $4,609 D o ll a rs i n M il li o n s Backlog Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL

Continued Margin Improvement Key Focus for FY’14 and Beyond * Adjusted numbers which exclude the impact of special items as detailed in the Appendix to this presentation. E = Estimate as discussed in 1/15/14 webcast $0 $100 $200 $300 $400 FY'12 FY'13 FY'14E O I ($ M ) PAREXEL Operating Income / Margin Operating Income Operating Margin % Goal - increase margin by 100-120 basis points per year Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL 6.8%* 8.0%* 9.7%*

Building Blocks of Operating Margin Expansion Operating Margin Expansion Gross margin expansion in CRS Leverage benefits of Strategic Partnerships Leverage SG&A infrastructure across SBUs IT driven process efficiencies Efficient service functions Performance culture Economies of scale in Perceptive Operational excellence programs Grow shared services Utilize low cost countries Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL

Gross Margin Expansion in CRS Increasing Productivity & Billability  Reduction of managerial layers, increased span of control  Simplification of role definitions and workflow  Improve labor mix  Optimize staffing demand and supply  Consolidate back-office and support functions to shared service centers Improved Resource Management Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL

Economies of Scale in Perceptive Scaling the Business  Expansion of eClinical cloud offerings  Further enrich technology revenue mix with added service components  Leverage technology platform for integrated data delivery Productivity & Operational Execution  Increase usage of low cost countries  Targeted R&D  Further drive efficiencies in software delivery Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL

Leverage Low Cost Locations & Shared Service Centers  India - major back office hub for all business units and functions  Regional satellite hubs  Proximal expertise to clients and trial sites 0 50 100 150 200 250 300 350 FY'10 FY'11 FY'12 FY'13 Dec '13 India Headcount (Indexed) Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL

22 Driving Service Functions Towards Higher Efficiency  Further consolidate IT infrastructure  Simplify IT application footprint  Cost effective application support IT  Extend scope of shared services  Centers of expertise leverage knowledge x- business units Finance  Extend scope of shared services  Upgrade HR technology World Class HR Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL

Financial Strategies Drive EPS Growth Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL

Continue to Drive Solid Revenue Growth and Margin Expansion FY'10 FY'11 FY'12 FY'13 FY'14E $1,131 $1,212 $1,397 $1,734 $1,895 - $1,925 D o ll a rs In M il li o n s Revenue Growth 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% FY'09 FY'10 FY'11 FY'12 FY'13 FY'14E 8.6% 9.1% 7.4% 6.8% 8.0% 9.7% Operating Margin Expansion* * Adjusted numbers which exclude impact of special, restructuring or other charges as detailed in the Appendix to this presentation ** Source: EvaluatePharma®, Reuters Business Insights, Capital IQ, Company filings, Wall Street Research, PAREXEL estimates E = Estimate and revenue guidance issued in a press release dated 1/13/14, operating margin expansion discussed in 1/15/14 webcast PAREXEL CAGR 2010-2014E ≈ 14% CRO Market CAGR 2010-2014E = 7%** Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL

Creating Shareholder Value Through Profitable Growth * Adjusted numbers which exclude impact of special, restructuring or other charges as detailed in the Appendix to this presentation E = Estimate and EPS guidance issued in a press release dated 1/13/14 Return on Invested Capital (ROIC) = Adjusted Net Income before net Interest Expense (last 12 months) / Net Operating Capital (NOC) Net Operating Capital (NOC) = Net Assets excluding Cash & Equivalents, Debt, and Tax-related assets/liabilities $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $0.82 $1.08 $0.95 $1.10 $1.69 $1.97 - $2.11 Adjusted Earnings Per Share* 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% Return on Invested Capital (ROIC) Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL

Long-term Financial Goals  10%- 12% revenue growth target  12-14% operating margin  Double-digit multi-year EPS growth  Continued growth in our ROIC Outlook Profitability Improvement Strategies Growth Strategy Market Environment Introducing PAREXEL

APPENDIX SLIDE

Reconciliation of Non-GAAP Financial Measures *Dollars in thousands, Fiscal Year ends June 30. FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 Selling, General and Administrative (1) -$ 4,250$ 560$ 4,027$ 81$ (7) Depreciation (2) -$ 450$ Other (Benefit) Charges (3) 15,000$ (1,144)$ -$ -$ -$ Restructuring Expense (Benefit) -$ 16,810$ 8,481$ 6,243$ (1,209)$ Adjustment to Income from Operations 15,000$ 20,366$ 8,481$ 6,803$ 2,818$ 81$ Asset Impairment Charge -$ 6,572$ 2,242$ 1,488$ (302)$ (4) Tax Effect of Non-GAAP Adjustments 7,080$ 4,972$ 2,623$ 1,440$ 765$ 205$ Tax Specific Non-GAAP Adjustments -$ -$ -$ 3,838$ (5) (2,766)$ (6) Total Non-GAAP Tax Adjustments 7,080$ 4,972$ 2,623$ 5,278$ (2,001)$ 205$ Adjustment to Net Income 7,920$ 21,966$ 8,100$ 3,013$ 4,517$ (124)$ (1) Legal charges related to adverse judgments or disputed matters. Q2 FY13 and Q3 FY13 include $0.4 mill ion and $0.3 mill ion, respectively, of acquisition charges related to Liquent, Inc. (3) Accelerated depreciation on abandoned facil ities pursuant to restructuring plans announced and implemented (3) $15 mill ion wind-down costs and bad debt expense reserve established in Q2 FY09 for a client contract default and a $1.1 mill ion release of the reserve in Q2 FY10 (4) Gain on a facil ity sale previously impaired (5) Includes a third quarter $4.2 mill ion benefit due to the favorable conclusion of a tax examination and expiration of statutory periods, primarily in European jurisdictions, and a fourth quarter $2.2 mill ion expense related to the adjustment of net operating loss carryforwards offset by a $1.8 mill ion benefit related to tax reserves (6) Includes a first quarter tax expense for a one-time adjustment to deferred tax assets; a second quarter net $2.7 mill ion expense due to changes in interest, penalties and a valuation allowance in a foreign jurisdiction; and a third quarter $0.5 mill ion adjustment due to state valuation allowance release (7) Includes $0.5 mill ion acquisition and integration expenses, offset by $0.4 mill ion gain related to the revaluation of HERON earn-out contingent consideration liability FY 2014 Q1