PPD, Inc., a contract research organization, has raised its third-quarter 2020 financial guidance on better-than-expected financial results in July and August, according to an 8-K filing with the Securities and Exchange Commission on Monday.

For the quarter ending Sept. 30, PPD sees revenue in a range of $1.157 billion to $1.188 billion, for an increase of 13 to 16 percent year-over-year. By comparison, previous guidance given on Aug. 4 gave a range of $1.065 billion to $1.085 billion, or an increase of 4 to 6 percent year-over-year.

PPD updated its guidance after seeing better-than-expected financial results in both its clinical and laboratory services. The company added that the more robust performance reflects studies unrelated to COVID-19 as well as projects directly related to the pandemic.

PPD expects it would still have reached positive year-on-year growth in the third quarter regardless of any revenue attributable to COVID-19 awards.

Shares of PPD, Inc. (PPD) fell 1.72 percent, or 58 cents, to close at $33.23 on Tuesday.